EV maker Fisker filed for bankruptcy Monday, likely spelling the end of what was once a promising EV maker that was determined to mount a major challenge to Tesla.

Fisker debuted its Ocean SUV at CES 2020, with the goal of undercutting Tesla’s price point. Unfortunately, the company has struggled to deliver, pausing production of the SUV in March and canceling more than 40,000 reservations.

According to Wired, the company filed for Chapter 11 bankruptcy late Monday, and is reportedly looking to sell assets and restructure its debt.

Much of Fisker’s problems stemmed from its inability to deliver a finished product. In fact, when Wired tried to test and review the Fisker Ocean, it was the first vehicle the outlet could not rate or score due to the myriad of issues plaguing it.

While a Chapter 11 is designed to help a company restructure and stay in business, something fundamental will need to change if Fisker is going to continue functioning.