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The bankruptcy liquidation plan of the US new power brand Fisker has been approved by the Delaware bankruptcy court and allowed the company to repay its creditors with the remaining assets after selling its fleet, the Los Angeles Times reported.

Fisker is one of the new car-building companies in the United States. It was founded by car designer Henrik Fisker in California and has been the chairman and CEO of the company ever since. In October 2020, Fisker successfully landed on Nasdaq through a reverse takeover under the symbol FSR, and its share price rose 13% to $10.14 on the day of listing. After that, Fisk just caught up with the development wave of electric vehicles in the United States, with the highest share price rising to 31.96 US dollars, while with the pressure on performance and development prospects, the stock price fell again and again, and finally the face value of the stock price fell below the $1 listing threshold and was officially delisted on the Nasdaq on March 26.

Fisker reported revenue of $273 million during the reporting period, compared with $342000 in the same period; an operating loss of $417 million, compared with a loss of $530 million; a net loss of $762 million, compared with a loss of $547 million in the same period; and cash and cash equivalents held by Fisker of $325 million and restricted cash of $70.45 million as of December 31, 2023. At the time, Fisker said current resources were "insufficient" to support the company's operations over the next 12 months. Without additional financing, Fisker said it might be forced to reduce Ocean production, investment, operations and further layoffs.

In April, Fisker announced in a regulatory filing that it was facing bankruptcy. If Fisker fails to obtain relief from creditors or raise additional cash, the company is expected to have to file for bankruptcy within the next 30 days, according to the filing. Fisker noted that during the 30-day grace period, the company failed to pay $8.4 million in interest in March, resulting in a default on the loan.

At the time, Fisker was negotiating a potential deal with a large carmaker for the possibility of staying in the car market, but the talks ended in failure. In June, Fisker formally filed for bankruptcy protection in Delaware, becoming the second electric carmaker to file for Chapter 11 bankruptcy protection since 2023. However, Fisker was forced to suspend car production and lay off staff because of cash flow problems, and eventually chose to liquidate its business in bankruptcy, selling its remaining car inventory to American Lease and transferring its intellectual property to creditors.

It is understood that since its birth, the only Fisker model on sale is the Ocean, which was officially unveiled at the 2021 Los Angeles Auto Show. It is the first car produced by Magna for electric car start-ups. It was put into production at Magna's carbon neutralization plant in Gratz, Austria, in November 2022, and the first Ocean was delivered in Copenhagen, Denmark in May 2023. The car is available in Extreme, Ultra and Sport versions, starting at $68999, $49999 and $37499, respectively, and can reach up to 360km, according to the official website.

The reason for the huge losses of the new power in the United States is very simple: it has not yet formed large-scale production. Take Fisker as an example, Fisker produced a total of 10193 Ocean in 2023, but only delivered 4929 to customers. In other words, Fisker's inventory of vehicles is higher than annual sales.

When the new power in the United States is in danger of bankruptcy, the core is that the pure electricity market in the United States can not support the new power to achieve the sales level of large-scale profits. Cars are a scale business that requires continuous climbing deliveries to dilute the factory's fixed costs and eventually make bicycles profitable, but what is happening now is that most new power companies do not have high expectations for 2024, including Tesla.

Musk said in May 2023 that the wave of electric car bankruptcy was coming, which is not an exaggeration today. A few years ago, Rivian, Lucid and Fisker, the new powers of American carmaking, were all very popular. In the face of high investor interest, the market capitalization of these American electric carmakers once had a tendency to challenge Tesla, but today the situation is not so optimistic, even Tesla.

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