Fisker Group Inc., a Manhattan Beach electric vehicle manufacturer, has filed for Chapter 11 bankruptcy protection due to financial losses and inability to secure financing. The company, founded by renowned auto designer Henrik Fisker, faced setbacks after failing to reach alliances with major automakers and struggling with production issues for its flagship model, the Ocean SUV. Despite raising $1 billion in capital through an initial public offering in 2020 and experiencing optimism in the electric vehicle market, Fisker's financial condition deteriorated, leading to layoffs, production halts, and a substantial decrease in cash reserves. The company's attempt to appeal to a mass market with the Ocean's innovative design and pricing adjustments was marred by software glitches and a recall of over 11,000 vehicles. Fisker's bankruptcy filing reflects broader challenges in the electric vehicle industry, with other companies like Rivian and Lucid Motors also facing difficulties. The shift towards electric vehicles and the growing market competition have posed significant hurdles for manufacturers like Fisker, highlighting the volatile nature of the industry's landscape.