California-based Fisker faced financial difficulties due to production challenges, organizational missteps, and weakening demand for electric vehicles. Customers reported software and mechanical problems, while internally, the company struggled with customer service and financial management.
This bankruptcy echoes Fisker Automotive's fate in 2013, which faced similar production and quality issues that led to bankruptcy. Fisker's story highlights the challenges in the EV market, along with other struggling startups like Lordstown Motors and Arrival.
The EV market slowdown is attributed to a critical juncture in technology adoption, where practical and cautious consumer preferences differ from early adopters. This shift impacts market growth despite initial enthusiasm and disruptor expectations.
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