The time has come: Fisker has filed for bankruptcy
After many signals suggesting that it would happen, Fisker has officially filed for bankruptcy.
The chapter 11 filing came late Monday night in Delaware, where Fisker is incorporated. Soon after, Fisker posted a statement on its website.
In the statement, Fisker blamed “market and macroeconomic headwinds that have impacted our ability to operate efficiently.” It is seeking to sell its assets under bankruptcy, which number somewhere between $500 million and $1 billion in value.
The statement continues with some details that may be of interest to customers, including the mention of “preserving certain customer programs” while the company continues “reduced operations.”
The announcement doesn’t come as a surprise, as Fisker reportedly hired bankruptcy consultants in March, and missed a loan payment earlier this month. It had sought investment from a “large automaker,” thought to be Nissan, but those talks fell through. And last month, Fisker filed for the equivalent of bankruptcy in Austria, where its contract manufacturer Magna Steyr is located.
LOS ANGELES (June 17, 2024) – Fisker Group Inc. (“Fisker”), the operating subsidiary of Fisker Inc., today announced that it filed for Chapter 11 protection in the District of Delaware on June 17,2024. It is in advanced discussions with financial stakeholders regarding debtor-in-possession financing and the sale of its assets.
“Fisker 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 Fisker spokesperson. “We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North American and Europe. But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”
Fisker’s previously announced manufacturing pause will remain in place. Fisker intends to file certain customary motions with the Bankruptcy Court to ensure its reduced operations are able to continue, including paying employee wages and benefits, preserving certain customer programs, and compensating needed vendors on a go-forward basis. Fisker Inc. and other U.S. subsidiaries, as well as subsidiaries outside the U.S., are not included in the Chapter 11 filing at this time.
Fisker statement on its bankruptcy filing
So, Fisker has been on the ropes for some tim, showing significant financial difficulties for most of the past year.
The company was able to start delivering its Ocean SUV just about a year ago, reportedly even with positive gross margins due to its contract manufacturing structure.
However, it ended up having sales and inventory problems over the past several months. While Fisker has produced around 10,000 vehicles, it had only delivered about half of those at the close of last year (which is the most recent information we have – Fisker didn’t file a quarterly report in Q1 of this year). Fisker recently cut prices on its inventory vehicles after pausing production and trying new sales methods to try to draw down inventory.
We were some of the first media to get an Ocean for an overnight review back in November, and we found it an attractive vehicle with some neat features, but that all parts of the vehicle’s software were simply not ready for prime time. Reviews by other media mostly echoed these same points. Software updates eventually fixed some of these problems, while leaving many others intact.
During its rocky Ocean launch, Fisker still introduced some hot new concept vehicles last year – the Ronin supercar, Alaska truck, and Pear utilitarian economy vehicle. We were particularly looking forward to the Pear, but today’s announcement suggests we might be waiting forever.
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Environment
U.S. Steel shares rally as Trump approves Nippon takeover with unique government ‘golden share’
Trails of Iranian ballistic missiles light up the night sky as seen from Gaza City during renewed missile strikes launched by Iran in retaliation against Israel on June 15, 2025.
Anadolu | Anadolu | Getty Images
Tehran will “pay the price” for its fresh missile onslaught against Israel, the Jewish state’s defense minister warned Monday, as markets braced for a fourth day of ramped-up conflict between the regional powers.
Fire exchanges have continued since Israel’s Friday attack against Iran, with Iranian media reporting Tehran’s latest strikes hit Tel Aviv, Jerusalem and Haifa, home to a major refinery. CNBC has reached out to operator Bazan for comment on the state of operations at the Haifa plant, amid reports of damage to Israel’s energy infrastructure.
Iran’s Revolutionary Guard said overnight it deployed “innovative methods” that “disrupted the enemy’s multi-layered defense systems, to the point that the Zionist air defense systems engaged in targeting each other,” according to a statement obtained by NBC News.
Israel has widely depended on its highly efficient Iron Dome missile defense system to fend off attacks throughout regional conflicts — but even it can be overwhelmed if a large number of projectiles are fired.
The fresh hostilities are front-of-mind for investors, who have been weighing the odds of further escalation in the conflict and spillover into the broader oil-rich Middle East, amid concerns over crude supplies and the key shipping lane through the Strait of Hormuz connecting the Persian Gulf and the Gulf of Oman.
Oil prices retained the gains of recent days and at 09:19 a.m. London time, Ice Brent futures with August delivery were trading at $73.81 per barrel, down 0.57% from the previous trading session. The Nymex WTI contract with July expiry was at $72.7 per barrel, 0.38% lower.
Elsewhere, however, markets showed initial signs of shrugging off the latest hostilities early on Monday.
Spot prices for key safe-haven asset gold retreated early morning, down 0.42% to $3,417.83 per ounce after nearly notching a two-year-high earlier in the session, with U.S. gold futures also down 0.65% to $ 3,430.5
Tel Aviv share indices pointed higher, with the blue-chip TA-35 up 0.99% and the wider TA-125 up 1.33%.
European stock markets opened higher Monday, meanwhile, and U.S. stock futures were also in the green.
Luis Costa, global head of EM sovereign credit at Citigroup Global Markets, signaled the muted reaction could be, in part, attributed to hopes of a brisk resolution to the conflict.
“So markets are obviously, you know, bearing in mind all potential scenarios. There are obviously potentially very bad scenarios in this story,” he told CNBC’s “Europe Early Edition” on Monday. “But there is still a way out in terms of, you know, a faster resolution and bringing Iran to the table, or a short continuation here, of a very surgical and intense strike by the Israeli army.”
U.S. response in focus
As of Monday morning, Israel’s national emergency service Magen David Adom reported four dead and 87 injured following rocket strikes at four sites in “central Israel,” reporting collapsed buildings, fire and people trapped under debris.
Accusing Tehran of targeting civilians in Israel to prevent the Israel Defense Forces from “continuing the attack that is collapsing its capabilities,” Israeli Defense Minister Israel Katz, a close longtime ally of Prime Minister Benjamin Netanyahu, said in a Google-translated social media update that “the residents of Tehran will pay the price, and soon.”
The IDF on Sunday said it had in turn “completed a wide-scale wave of strikes on numerous weapon production sites belonging to the Quds Force, the IRGC and the Iranian military, in Tehran.”
CNBC could not independently verify developments on the ground.
The U.S.’ response is now in focus, given its close support and arms provision to Israel, the unexpected cancellation of Washington’s latest nuclear deal talks with Iran, and President Donald Trump’s historically hard-hitting stance against Tehran during his first term.
Trump, who has been pushing Iran for a deal over its nuclear program, has weighed in on the conflict, opposing an Israeli proposal to kill Iran’s supreme leader, Ayatollah Ali Khamenei, according to NBC News.
Discussions about the conflict are expected to take place during the ongoing meeting of the G7, encapsulating Canada, France, Germany, Italy, Japan, the U.K. and the U.S., along with the European Union.
— CNBC’s Katrina Bishop contributed to this report.
A Tesla Model 3 got stuck on a train track and was hit, albeit slightly, by a train in Sinking Spring, PA. The driver claimed it was in “self-driving mode.”
According to the fire alerts in Berks County, a Tesla Model 3 drove around a train track barrier near South Hull Street and Columbia Avenue and got stuck in the tracks.
The driver was able to exit the vehicle, but a train hit the car, reportedly snapping off the side mirror.
The fire commissioner ordered to stop all train traffic as the emergency services worked to get the Model 3 off the tracks using a crane.
Spitlers Garage & Towing, performed the recovery and shared a few pictures on Facebook:
The Tesla driver reportedly claimed that the vehicle was in “self-driving mode” leading up to getting stuck on the train tracks.
Tesla claims that all its vehicles built since 2016 will be capable of unsupervised self-driving with software updates; however, this has yet to occur.
Instead, Tesla has been selling a “Full Self-Driving” (FSD) package for up to $15,000 that requires the driver to constantly supervise the vehicle, with the driver remaining responsible for the car at all times.
Electrek’s Take
There have been instances of Tesla drivers engaging in reckless behavior and then attributing it to the Full Self-Driving (FSD) features.
I’m not saying it’s the case here, but it’s a possibility.
On the other side, I’ve seen FSD try to navigate around construction barriers. It’s possible that it tried to do that in this case, here and then got caught on the tracks.
We would need more data.
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