Fisker has announced substantial price reductions across its lineup of Ocean SUVs in the United States, as the automaker struggles to stay afloat.
According to an email sent to customers on Wednesday, Fisker is slashing prices of its 2023 models, of which there are a substantial amount in inventory, by up to 39%.
After the price drops, the Ocean now starts as low of US$24,999 for the entry-level Sport model. The mid-range Ultra trim, now priced at $34,999, down from $52,999. The top-of-the-line Ocean Extreme saw the biggest price cut from US$61,499 to US$37,499.
The price cuts only impact the US market, there have no changes to Canadian pricing.
| Model | Price | Discount | % Drop |
|---|---|---|---|
| Sport | $24,999 | -$14,000 | -36% |
| Ultra | $34,999 | -$18,000 | -34% |
| Extreme | $37,499 | -$24,000 | -39% |
These price cuts come at a critical time for Fisker, as the company grapples with financial instability and operational challenges. The drastic reductions are part of a broader effort to liquidate a considerable inventory of 2023 model year vehicles, while production has been halted at its contract manufacturing facility in Austria, run by Magna Steyr.
Fisker’s financial woes worsened over the last week week after it revealed a failed partnership with Nissan and the possibility of bankruptcy, prompting trading of the company’s stock to be halted and delisted from the New York Stock Exchange.
However, Fisker’s aggressive pricing strategy raises questions about its long-term sustainability. The automaker was already losing a substantial amount of money on each vehicle it sold, and with these price cuts those losses have only increased.
