Fisker Files for Bankruptcy After EV Stock Bubble Bursts. It Couldn't Rival Tesla. -- Barrons.com

Dow Jones06-18

By Brian Swint

Fisker, an electric-vehicle start-up that attempted to follow in Tesla's footsteps, filed for bankruptcy, The Wall Street Journal reported.

The seven-year-old company released its first EV, the Ocean SUV, about a year ago. It becomes the latest battery-powered car start-up to seek protection from creditors, following Lordstown Motors and Arrival as the electric vehicle stock bubble is bursting.

Founder Henrik Fisker successfully raised more than $1 billion from investors, but was unable to steer a path to profitability for the company. It was Fisker's second automobile company to end in bankruptcy.

Fisker stock has lost almost all its value over the past 12 months. It fell 2% on Monday to close at $0.0451. There is no premarket trading. It briefly traded above $30 in 2021.

Write to Brian Swint at brian.swint@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

June 18, 2024 05:10 ET (09:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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