The Austrian subsidiary of the US electric car manufacturer Fisker has filed for insolvency following the production stop of its Tesla competitor model Ocean.
The Californian parent company announced the move by Fisker at the production site in the Austrian city of Graz on Tuesday.
The company "has voluntarily filed to open a restructuring proceeding via self-administration under the Austrian Insolvency Code," the announcement said.
"The proceeding will enable Fisker Austria to ensure its operations are able to continue under court protection, including paying employees and selling vehicles," the company said.
Other units are not affected by the insolvency, it said.
The Ocean SUV model was built in Graz by contract manufacturer Magna. An interruption in production was announced in March.
The group's quarterly report last week revealed Magna does not expect production to resume. Around 500 jobs will therefore be cut in Graz.
Fisker, the company founded by car designer Henrik Fisker, is struggling to survive after the failure of its sales strategy. Rising interest rates and problems with suppliers have put additional pressure on the start-up.