Fisker, maker of the Ocean SUV, have announced they are filing for Chapter 11 bankruptcy.
Fisker says it is "advanced discussions with financial stakeholders regarding debtor-in-possession financing and the sale of its assets". This comes after Fisker had already paused production of its Ocean SUV last month, halting activity at the factory in Austria where the SUV has been produced.
Fisker had a promising start, with the Ocean SUV coming to market with an attractive combination of style, range and price - but shortly after launch customers began to report software issues and reliability woes. It came to light that Fisker was losing a significant amount of money on each vehicle sold, and in a rather blunt review, popular YouTuber MKBHD reviewed the Ocean and called it, "The worst car I've ever reviewed".
The future from here is uncertain for Fisker and for the 5,000+ owners who took delivery of their Ocean SUVs. Fisker said in a statement that they are evaluating all options, and working to ensure they can continue with reduced operations including the payment of staff and "preserving certain customer programs". Whether Fisker is able to reorganize and emerge from bankruptcy is yet to be seen.
