EV company Fisker (FSRN) has filed for Chapter 11 bankruptcy, listing between $500 million to $1 billion of assets and $100 million to $500 million of liabilities. The New York Stock Exchange (NYSE) delisted Fisker in March over its "abnormally low" stock price.

Yahoo Finance's Morning Brief team reports on FIsker's filing and the inherently competitive nature of the electric vehicle landscape.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video Transcript

Let's take a look at Fisker because start up Fisker officially filing for bankruptcy in a Delaware federal court.

Now this comes about a year after the company released its first model, the Ocean SUV, which has been plagued with many issues.

Uh uh, software.

It had hardware issues.

Consumer Reports, which you know has been extremely influential, is extremely influential with potential car buyers.

Has called the vehicle quote unfinished business.

So now here they are.

They've stopped production of the ocean SUV they filed for bankruptcy.

Now they lifted between 500 million and a billion dollars of assets between 100 million and $500 million of liabilities.

But again, Brad, I think the big takeaway here is this just points to the hyper competitive space that the EV landscape is right now.

And they are far from the first to file for bankruptcy.

We've seen a number in the past Lordstown Electric Glass Mile solutions proterra among those that have filed for bankruptcy over the last two years.

We talk about the sky high cost to produce EVs versus what demand looks like and versus being able to even meet some of that demand.

Still, great vehicle names.

Uh, unfortunately, the model that they've had to shift to as well and not the car models, but the model of the dealership programme that they were really trying to make sure got off the ground here.

15 dealer partner locations.

They had signed agreements for, uh, distributor ships in the US and US territories.

And I think, uh, in Canada as well here.

So North America, they had really been focused in on there.

And and that was their most recent pivot, that after they essentially tried to kind of leverage the Tesla play book of not having a tonne of dealerships that you would need to have your vehicles move through or have partnerships with.

But instead, just make sure that you have that direct to consumer relationship where you're essentially selling these Now.

Uh, of course, for Fisker, a lot of the electric vehicle uh, play has really been spurred by Tesla by the success that they had seen there.

And and Fisker, um, one of the youngest players within that industry.

But, uh, not seeing the same type of reception