Fisker failed due to several factors, including the high production costs of its luxury electric vehicles and the bankruptcy of its battery supplier, A123 Systems. Additionally, the company faced stiff competition from other electric car manufacturers like Tesla. Despite receiving a $529 million loan from the US Department of Energy, Fisker was unable to overcome these challenges and ultimately declared bankruptcy in 2013.
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Tesla launches robotaxi service in Austin
Tesla has launched its robotaxi service in Austin, Texas, featuring 10 vehicles with a human safety driver amid scrutiny of its self-driving technology. While shares have risen 50% since April, the initial launch was low-key, limited to select social media influencers, as the company seeks to revitalize sales amid challenges and backlash against Elon Musk's activism. Need More Context? 🔎
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