Henrik Fisker’s vision for an EV empire with the Ocean SUV at the center began to crumble in 2023 due to production delays, missed sales goals, and layoffs. The Ocean SUV faced software and mechanical issues, leading to safety investigations and a production pause to raise capital.

Fisker filed for Chapter 11 bankruptcy protection after struggling with production targets, financial issues, and safety investigations. The automaker cut its annual production guidance, failed to meet sales goals, and faced multiple safety investigations due to problems with the Ocean SUV. The company announced a pause in production to secure new capital.

Fisker’s troubles continued as it faced a potential cash shortfall, leading to layoffs and a pivot from direct sales to a dealership model. The company announced a pause in production to raise funds and navigate financial challenges. Henrik Fisker and his wife even lowered their salaries to $1 to fund the bankruptcy proceedings.

Fisker ultimately filed for Chapter 11 bankruptcy protection, estimating assets of $500 million to $1 billion and liabilities of $100 million to $500 million. The company struggled to secure a deal with another automaker to save the business. Fisker faced financial distress and ongoing challenges during the bankruptcy process.

Fisker’s bankruptcy led to a series of legal battles, including objections from the U.S. Trustee and investigations by the SEC. The company faced challenges with recall repairs, asset liquidation, and ongoing legal disputes. Despite efforts to resolve issues, Fisker’s bankruptcy process remained complex and contentious.

Read more at Yahoo Finance: The fall of EV startup Fisker: A comprehensive timeline