Manhattan Beach-based electric vehicle manufacturer Fisker Group announced Tuesday it was filing for Chapter 11 bankruptcy protection.
"Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making goo on our promises to deliver the most sustainable vehicle in the world," according to a company statement. "We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers' hands in both North America and Europe.
"But like other companies in the electric vehicle industry, we have face various market and macroeconomic headwinds that have impacted our ability to operate efficiently. 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."
The company has struggled over the past year, producing only about 25% of Ocean SUVs as it had planned last year, and then only delivering about half of the vehicles that were produced. According to multiple reports, the company reported an annual loss last year of more than $760 million.
The company paused production of new vehicles earlier this year and announced staff layoffs. The Manhattan Beach headquarters building closed in May, with most operations shifting to Orange County.
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