Manhattan Beach EV Maker Files For Bankruptcy

MANHATTAN BEACH, CA — Manhattan Beach-based electric vehicle company Fisker Group Inc., known for its Ocean SUVs, filed for Chapter 11 bankruptcy on Tuesday.

Last month the company closed its headquarters in Manhattan Beach under threat of bankruptcy after cutting about 15 percent of its workforce in mid-April. The company also paused production of any new vehicles earlier this year.

Subscribe

“We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North America 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," a Fisker spokesperson said. "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."

The manufacturing pause will remain in place, Fisker officials said, and the company said it intends to file certain customary motions with the Bankruptcy Court to ensure reduced operations can continue.

See related: Electric Vehicle Company Shutters Manhattan Beach Headquarters: Report