E.V. Maker Fisker Files for Bankruptcy as Cash Runs Short

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Fisker filed for bankruptcy protection late on Monday, the latest start-up in the electric vehicle industry to fall short after raising large amounts of money from investors with lofty expectations. Fisker’s bankruptcy filing, roughly one year after it delivered its first vehicle and almost four years after it went public, came after months of doubts about its financial viability. The start-up repeatedly cut production targets for its flagship Ocean S.U.V. and faced escalating financial turmoil, warning of “substantial doubt” that it could continue as a going concern in February, pausing production in March and defaulting on a loan repayment in May. Talks with another automaker about a potential investment broke down earlier this year, and the company’s beaten-down stock, once worth several billion dollars, was delisted from the New York Stock Exchange for “abnormally low” price levels. Fisker had delivered over 6,400 vehicles by mid-April, it said. It outsourced production and emphasized its design and software, such as a rotating dashboard screen.