Fisker Ocean Gets Wild Price Cuts As Struggling Electric Car-Maker Hustles To Survive
EV manufacturer Fisker is significantly lowering the price on all trim levels of its flagship Ocean SUV. The basic Sport model has gone from $38,999 to $24,999. A $14,000 price reduction is nothing to scoff at: In fact, this now makes the Ocean the most affordable new EV. Coming in second is the Nissan Leaf, which starts at $3,000 more.
The mid-range Ultra trim will now retail for $34,999. This trim has a 113kWh Hyper Range battery that can go 379 miles on a full charge. Finally, the top-of-the-line Extreme trim equipped with the same battery has been marked down by $24,000 — taking it from $61,499 to $37,499.
Fisker announced that these prices will go live on Friday. It also noted that all trims are of the 2023 models, and have the latest V2.0 software equipped. The Fisker Ocean is by no means an underperforming car: It has two electric motors that pump out a combined 564 horsepower. The Ocean is also the second-longest-range electric SUV in Europe, trailing behind the Mercedes Benz EQS 450+.
Despite this, Fisker continues to mark down the Ocean. The previous price cut was six months ago, but it was not as drastic. This new sizable price drop may indicate that Fisker is desperate to stay afloat.
Fisker continues to struggle
Fisker's latest earnings report revealed that the company was worried it would not survive in its current form. The company is estimated to be in debt for over $1 billion. In the report, Fisker noted that it was negotiating with a large automaker for an investment and joint development, which was later found out to likely be Nissan. However, a few days ago, news broke that negotiations fell through. Company shares have plummeted to below $1, and things don't look good for the company from the outside. Finance experts expect bankruptcy sometime in the future.
At one point, Fisker was seen as a potential competitor to Tesla. However, it lost the battle after failing to get cars into customers' hands, and subsequently filing for bankruptcy. After its revival in 2016, not much seemed to have changed on the surface — Fisker has still struggled to get EVs sold and out the door. The Fisker Ocean was seen as the make-or-break moment for the EV company, but it seems the result may be the latter with these price cuts.
InsideEVs estimates that roughly 4,700 cars remain in inventory, with the majority built last year. This latest price slash looks to be another attempt to snag whatever money the company can in the short term.