Well, Fisker Is Bankrupt

• Fisker Automotive has officially filed for Chapter 11 bankruptcy protection.
• On top of that, the company announced two recalls for its Ocean SUV, but thankfully, those issues can be fixed via over-the-air updates.
• It goes without saying at this point, but do not buy a new Fisker Ocean.

In a move that'll surprise no one, Fisker Inc. filed for Chapter 11 bankruptcy protection late Monday. "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," Fisker said in a statement.

Fisker says that its current manufacturing pause will "remain in place," and we won't be shocked if it never resumes. Right now, Fisker's concern is being able to continue "paying employee wages and benefits, preserving certain customer programs, and compensating needed vendors on a go-forward basis," the company said.

The company's sole product, the Ocean SUV, has been troubled from the start. We bought a Fisker Ocean for our long-term test fleet back in January, and since then, we've had dozens of issues. Our car's value has also plummeted.

What's more, this bankruptcy news emerges just as Fisker announces two recalls for the Ocean SUV. The first concerns the motor and vehicle control units, where the "software may cause the vehicle to enter a safe state protection mode unexpectedly, causing a loss of drive power," according to the National Highway Traffic Safety Administration. A second recall concerns warning lights that might not display properly. Thankfully, both can be fixed via over-the-air updates.

Given the company's financial woes, we can pretty much say goodbye to ever seeing production versions of the vehicles Fisker showed last year: the Alaska pickup, Pear hatchback and Ronin sports car.

Edmunds says

We'll continue to report on our long-term Ocean while we have it. Stay tuned.