Founded by Henrik Fisker, the company gained attention for its sleek, environmentally friendly vehicles, including the Fisker Karma. Despite initial enthusiasm and strong backing from investors, Fisker faced numerous hurdles, including production delays, supply chain issues, and a high cash burn rate.

The bankruptcy filing marks a significant setback for Fisker, which had aimed to carve out a substantial niche in the growing electric vehicle market. The company had been working on new models and expanding its market presence, but persistent financial troubles undermined these efforts.

Fisker?s downfall highlights the difficulties faced by EV startups in a market dominated by established players like Tesla. While the demand for electric vehicles continues to rise, new entrants must navigate a complex landscape of technological innovation, regulatory requirements, and substantial capital investments.

In its bankruptcy petition, Fisker indicated plans to restructure its operations and explore potential strategic alternatives, including asset sales or partnerships. The company aims to maximise the value of its assets and preserve the core elements of its business for potential future opportunities.