Fisker Slashes Ocean SUV Price by $24K Amid Bankruptcy Buzz: Inside the 39% Cut

March 29, 2024
1 min read
Fisker Inc., driven by a mission to create the world’s most emotional and sustainable electric vehicles.(Source: Fiskerinc)
Fisker Inc., driven by a mission to create the world’s most emotional and sustainable electric vehicles.

Fisker, the brand that wanted to be Tesla—in fact, its founder collaborated with Elon Musk’s company in its early days—is going through very delicate times, so much so that its continuity is entirely compromised. In light of this, the company has made a drastic decision to try to stay afloat: slashing the price of its Ocean model—the only one it sells—to a bargain rate.

The American company applies the biggest price cut to the top-of-the-line version, named Extreme, which is now priced at $37,499, representing a $24,000 (39%) discount. The other versions of this SUV will also be much cheaper, with the most economical one priced below $30,000.

Fisker Ocean, the much-anticipated electric SUV with almost 60,000 reservations before hitting the market, is available in a version with two electric motors, one on each axle, providing all-wheel drive, as stated by Fisker. The goal is to position it as “a more affordable and compelling electric vehicle option,” the firm has stated, in an attempt to address its liquidity problems. Earlier this month, the company halted production and warned it might have to file for bankruptcy if it could not pay its debt.

Earlier this month, the company halted production and warned it might have to file for bankruptcy. On March 18, Fisker announced it had secured $150 million in financing from an existing investor; however, that deal was contingent upon an agreement with a major, unnamed automobile manufacturer for investment. Without such an agreement, the brand needs to renegotiate its financing terms or look for other options, including filing for bankruptcy.

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This critical situation for the company has been exacerbated by the deficiencies of its electric model, launched in 2022. Consumer Reports, akin to the American OCU, conducted an analysis of the car, and the conclusions were poor. The review, conducted by Keith Bayy, indicates that the vehicle seems to have been launched prematurely, with software issues that the firm has assured it will resolve.

Safety under scrutiny: Meanwhile, the National Highway Traffic Safety Administration (NHTSA) has opened two investigations after complaints from Ocean owners about their vehicle veering and showing partial braking loss, issues that reportedly caused two injuries.

Fisker Ocean, the awaited electric SUV with nearly 60,000 reservations before its market debut. The brand acknowledges that its software has some issues that they are resolving.

However, it should be noted that Tesla also faces several investigations by this agency for accidents allegedly caused by malfunctioning of its Autopilot driver assistance system.

The Fisker Ocean is a five-door, 4.77-meter-long electric SUV that is also marketed in some European countries. The most affordable version produces 275 horsepower, has front-wheel drive, and offers an estimated range of 440 kilometers. The top-of-the-line (Extreme) version features two motors, one on each axle, delivering a total of 550 horsepower. According to the brand’s data, it accelerates from 0 to 100 km/h in 3.9 seconds and can cover nearly 580 kilometers on a single battery charge.

Sunita Somvanshi

With over two decades of dedicated service in the state environmental ministry, this seasoned professional has cultivated a discerning perspective on the intricate interplay between environmental considerations and diverse industries. Sunita is armed with a keen eye for pivotal details, her extensive experience uniquely positions her to offer insightful commentary on topics ranging from business sustainability and global trade's environmental impact to fostering partnerships, optimizing freight and transport for ecological efficiency, and delving into the realms of thermal management, logistics, carbon credits, and energy transition. Through her writing, she not only imparts valuable knowledge but also provides a nuanced understanding of how businesses can harmonize with environmental imperatives, making her a crucial voice in the discourse on sustainable practices and the future of industry.

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