Fisker Group Inc., an electric vehicle (EV) manufacturer, has filed for Chapter 11 bankruptcy in Delaware. The company, once valued at $2.9 billion, has been struggling financially, leading to its eventual decision to file for bankruptcy. According to reports, Henrik Fisker finally decided to tell investors the truth about the company's financial state, revealing that Fisker was hemorrhaging cash. The announcement has had a ripple effect on the EV market, with EV stocks trading mostly lower following the news. The bankruptcy highlights the challenges faced by EV companies, which have received billions of dollars in funding based on projections that have not materialized. This marks a significant setback for Fisker, a company that was once seen as a potential rival to Tesla.