--- title: "It’s Over: Fisker Declares Bankruptcy, Will Sell All Assets" description: "The maker of the new Ocean electric SUV has finally filed for Chapter 11 protections today, as it has been rumored to do for weeks." date: "2024-06-18" modified: "2024-06-18" authors: - name: "Nico DeMattia" job_title: "Contributing Writer" link: "https://www.thedrive.com/authors/nico-demattia" url: "https://www.thedrive.com/news/tech/its-over-fisker-declares-bankruptcy-will-sell-all-assets" categories: - "Car Tech" - "Electric Vehicles" - "News" tags: - "Electric Vehicle" - "Fisker" - "ocean" - "suv/crossover" --- # It’s Over: Fisker Declares Bankruptcy, Will Sell All Assets ![Image of a Fisker Ocean viewed from behind driving away on a country road.]() *\Fisker\* Henrik Fisker must need a neck brace after the whiplash of his company going from one of the more promising electric vehicle startups on the market to shutting its doors in about a year. Now, not terribly long after launching its first model, the Ocean, [Fisker is filing for bankruptcy]() and selling off all its assets. Seeing EV startups flame out quickly isn't unusual, but Fisker showed so much promise early on that—for a minute anyway—it seemed positioned to weather the financial storms that burden all young brands like this. Not only was there a ton of initial customer interest in the [Ocean](), but it was being manufactured by Magna Steyr, one of the oldest and steadiest players in the business. However, less-than-ideal early sales and dwindling interest—certainly not helped by [bad reviews]()—hurt not only Fisker's bottom line, but also its stock. It was only a matter of time until the bottom fell out, which seemed to finally happen in February. Fisker reached a tipping point, as its stock price dropped to less than 38-cents per share, and it struggled to manufacture enough vehicles to keep its head above water. The automaker tried to secure funding by partnering with a major industry partner, rumored to be Nissan, but that deal fell through. After that, the New York Stock Exchange delisted Fisker's stock, and the brand spiraled. ![]() *Fisker* With its recent struggles, it's hard to remember that in 2020 Fisker was valued at $2.9 billion and had more than $1 billion in cash to work with. However, despite all of Fisker's spending on manufacturing and marketing, it barely even managed to sell 5,000 cars, less than half of what it built. While Fisker was technically selling vehicles, they mostly went to early adopters and reservation holders. EV startups fail so often—look at Lordstown and Faraday Future—so this news isn't a huge shock, especially given the [headlines]() [we've]() [published]() throughout 2024. Still, its disappointing. Fisker, founded by longtime automotive designer and executive Henrik Fisker, had cool designs, interesting future [car concepts](), and a lot of promise. But with the EV market saturated as it is, and so many other options with far superior dealer networks, quality control, and warranties, selling customers on a new company without those perks can be challenging. Let's pour one out for Fisker, whose time on the market ended before it really ever began. *Got tips? Send 'em to tips@thedrive.com* ## Author Nico is a writer and reviewer from New Jersey who probably thinks he’s a lot funnier than he actually is. His love of cars began when he was just a kid playing Gran Turismo 3, grinding out enough race wins with a Mazda Miata to save up for an in-game RUF 911. That passion for small, lightweight sports cars drove his desire to learn more about the industry, get his hands on as many cars as he could, and bring those experiences to life on the page. He cut his teeth writing about BMWs, Volkswagens, and Audis, mostly, and has owned far too many of each. He’s on his fourth 3 Series sedan, but all of his old, cheap German cars have forced him to learn more about car maintenance than his mechanical capability can handle. Too many late nights have been spent scrambling to get a car running by morning so he could get to work. For some reason, he never seems to learn that old Bimmers probably aren’t the best daily drivers. But he loves more than just old German cars. He’ll gladly drive and discuss anything with four (or even three) wheels. Cars aren’t his only passions, though. Nico is also a big nerd and loves movies, video games, comic books, and cares far too much about the New York Giants. So don’t be surprised if you see football references or dumb, obscure movie quotes in any of his car reviews. ### Author social links [Instagram]() [LinkedIn]()