June 18 U.S. electric vehicle EV maker Fisker filed for bankruptcy protection late on Monday as deal talks with a big automaker collapsed, exposing the startup to the fallout of a rapid cash burn to deliver its Ocean SUV in the United States and Europe.

The company39;s unit, Fisker Group Inc, filed for Chapter 11 bankruptcy in Delaware, listing estimated assets of 500 million to 1 billion and liabilities between 100 million and 500 million. Fisker39;s estimated number of creditors are 200999, according to the court filing.

The termination of talks in March with a large automaker led Fisker to search for strategic options, including in or outofcourt restructurings and capital markets transactions.

While Fisker has not named the company, Reuters had reported that Japanese automaker Nissan was in advanced talks to invest in the startup.

The U.S. company, founded by automotive designer Henrik Fisker, flagged doubts about its ability to remain in business in February and had paused investments in future projects until it secured an auto partnership.

Fisker also said it would cut its workforce by about 15 amid struggles to sell its Ocean EVs. It manufactured over 10,000 vehicles in 2023 less than a quarter of its initial forecast and delivered only about 4,700.

Last month, the U.S. auto safety regulator opened a preliminary probe into some Ocean EVs made by Fisker in 2023, adding to the firm39;s woes as the cars were already under investigation by the National Highway…