Fisker, an EV startup, is struggling to stay afloat.

In 2007, Henrik Fisker, a renowned Danish automotive designer, entered the competition for electric vehicle supremacy with his company, Fisker Automotive. However, the company ultimately ended in bankruptcy and Fisker's resignation in 2013. Despite this setback, the designer-turned-CEO is now determined to succeed and make things right.

In 2016, he returned with a new company that aimed to target the mass market with a midrange, midsized electric SUV instead of making high-end sedans with six-figure price tags. He also planned to launch a smaller, even cheaper crossover, a midsize pickup truck, and a nearly $400,000 electric supercar.

The company has faced numerous challenges, including software issues and a significant cash burn, while also carrying over $1 billion in debt.

Fisker expressed substantial doubt about its ability to continue as a going concern in its fourth quarter earnings release.

If Fisker goes bankrupt before the end of 2024, it would not surprise me at all, according to Sam Abuelsamid, principal research analyst at Guidehouse Insights. The plan is to sell cars through dealers and seek outside investment from a large automaker. Reuters reports that the automaker is Nissan. Both companies declined to comment on the report.

Fisker's shares are trading below $1 apiece, putting the company at risk of being delisted by the New York Stock Exchange.

"Henrik Fisker stated in an interview with CNBC in early February that he believes the stock is grossly undervalued. He attributed the company's share price decline to industrywide headwinds and higher interest rates. Fisker added that the general sentiment reflects this sentiment, and some analysts and investors struggle to identify the winners."

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