Fisker Group Inc., an electric vehicle (EV) manufacturer, has filed for Chapter 11 bankruptcy in Delaware. The company, once valued at $2.9 billion, has been struggling financially, leading to its eventual decision to file for bankruptcy. According to reports, Henrik Fisker finally decided to tell investors the truth about the company's financial state, revealing that Fisker was hemorrhaging cash. The announcement has had a ripple effect on the EV market, with EV stocks trading mostly lower following the news. The bankruptcy highlights the challenges faced by EV companies, which have received billions of dollars in funding based on projections that have not materialized. This marks a significant setback for Fisker, a company that was once seen as a potential rival to Tesla.
California carmaker Fisker, once worth $2.9 billion, finally goes belly-up https://t.co/85Z3ccXwtw
Tesla rival's fall from grace leads to Chapter 11 https://t.co/5n2EwBklId
One takeaway from the Fisker bankruptcy: Billions of dollars of funding poured into EV-companies based in part on projections that didn't come to bear https://t.co/XJl0WPevCL
EV stocks trade mostly lower in the wake of Fisker’s bankruptcy https://t.co/qDU1m9KzMt
Henrik Fisker finally decided to tell investors the truth Fisker is Bankwupt! https://t.co/6LJMzbK0s1
EV maker files for bankruptcy after hemorrhaging cash https://t.co/F99jE2uRpm
EV stocks trading mostly lower in wake of Fisker bankruptcy filing
Why Fisker failed https://t.co/jwpJdBjLQp
BREAKING: @FiskerInc filed bankruptcy
Fisker Group Inc. Files for Chapter 11 https://t.co/pHPKGvopFv https://t.co/faMLCYrzMJ
Fisker Group Files for Chapter 11 Bankruptcy in Delaware @WholeMarsBlog https://t.co/bJHNttqvQT