Fisker Seeks Court Approval to Sell Ocean EV Fleet at Massive Discount Amid Bankruptcy Woes

Fisker seeks court approval to offload remaining Ocean electric vehicles at steep discount

Amid its Chapter 11 bankruptcy case, Fisker has requested the presiding judge's consent to unload its leftover Ocean electric SUVs to a leasing company, with the selling price significantly slashed from the initial cost, according to a Wednesday report by Reuters.

The report, referencing a legal document, indicates that the firm is looking to sell a total of 3,321 Ocean models to American Lease for a per unit cost of $14,000. Initially, on May 30, American Lease proposed purchasing 2,100 of these vehicles, two weeks before Fisker sought bankruptcy protection. The proposition has since been increased to encompass all available Ocean SUVs for purchase.

2023 Model of Fisker Ocean

Initially, the base Sport model of the Ocean was offered at a cost of $38,999, while the higher-end Ultra and Extreme models were available for $52,999 and $61,499, respectively. Yet in March, Fisker reduced these prices by as much as $24,000 and requested that their contract producer, Magna, halt assembly to help reduce stock levels.

Manufacturing of the ocean model kicked off at the Magna site located in Graz, Austria, during November 2022. However, it took half a year before the first deliveries commenced. It wasn't until the middle of 2023 that American buyers received the initial vehicles. Despite the gradual launch, Fisker was unable to rectify a multitude of quality problems with their inaugural electric vehicle.

2023 Model of the Fisker Ocean

Last month, Fisker announced a trio of recalls concerning the Ocean model, with one specific recall addressing a defective part that might result in the outer door handles jamming and not opening. This particular recall affects 8,204 vehicles within the U.S., reflecting the sluggish rate at which the deliveries are being made.

In the dwindling financial period leading up to its insolvency, Fisker didn't halt its grand visions of moving towards a franchised dealer network and introducing new electric vehicles, such as the budget-friendly Pear, the Alaskan pickup, and the Ronin convertible. Should a well-funded purchaser step in, there's a chance to bring these models to life.

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