Fisker slashes EV prices by up to 39% in bid to steer off bankruptcy

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In a bold move to stay afloat, Fisker Inc., the electric vehicle (EV) startup, has slashed the prices of its Ocean SUV model. The price cut is seen as an attempt by the cash-strapped firm to drum up demand and ease concerns regarding its uncertain future.

 

The most significant reduction applies to the top-end version of the Ocean, called “Extreme”, which saw a price cut of $24,000 — a 39% discount — bringing it down to $37,499. The entry-level version, Ocean Sport, also saw a price reduction of around 36%, or $14,000, bringing it down to $24,999 from $38,999. The Ocean Ultra version’s price was also cut to $34,999 from $52,999.

 

These markdowns are seen as extreme measures for Fisker as it tries to weather liquidity challenges and the pending delisting of its stock. The company delivered about 1,300 vehicles in 2024 and the value of the inventory of completed vehicles was more than $200 million.

 

The price cuts come a few days after Fisker’s talks with Nissan about a deal collapsed, sending the company’s shares plunging and prompting the New York Stock Exchange to delist the stock. The price cuts signal an attempt by Fisker to raise more funds to meet its required debt obligations, as the company faces a potential default.

 

This development raises questions about the future of Fisker and the EV industry as a whole. What do you think about Fisker’s strategy? Will the price cuts be enough to save the company from bankruptcy? We’d love to hear your thoughts on this.

 

 

Read more:

• https://www.caranddriver.com/news/a60320119/fisker-ocean-ev-suv-big-price-cuts-possible-bankruptcy/
• https://insideevs.com/news/714043/2023-fisker-ocean-price-cuts-us/
• https://electrek.co/2024/03/25/fiskers-talks-with-large-automaker-fall-through-announcement-pending/

 

 

Image: Eric Broder Van Dyke | Dreamstime.com