Fisker Inc., led by renowned designer Henrik Fisker, declared bankruptcy after halting production of its troubled Ocean SUV. The company, valued at $500 million to $1 billion, faces $100 million to $500 million in liabilities. Fisker's downfall was exacerbated by a failed SPAC merger and software glitches that delayed production and alienated customers. Despite producing over 10,000 vehicles, only half were delivered due to quality issues, leading to a pivot to franchise dealers. Magna International Inc., Fisker's partner, has ceased Ocean SUV production amid financial uncertainty. This collapse reflects broader challenges in the EV market, as BloombergNEF predicts a slower shift from combustion engines. Fisker joins a growing list of bankrupt EV startups, including Lordstown Motors and Proterra, illustrating the industry's precarious nature.