(NEWSnet/AP) — Electric vehicle company Fisker filed for Chapter 11 bankruptcy protection.

In a filing with U.S. Bankruptcy Court in Delaware, Fisker Group Inc. said its estimated assets are  $500 million to $1 billion. It estimates liabilities $100 million to $500 million, with 200 to 999 creditors.

“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” the company 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 company was founded by designer Henrik Fisker, who has been its chairman and CEO. He designed the company’s 2022 Ocean all-electric SUV and the luxury plug-in hybrid Karma. Fisker also is  known for leading the development of BMW Z8.

Fisker, based in Manhattan Beach, California, has sought to challenge industry leaders like Tesla and Detroit's Big 3. But EV sales have slowed as manufacturers have attempted to push the vehicles into the mainstream.

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