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Electric automaker Fisker is preparing to wrap things up after filing for bankruptcy last week. This also comes after seemingly everything went wrong for the cursed automaker. Now, after holding out hope for a fresh injection of funding, the company is preparing to sell everything off as liquidation approaches.
Fisker has a stock of more than 4,000 Ocean electric SUVs that it will now try and offload as part of a liquidation sale, reports Automotive News. The stockpile of EVs and the automaker’s other remaining assets will be sold off in an attempt to recoup the almost $850 million that Fisker owes various bondholders. As Automotive News reports:
Fisker filed for bankruptcy protection in Delaware on June 17 after burning through cash in an attempt to ramp up production of its troubled Ocean crossovers. The company initially said it would seek additional financing and continue “reduced operations,” but Fisker’s attorney Brian Resnick said at the hearing in Wilmington, Del., the company does “not currently anticipate being able to obtain financing.”
Resnick told U.S. Bankruptcy Judge Thomas Horan that the company planned to liquidate its assets, and it has reached a tentative deal with a single buyer for all of its 4,300 vehicles.
The California-based company, founded by automotive designer Henrik Fisker, was never profitable, with about $273 million in revenue in 2023 and a net loss of $940 million. This is the second automaker controlled by Henrik Fisker to go into bankruptcy.
The sale of the remaining stock of Fisker vehicles is projected to fetch a “fraction” of the amount that the company owes various creditors. In fact, if the cars were to sell for their latest retail price of around $25,000 then the sale would only amount to around an eighth of the $850 million that Fisker owes.
There were whisperings that Fisker had managed to find an automaker to partner with in order to save itself and its customers. However, Automotive News adds that a deal with Nissan fell through in March, which ultimately led to last week’s bankruptcy.
A version of this article originally appeared on Jalopnik’s The Morning Shift.