{"id":2271987,"date":"2024-06-19T19:54:02","date_gmt":"2024-06-19T23:54:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-car-company-fisker-files-for-bankruptcy-as-ev-market-continues-to-collapse\/"},"modified":"2024-06-19T19:57:56","modified_gmt":"2024-06-19T23:57:56","slug":"electric-car-company-fisker-files-for-bankruptcy-as-ev-market-continues-to-collapse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-car-company-fisker-files-for-bankruptcy-as-ev-market-continues-to-collapse\/","title":{"rendered":"Fisker Goes Bankrupt Amid Collapsing EV Market"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felectric-car-company-fisker-files-for-bankruptcy-as-ev-market-continues-to-collapse%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2271987&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Fisker, an electric vehicle company, has filed for Chapter 11 bankruptcy amid a wider downturn\u200d in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elon-musk-cites-2003-test-drive-as-inspiration-for-tesla-success\/\" title=\"Elon Musk cites 2003 test drive as inspiration for Tesla success\">electric car market<\/a>,\u200c characterized by low consumer\u200c demand \u2062and other challenges.\u2064 This\u2063 decision comes\u200c after the company ceased\u2064 vehicle\u200c production earlier in the \u2062year to raise emergency funds due to financial struggles. Despite making\u2063 significant progress in the fast development and market launch of the \u200cOcean SUV, a model touted \u200das being highly sustainable,\u200b and achieving\u2063 initial delivery \u2062goals in North America\u200d and Europe, Fisker has \u2062faced insurmountable financial issues. The company is now \u200bdiscussing\u200c debtor-in-possession financing and the potential sale of its assets.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p>Fisker announced this week that it has filed for bankruptcy as the <a href=\"https:\/\/www.dailywire.com\/topic\/electric-cars\" target=\"_blank\" rel=\"noopener\">electric vehicle<\/a> market continues to collapse amid low demand for the costly vehicles and various other concerns about electric cars.<\/p>\n<p>The company has struggled for a long time and had to <a href=\"https:\/\/www.dailywire.com\/news\/ev-startup-fisker-halts-production-to-raise-emergency-funds-amid-cash-crunch-from-low-demand\" target=\"_blank\" rel=\"noopener\">stop production<\/a> of its vehicles earlier this year to raise hundreds of millions of dollars that it needed to stay alive. The company later <a href=\"https:\/\/www.cnn.com\/2024\/03\/01\/business\/ev-maker-fisker-says-it-may-go-out-of-business\/index.html\" target=\"_blank\" rel=\"noopener\">announced<\/a> that it had \u201csubstantial doubt about Fisker\u2019s ability to\u201d stay in business.<\/p>\n<p>Fisker said in a statement on Tuesday that it has filed for Chapter 11 bankruptcy and is already in \u201cadvanced discussions with financial stakeholders regarding debtor-in-possession financing and the sale of its assets.\u201d<\/p>\n<p>A spokesperson for the company claimed: \u201cFisker has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-will-lift-all-covid-19-restrictions-on-june-15-except-mask-mandate\/\" title=\"California Will Lift All COVID-19 Restrictions On June 15 Except Mask Mandate\">made incredible progress<\/a> since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making good on our promises to deliver the most sustainable vehicle in the world.\u201d<\/p>\n<p>\u201cWe are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers\u2019 hands in both North American and Europe,\u201d the spokesperson added. \u201cBut like other companies in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-promotes-proterra-on-wisconsin-infrastructure-trip\/\" title=\"Biden Promotes Proterra on Wisconsin Infrastructure Trip\">electric vehicle industry<\/a>, we have faced 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.\u201d<\/p>\n<p>The company\u2019s struggles comes despite the Biden administration\u2019s efforts to destroy the gas-powered car industry by implementing the most extreme pollution restrictions in history on automakers.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1712932862202000&#038;usg=AOvVaw0plT8RRdMy9XUpIhocnjQS\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>Numerous companies have been forced to <a href=\"https:\/\/www.dailywire.com\/news\/apple-ends-multi-billion-dollar-effort-to-build-electric-cars\" target=\"_blank\" rel=\"noopener\">scrap their plans<\/a> to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-cars-might-not-even-lower-carbon-emissions-report-finds\/\" title=\"Report: Electric Cars May Not Reduce Carbon Emissions\">build electric cars<\/a>, <a href=\"https:\/\/www.dailywire.com\/news\/mercedes-scraps-plan-to-only-sell-electric-vehicles\" target=\"_blank\" rel=\"noopener\">cancel their plans<\/a> to go all electric, or have had to <a href=\"https:\/\/www.foxbusiness.com\/fox-news-auto\/ev-maker-files-bankruptcy-after-hemorrhaging-cash#:~:text=The%20company%20joins,U.S.%20regulators.\">file for bankruptcy<\/a>. An executive of another EVs company was recently <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/trevor-milton-sentenced-four-years-prison-securities-fraud-scheme\">sentenced<\/a> to federal prison for lying to investors about the abilities of his company.<\/p>\n<p>Consumers regularly have complained about the high prices of electric vehicles, their quality and reliability, the lack of charging stations, the time it takes to charge them, how inconvenient they can be, and their significantly decreased performance during cold weather conditions.<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fisker declared bankruptcy this week, citing the ongoing downturn in the electric vehicle market due to low demand and high costs. The company, which halted vehicle production earlier this year to secure funding, has faced prolonged struggles<\/p>\n","protected":false},"author":102,"featured_media":2271988,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/03\/Fisker-scaled.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2271987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/03\/Fisker-scaled.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2271987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2271987"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2271987\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2271988"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2271987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2271987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2271987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}