Fisker, a startup focused on electric cars, has filed for Chapter 11 bankruptcy.

　　The company announced the bankruptcy filing on Monday, blaming market shortfalls for its inability to meet financial obligations. In a statement, a spokesperson said the electric vehicle industry was facing a tough marketplace.

　　We have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently, the spokesperson said. Proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.

　　In the bankruptcy filing in Delaware, parent company Fisker Group Inc. estimated assets of $500 million to $1 billion and liabilities of $100 million to $500 million. The company had raised large amounts of money from investors, and delivered its first vehicle about a year ago.

　　But news over the last few months cast doubts on Fiskers ability to stay solvent this year. Production for the Ocean SUV stalled after a contractor cited lower sales and no expectations for a comeback, Yahoo reported last month. In GearJunkies first look at the Ocean EV in 2021, we noted its quirky amenities like doggie power windows.

　　It will be interesting to watch and see where this lands, we wrote at the time.

　　(Photo/Fisker) A Downward Spiral In February, a Fisker report warned of “substantial doubt” that it could continue.

　　Fisker was able to deliver over 6,400 vehicles by mid-April, according to The New York Times, but it wasnt enough. The companys stock, once worth several billion dollars, was delisted from the New York Stock Exchange in March for “abnormally low” price levels.

　　Though the electric vehicle market has seen heavy investment in recent years, demand still hasnt reached the levels that auto executives had hoped. Even the stock at Tesla has become less attractive to investors, The New York Times reported.

　　In Mondays announcement, the company pledged that its reduced operations would remain in place. That includes employee wages, customer service, and compensating needed vendors.

　　This is the second time that Henrik Fisker, the founder of Fisker, has overseen a car company that went bankrupt. His previous attempt,Fisker Automotive, filed for Chapter 11 protection in 2013.

　　But if youre still interested in these vehicles, theyre selling for cheap. On the website, the Fisker Ocean is on sale for $37,500 — or $24,000 off the original price tag.

　　$173M in Debt: Amphibious Plane Company Files for Bankruptcy, Seeks BuyerIcon Aircraft plans to continue making hybrid planes that can drive on road and water as it tries to manage large debt levels. Read more