Fisker sells off assets under Chapter 11

Fisker sells off assets under Chapter 11

Business news |
By Nick Flaherty

Electric car pioneer Fiskar Group has filed for bankruptcy protection under Chapter 11 as it sells off its assets.

Fiskar had been struggling for the last couple of years but the EV downturn was the final blow to the business. The subsidiaries in Europe, including the HQ in Munich, are not included in the Chapter 11 filing in Delaware.

“Fiskar has made incredible progress 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,” said a spokesperson.

The company says it has shipped thousands of Ocean SUVs to customers in the US and Europe at prices over $100,000, but blamed “various market and macroeconomic headwinds that have impacted our ability to operate efficiently.”

“After evaluating all our options for the business we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company,” it said. However with deals such as outsourcing assembly to Foxconn the Chapter 11 process will have to determine the value of the assets. Fiskar puts this valuation at $500m to $1bn, with liabilities of up to $500m.

The websites for Fiskar Inc and Fiskar are already down.

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