The Fisker Ocean is now the lowest-priced electric vehicle on sale, but it might not be on sale much longer.
Fisker is in dire financial straits and has lowered the price of the entry-level Ocean Sport from $38,999 to $24,999 as it looks to offload unsold 2023 inventory.
Pricing for the top Ocean Extreme trim has been cut even more from $61,499 to $37,499, representing a $24,000 discount. The mid-tier Ocean Ultra’s price also drops from $52,999 to $34,999. Prices do not include the mandatory $2,438 destination fee.
The Ocean is built for California-based Fisker by Magna at a factory in Austria and was already one of the most aggressively-priced vehicles in the compact electric SUV segment. Due to its country of origin, it does not qualify for the $7,500 federal tax credit for electric vehicle purchases, but the amount can be rolled into leases.
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Fisker was only able to deliver half of the roughly 10,000 Oceans that were built last year and production is currently suspended as it seeks financial assistance or a partner to stay afloat.
The automaker warned during its most recent earnings call that it doesn’t currently have enough cash to meet this year’s commitments. It’s stock value has dropped so dramatically in recent weeks that it faces delisting from the New York Stock Exchange, which the company said could trigger an “event of default.”
The Ocean has been plagued with issues since it’s launch last year, primarily with its software systems, and has received several scathing reviews, notably from Consumer Reports and tech YouTube star Marques Brownlee.
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Fisker had been in the process of shifting from a direct sales and service model to working with franchised dealers in the U.S., but has so far only recruited a dozen.
“The Fisker team is working to give Fisker owners the software updates, service, and customer support they require, and Fisker Dealer Partners are working together with the company to give Fisker buyers excellent value, a simple-to-navigate purchase process, and quick access to 2023 inventory of the award-winning Fisker Ocean,” the company said in a press release on the pricing updates.