Electric-Vehicle Startup Fisker Files for Bankruptcy

Fisker, a much-hyped startup that sought to mimic Tesla’s success, has filed for bankruptcy, roughly a year after releasing its first electric-vehicle model. 

The filing marks the second time an automotive venture by car designer Henrik Fisker has gone bust and follows weeks of quietly winding down its operations.

The seven-year-old California-based company sought a cheaper and faster entry into the auto industry by outsourcing manufacturing but struggled with the complexities of running a publicly held company. 

Fisker is the latest among a crop of once-highflying EV startups that looked to upend the traditional auto industry but have run out of charge. Pickup maker Lordstown Motors NRDE -7.51%decrease; red down pointing triangle

and bus manufacturer Arrival both filed for bankruptcy protection. Others are cutting costs or delaying investments, in an effort to conserve their remaining cash.