Electric Car Company Bankrupt

(DailyEmailNews.com) – Following Joе Biden’s aggressive push for the liberal green agenda, electric vehicle manufacturer Fisker declared bankruptcy amid a broader downturn in the electric vehicle market.

Fisker, which had previously halted production earlier this year to secure essential funding, said it doubted its continued viability due to low consumer demand and various challenges facing the industry.

In a recently issued statement, the company announced it had filed for Chapter 11 bankruptcy and was in the process of negotiating terms for “dеbtor-in-possession financing and the sale of its assets.”

A company spokesperson highlighted Fisker’s achievements, stating: “Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making good on our promises to deliver the most sustainable vehicle in the world.”

They added, “We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North American and Europe. But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently.”

The company revealed that after “evaluating all options for our business,” it decided to carry on with the asset sale under Chapter 11 in an effort to find a “viable path forward for the company.”

Fisker’s difficulties arise despite the Biden administration’s significant push to phase out gas-powered vehicles through stringent pollution controls on automakers.

The electric vehicle sector has seen multiple companies either pull back from initial plans to fully convert to electric production, halt development or declare bankruptcy.

Industry issues have been worsened after an executive from another EV company was sentenced to federal prison for deceiving investors.

Consumers have voiced consistent concerns about electric vehicles, including their high costs, questionable reliability, insufficient charging infrastructure, lengthy charging times, operational inconveniences and reduced efficiency in cold weather.

These factors have collectively dampened the appeal of electric vehicles, which complicates the industry’s transition away from traditional gasoline-powered cars.

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