08:44 AM EDT, 06/18/2024 (MT Newswires) -- Fisker operating subsidiary, Fisker Group, filed for bankruptcy protection amid mounting liquidity issues and a challenging macroeconomic environment, the electric vehicle manufacturer said Tuesday.

The company filed for Chapter 11 protection in the District of Delaware on Monday. The automaker said it is in advanced talks with stakeholders regarding debtor-in-possession financing and the sale of its assets. Fisker traded on the New York Stock Exchange under the FSR ticker until it was delisted earlier this year.

"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently," a spokesperson for Fisker said in a statement. "After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company."

The EV maker warned at the end of February that there was "substantial doubt" about its ability to continue operating. In March, Fisker paused production for six weeks, but said it secured a $150 million financing commitment from an existing investor, subject to the company securing an investment from an unidentified automaker. Later in the same month, the company disclosed in a regulatory filing that talks with the unnamed automaker ended without an agreement.

The company's manufacturing halt will remain in place and it will seek to ensure its reduced operations are able to continue, such as paying employee wages and benefits and compensating needed vendors, it said Tuesday. Fisker and its other US subsidiaries, as well as units outside the US, are not included in the Chapter 11 filing.

In April, the company withdrew its full-year 2024 financial and operational guidance as it evaluated strategic alternatives for the business. Fisker set out an outlook in February for adjusted operating expenses and capital expenditures of $320 million to $390 million. It posted a preliminary fourth-quarter loss of $1.23 per share and revenue of $200.1 million.

The EV maker also targeted combined sales directly to consumers and dealers of roughly 20,000 to 22,000 vehicles for the current year. In 2023, the company produced 10,193 of its Ocean sports utility vehicle, but managed to deliver 4,929 units.