STORY: U.S. electric vehicle maker Fisker filed for bankruptcy protection late Monday.

It’s looking to sell assets and restructure its debts.

The firm has been hit by a rapid cash burn while it tries to deliver its “Ocean” EVs in the U.S. and Europe.

Founded by auto designer Henrik Fisker, the firm had first flagged doubts about its viability back in February.

A month later, it failed in attempts to win backing from a big car maker.

Reuters reported that to be Japan’s Nissan.

Now Fisker says bankruptcy protection is the best way forward.

The company blamed “market and macroeconomic headwinds”.

Global EV sales growth has recently faced a slowdown, with the market also facing a fierce price war sparked by Tesla.

Fisker made around 10,000 vehicles last year – less than a quarter of its forecast.

Fewer than 5,000 were actually delivered to customers.

Its cars also face investigation by regulators over various incidents, including one probe started last month by the U.S. auto safety watchdog.