Fisker has been on a fast downhill roll in 2024 after the company admitted it needs to raise more capital to stay afloat. Partnership talks with a big automotive company ended abruptly, crashing share prices into the ground. This prompted the New York Stock Exchange (NYSE) to initiate measures to delist Fisker, with bankruptcy now inevitable.
It's a tough year for automotive startups as the electric vehicle market consolidates, and Tesla is the big winner. Earlier this month, Fisker announced disappointing financial results, reflecting the low quality of its vehicles. Fisker Ocean, its current shipping model, was riddled with software issues. This has led to poor sales, with roughly half of the 10,000 units built in 2023 still in the inventory. This put an enormous strain on the already cash-strapped company.
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