The struggling California electric vehicle startup Fisker is asking the court overseeing its bankruptcy case for permission to sell its remaining EVs for about $14,000 — a nearly 80% discount off the original price of its flagship models.
Ocean SUVs first went on sale in the summer of 2023 for anywhere between $39,000 and $70,000, depending on the model and trim. The company slashed prices in March in the hopes of raking in some much-needed cash. One of its top-of-the-line models, the Ocean Extreme, saw its price cut from $61,500 to $37,500. Fisker warned investors at the time that it might run out of cash, had begun laying off hundreds of employees, and stopped making new cars.
Fisker filed for bankruptcy in June. Now, the company is asking a Delaware Bankruptcy Court to sell its remaining 3,321 EVs to a car leasing company called American Lease for just over $46 million (averaging about $14,000 per vehicle).
While many EV companies have had trouble thriving in the increasingly competitive market — especially as EV sales growth slows — many of Fisker’s problems sprouted from within. Its Ocean SUVs have been the source of more than 100 complaints filed with U.S. regulators, with owners reporting their vehicles suddenly losing power and seeing their cars’ front hoods flying up when driving at high speeds.
By the numbers
$2.9 billion: Fisker’s value at the time it went public in 2021.
98.7%: How much Fisker’s stock price fell from the time of its IPO to March, when it was delisted from the New York Stock Exchange.
$1 billion: How much Fisker owes its unsecured creditors, according to TechCrunch.
1,300: How many vehicles Fisker delivered in 2024, per Reuters.