Electric vehicle maker Fisker is in the spotlight once again for its financial struggles, with a recent lawsuit shedding new light on the depth of its challenges. The lawsuit, filed by German engineering firm Bertrandt AG, highlights Fisker’s financial woes dating back to last summer and raises questions about the company’s ability to continue operations.
Bertrandt AG’s lawsuit, related to its work on Fisker’s upcoming Pear and Alaska models, claims that the firm stopped receiving payments from Fisker in August 2023. The German company was hired to work on the Pear, an affordable electric crossover, in a contract valued at over $35 million.
According to Bertrandt, Fisker has failed to pay over $7 million in fees, and the automaker’s decision to halt development of the Pear and the Alaska, a pickup truck model, is considered a breach of contract. This breach has reportedly led to $5.8 million in “lost profits, delay costs, and incidental damages” for Bertrandt.
In response to the lawsuit, Fisker’s VP of communications, Matthew DeBord, stated, “The lawsuit filed by Bertrandt is without merit. It is a legally baseless and disappointing attempt by what has been a valued partner to extract from Fisker payments and intellectual property to which Bertrandt has no right to under the relevant agreements or otherwise.”
Bertrandt is not the only company taking legal action against Fisker. In April, Corinthian Textiles sued the EV startup, claiming it was owed over $1 million in unpaid invoices and other fees. Additionally, Fisker is facing lawsuits from employees over improper compensation.
With Fisker on the verge of bankruptcy and having hired a restructuring officer, the company claims that without debt relief, it may not be able to continue operating. These lawsuits suggest that Fisker’s financial troubles may have started earlier than previously known, raising concerns about the future of the embattled automaker.
