American electric car maker Fisker Inc has filed for bankruptcy protection after failing to secure a rescue deal with investors.

Fisker had already warned in late February that it could run out of money within 12 months

The California-based business, founded in 2016 by former Aston Martin and BMW designer Henrik Fisker, will use the filing to sell its assets and restructure its debt. The chapter 11 bankruptcy petition filing lists between $500m and $1bn of assets, and between $100m and $500m of liabilities.

The business had been hit by quality issues for the Ocean crossover, its first and only model, while plans to partner with a “large automaker” – believed to be Nissan – to create “one or more electric vehicle platforms” also fell through.

Fisker had already warned in late February that it could run out of money within 12 months after making a loss of more than $450m (£355m) in the final quarter of 2023. The business axed 15% of its workforce in March and paused manufacturing. It had also slashed prices for the Ocean, which has come under regulatory investigation for safety issues.

In a statement, Fisker said: “We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North American and Europe. But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently.”

Future vehicles that had been planned included the Alaska four-door pickup truck and the Pear sustainable city EV, which had been expected to launch mid-2025, priced at $29,900 in the US and with an anticipated sub-£28k price tag in the UK.

Henrik Fisker’s first venture, dubbed Fisker Automotive and the original company behind the Fisker Karma sports car, also filed for chapter 11 bankruptcy in 2013.