close
close

EV startup Fisker tries to sell leftover SUVs at 80% off

EV startup Fisker tries to sell leftover SUVs at 80% off

Fisker headquarters in California.

Fisker headquarters in California.
Photo: Jay L. Clendenin (Getty Images)

Struggling California electric vehicle startup Fisker is asking the court overseeing its bankruptcy case for permission to sell its remaining electric vehicles 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 hopes of raking in some much-needed cash. One of the top-of-the-line models, the Ocean Extreme, saw its price drop from $61,500 to $37,500. Fisker warned investors at the time that the company could run out of moneybegan laying off hundreds of workers and stopped producing new cars.

Fisker filed for bankruptcy in June. Now, the company is asking a bankruptcy court in Delaware to sell its remaining 3,321 electric vehicles to a car leasing company called American Lease for just over $46 million (an average of about $14,000 per vehicle).

While many EV companies difficulty thriving in the increasingly competitive market — especially as electric vehicle sales growth slows — Many of Fisker’s problems came from within. The Ocean SUVs are the source of more than 100 complaints filed with US regulators, with owners reporting that their vehicles suddenly lost power and they their cars with hoods that fly up when they drive at high speed.

In numbers

$2.9 billion: Fisker’s value when it went public in 2021.

98.7%: How much Fisker’s stock price fell from the time of its IPO through March, when it was delisted from the New York Stock Exchange.

$1 billion: How much Fisker owes its unsecured creditorsaccording to TechCrunch.

1,300: How many vehicles has Fisker delivered? in 2024, according to Reuters.