The Austrian company of electric car manufacturer Fisker – based in Graz – is bankrupt. According to the Credit Protection Association from 1870, the debts amount to 1.34 billion euros. Probably the largest bankruptcy in Styria. A restructuring process with self-government was opened on Wednesday.
The scale of the car manufacturer’s bankruptcy is gigantic. The Austrian company of the American-Danish electric car manufacturer Fisker has filed for bankruptcy. According to KSV1870, the Graz-based company now has debts worth as much as 1.34 billion euros (book value), while assets are reported to be 959 million euros.
Decrease in demand is to blame for the bankruptcy
According to KSV 1870, the applicant is currently unable to maintain its solvency with the help of the liquidity inflow generated by its own company. This is attributed in no small part to a sharp decline in global demand for electric vehicles, high interest rates and price wars between different electric car manufacturers.
“Despite extensive restructuring efforts, Fisker US and the debtor have thus far failed to create sufficient liquidity,” the credit protectors said. 47 employees and more than 600 creditors are affected. Fisker has the electric car ‘Ocean’ built at Magna in Graz – but production has been at a standstill for a long time. That could now mean the final end.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
