Heralding a potential fall from grace, electric vehicle company Fisker's stock has seen a steep decline reported CNN Wednesday.
This draws upon the warnings from the Wall Street Journal that proclaims the company has struggled with growing its sales amid stagnant EV demand particularly in the US. On Wednesday, the company's stock plummeted by over 40% in after-market trading, mirroring a worrying trend that has seen the company's stock decline by more than 80% since the start of 2024.
Fisker has reportedly brought in restructuring advisors to manage a possible bankruptcy filing. This comes after a cautionary announcement earlier this month, warning that the company might lack the financial resources to survive another year.
This isn't the first time Founder Henrik Fisker has faced financial difficulty. His previous venture, Fisker Automotive, filed for bankruptcy in 2013. The current company, known for outsourcing the manufacturing of its sole model, the Ocean electric SUV, to Magna in Austria, appears to be treading a similar, precarious path.
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