US electric vehicle (EV) manufacturer Fisker has filed for bankruptcy, citing “market and macroeconomic headwinds” as the reason for its downfall.
Related article: BYD snatches crown from Tesla as world’s top EV maker
The company, which was valued at US$2.9 billion when it went public in 2020, said in a statement it was in discussion with stakeholders over the sale of its assets.
In March, Fisker halted the production of its most recent model, the Ocean SUV, citing delays on parts, labour problems, and high inflation affecting consumer demand.
According to PC Mag, Fisker laid off hundreds of staff in March and conducted more layoffs last month. US transportation regulators are also currently conducting three investigations into Fisker.
Fellow US EV maker Tesla also announced more than 14,000 job cuts in April.
Related article: Are we there yet? Accelerating Australia’s transition to EVs
The news comes as Chinese EV makers continue to tighten their grip on the EV market, with EV sales in China accounting for more than 60% of global EV sales in January.
