After fending off financial problems for years, electric car manufacturing start-up Fisker filed for Chapter 11 bankruptcy reorganization on Tuesday, another sign of the struggles in the electric car market as manufacturers continue to struggle with supply chain delays and battery issues, the Associated Press reports.
The reorganization comes as Fisker sales, like those of many electric vehicles, have slid as consumers lean toward hybrid vehicles rather than all-electric cars. The company lists $500 million to $1 billion in assets and up to $500 million in debts. It becomes the second electric car manufacturer to file for bankruptcy in the last year: Ohio’s Lordtown Motor Co. filed for protection one year ago after funding problems arose as it took over an abandoned General Motors factory.