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According to Reuters, the company of Danish designer Henrik Fisker owes bondholders $850 million and is currently preparing for liquidation. Details have also emerged about the fate of the remaining Ocean electric crossovers: Fisker has entered into a preliminary deal with the only buyer willing to buy 4.3 thousand cars. His name has not been revealed.

Fisker was founded in 2016 by Henrik Fisker, a designer who previously worked at BMW and Aston Martin. Fisker had an unconventional approach: instead of building his own production, he agreed to contract the production of machines with Magna Steyr. At the end of 2022, the first (and last) model of the brand, the Ocean electric crossover, entered the assembly line of a plant in Austria.

Fisker Ocean production volumes were significantly below expectations. Instead of the planned 42 thousand cars in 2023, a little more than 10 thousand were assembled, and less than half of this was shipped to customers – 4.7 thousand crossovers. In 2024, things got even worse.

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The company raised $1 billion to launch operations, but quickly ran out of funds and was unable to repay its key investor. In the spring of 2024, it became known that Fisker could not pay Magna Steyr, so production of the Ocean was stopped. The search for a new investor came to nothing, and in mid-June Fisker filed a petition with the Delaware State Court asking that the company be declared bankrupt.

At a recent court hearing, Fisker attorney Brian Resnick acknowledged that the company “does not currently anticipate being able to obtain financing” and is preparing to liquidate. Although a preliminary deal to sell the remaining few thousand vehicles has been finalized, Fisker will likely have difficulty repaying the $850 million it owes, particularly to Heights Capital Management.

Farewell: cars about to retire

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