Hybrid sports car manufacturer Fisker Automotive laid off the majority of its workforce today, according to Reuters.

Fisker did not immediately respond to PCMag's request for comment, but Reuters said the move is intended to save money and avoid bankruptcy. Fisker confirmed to the news service that it sent about 75 percent of its workers packing, reportedly without severance packages due to lack of available funds.

Though Fisker raised more than $1 billion in funding and has millions in cash, its 160 working will reportedly leave with nothing, Reuters said. About 53 executives remain to tie up loose ends and sell off company assets. The company has a $10 million Department of Energy loan payment due on April 22, but reportedly hopes to put that off.

Known for making the $100,000-plus Karma plug-in hybrid, Fisker has fallen on hard times of late. Last month, CEO and namesake Henrik Fisker abruptly resigned from the company, and recent efforts to partner with China have stalled.

Fisker was established in California in 2007, a year before unveiling Karma, the world's first luxury EV, which later went on sale in 2011 for $88,000.

In early 2010, Fisker shuttered its Pontiac, Mich., office, just one year after opening it; all two dozen of the city's employees were relocated to the California headquarters, in an effort to consolidate the company's team in California, Henrik Fisker said at the time.

Once the Karma finally hit the streets, it earned praise from celebrities, but lost the support of the DOE, which froze its credit line in part because of delays in launching the car. The last payment from the Department came in May 2011, Reuters said, adding that Fisker may begin selling pieces of the company, including intellectual property rights for its plug-in electric hybrid tech.