Fisker, the electric vehicle startup, is facing potential bankruptcy as reported by the Wall Street Journal. The company’s struggles were highlighted in their 2023 financial report, citing low demand for their Ocean model, unexpected challenges, and a forecast of only 20,000 deliveries globally in 2024.

Financial uncertainties have cast doubt on Fisker’s ability to continue operations, with their business plan heavily reliant on a new Dealer Partner model. The company’s current resources may not be sufficient to meet requirements in the next year.

In response to the challenging situation, Fisker has initiated workforce reductions and is exploring options for investment and collaboration with a major automaker. Despite rumored negotiations with Nissan, reports indicate that Fisker has engaged advisors to consider a potential bankruptcy filing.

The company’s stock has plummeted since its 2020 market debut, prompting warnings of delisting from the New York Stock Exchange. While Fisker remains hopeful for a turnaround, the possibility of bankruptcy looms large. Only time will reveal the fate of the electric vehicle maker, with potential outcomes ranging from salvation to a repeat of past struggles.