Fisker: EV startup Fisker slashes prices of Ocean SUV amid debt troubles

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Electric-vehicle startup Fisker said on Wednesday it was cutting the prices of its 2023 electric Ocean SUV model, signaling an attempt by the cash-strapped firm to drum up demand and ease concerns regarding its uncertain future.

The company slashed the price tag of the entry level version – Ocean Sport – by around 36%, or $14,000, bringing it down to $24,999 from $38,999 earlier.

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The company said it will reduce the price of the top-end version of the vehicle, called “Extreme”, by around 39%, or $24,000, to $37,499.

Fisker also cut the price of its Ocean Ultra version to $34,999 from $52,999.

Fisker delivered about 1,300 vehicles in 2024 and the value of the inventory of completed vehicles was more than $200 million, according to the company.

The price cuts come a few days after Fisker’s talks with a large automaker about a deal collapsed, sending the company’s shares plunging and prompting the New York Stock Exchange to delist the stock.

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The price cuts signal an attempt by Fisker to raise more funds to meet its required debt obligations, as the company faces a potential default. The termination of talks with the unnamed automaker has led Fisker to explore strategic options including in- or out-of-court restructurings and capital markets transactions, the startup said earlier.

Last week, the company said it would pause production of its electric vehicles for six weeks and raise up to $150 million in funding by selling convertible notes after missing an interest payment.

The Fisker Ocean competes with Tesla’s Model Y SUV, and a growing crowd of mid-size electric SUVs such as the Ford Mustang Mach-E.

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