Marques Brownlee says he should not be blamed for Fisker’s bankruptcy – “they were doomed long before my videos”

Fisker Group Inc. said in a filing with U.S. Bankruptcy Court in Delaware that it has assets valued at between $500 million and $1 billion, liabilities of between $100 million and $500 million, and between 200 and 999 creditors.

“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” the corporate said in a prepared statement late Monday. “After evaluating all options for our business, we have concluded that the most viable path for the company is to sell our assets under Chapter 11.”

Fisker suffered a blow in February when Marques Brownlee, a well-liked YouTuber who reviews technology, Video in regards to the company’s 2022 Ocean model, titled “The Worst Car I’ve Ever Tested.” The video went viral, garnering 5.7 million views and sending Fisker’s stock price falling after its publication.

Brownlee quickly took to X (formerly Twitter) on Tuesday afternoon to remind his followers not guilty him for Fisker’s bankruptcy.

“I know everyone says I killed them, but the truth is they were doomed long before my videos,” Brownlee wrote. “This is sad news because we (always) need more competition in the electric vehicle space.” However, Fisker never managed to “get over the hump,” the YouTuber added.

The 7-year-old electric automotive company was founded by designer Henrik Fisker, who also served as its chairman and CEO. He designed the corporate’s 2022 Ocean all-electric SUV in addition to the Karma luxury plug-in hybrid, which launched in 2011. Fisker can also be known for leading the event of the BMW Z8 sports automotive.

It is the second failed automobile company under the leadership of Henrik Fisker.

Fisker, based in Manhattan Beach, Calif., and other startups like Lordstown Motors Corp. desired to tackle industry leaders like Tesla and major Detroit-based automakers which have aggressively entered the market.

However, electric vehicle sales have slowed as manufacturers have tried to bring electric vehicles into the mainstream. These sales have been supported by each a Lack of infrastructurein addition to rising inflation, the Taking out automotive loans dearer.

According to JD Power, electric vehicle sales rose just 3.3% to just about 270,000 in the primary three months of this yr, well below the 47% growth that drove record sales and a 7.6% market share last yr. The slowdown, led by Tesla, confirms automakers’ fears that they moved too quickly to draw electric vehicle buyers. Electric vehicles’ share of total U.S. sales fell to 7.15% in the primary quarter.

It result in, enormous price reductions And Job cuts at leading corporations like Tesla.

Another electric startup, Rivian, said this yr that it was Construction break his Production facility value $5 billion in Georgia to hurry up production and lower your expenses.

Lordstown applied for insolvency protection last summer when it was scuffling with financing difficulties.

Henrik Fisker’s first try to start an electrical automotive company led to bankruptcy in 2013. This collapse was the culmination of a protracted downward spiral that began after Fisker received a loan commitment of $529 million from the US Department of Energy.

It was later revealed that the U.S. Department of Energy did not notice for 4 months that the struggling company, Fisker Automotive Inc., had missed a vital production goal required under a half-billion-dollar government loan. The error allowed Fisker to receive a further $32 million in government funds before the loan was suspended in June 2011.

Earlier this yr, Fisker Inc., Henrik Fisker’s second attempt at an electrical automotive startup, received a warning from the New York Stock Exchange after its share price fell below $1. The company’s shares weren’t immediately delisted and Fisker stated on the time that the corporate planned to stay listed on the NYSE and was exploring all available options to revive compliance with the NYSE’s standards for continued listing.

EFisker Inc. and other U.S. subsidiaries, in addition to subsidiaries outside the U.S., are usually not currently included within the bankruptcy filing. Fisker says it’s in advanced discussions with financial interests about self-financing and selling its assets.