FISKER FILES FOR BANKRUPTCY PROTECTION, THE SECOND ELECTRIC VEHICLE MAKER TO DO SO IN THE PAST YEAR

Electric vehicle maker Fisker filed for Chapter 11 bankruptcy protection, the second electric startup to do so in the last year as even industry leaders struggle to lure more buyers beyond the early adapters of the technology.

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Fisker Group Inc. said in a filing with the U.S. Bankruptcy Court in Delaware that its estimated assets are between $500 million and $1 billion. It estimated liabilities are between $100 million and $500 million, with between 200 and 999 creditors.

“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” the company said in a prepared statement this week. “After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”