The Fisker pocalypse appears to be coming to a close as The Wall Street Journal is reporting that the company has defaulted on their U.S. government loan.
According to the Journal’s sources, the U.S. Department of Energy is now trying to recoup a portion of their loses by conducting a “straight sale” or auction. The exact timeframe remains unclear but a number of companies have expressed interest in the troubled automaker.
As a refresher, Fisker got off to a rocky start as the Karma was plagued with production delays, fire-related recalls, last minute design changes and the bankruptcy of their battery supplier. Despite the challenges, the company spent lavishly and ended up losing approximately $35,000 (€26,220) on each Karma. Things finally came to a head when the U.S. Department of Energy froze their loan and the company was forced to lay off approximately 75% of their workforce in an effort to stay afloat while arranging a sale or merger.