Electric vehicle maker facing bankruptcy risk negotiates for lifeline

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Electric vehicle maker facing bankruptcy risk negotiates for lifeline

Read more here:
https://www.thestreet.com/electric-vehi ... r-lifeline

The Tesla rival's shares take a tumble as the company takes a drastic step.

Success may not be a straight line, but every now and then, it has to come up for air.

The electric vehicle sector has been going through some difficulties lately as sales have slowed and companies cut back on production plans.

This situation is particularly tough for EV startups, such as Lordstown Motors, which filed for Chapter 11 bankruptcy in July 2023 to restructure and sell its assets.

The debtor won confirmation of its Chapter 11 plan on March 5 and was ready to emerge from bankruptcy.

Fisker (FSR) is another EV company that has been forced to make some hard decisions, including, most recently, pausing production of its vehicles for six weeks beginning March 18.

Shares finished down 15.6% on Monday to 14 cents.

The Manhattan Beach, Calif.-based company, founded in 2007 by Henrik Fisker, a Danish automotive designer and entrepreneur, said in a March 1 filing with the Securities and Exchange Commission Form that it would be late in filing its 10-K annual report for the year ending Dec. 31, 2023.

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From this stock graph, it is amazing how much the price decreased for Fisker (FSR).

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There are dozens of companies that produce electric-powered vehicles, including battery-powered and plug-in units. Tesla is the dominant force in the space, but there are at least 30 more firms, including legacy automakers, such as Toyota and Volkswagen, and pure-play EV manufacturers, like Rivian and Li Auto.

7 Battery & EV Companies That Have Filed for Bankruptcy

Read more here:
https://www.batterytechonline.com/autom ... bankruptcy

The electric vehicle (EV) and battery industry, despite its rapid growth and critical role in the global transition to sustainable transportation, faces a challenging landscape marked by an increasing number of bankruptcies. This trend raises important questions about the industry's sustainability and the hurdles it must overcome.

A primary challenge faced by EV and battery companies is the capital-intensive nature of the industry. Developing, producing, and distributing EVs and batteries requires significant upfront investment in research and development, manufacturing infrastructure, and supply chain establishment. This high cost of entry and operation can strain the financial resources of companies, especially startups or those without substantial backing. The industry is also grappling with supply chain disruptions, exacerbated by global events such as the COVID-19 pandemic and geopolitical tensions, leading to shortages and increased costs of critical raw materials like lithium, cobalt, and nickel.

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205.5

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Stor

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Spec

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Radi