July 25, 2024
Electric & Hybrid Cars

Fisker wants court’s permission to sell Ocean electric vehicles for $14,000 each

Fisker is seeking approval from the bankruptcy judge overseeing its Chapter 11 proceedings to sell over 3,000 Ocean electric SUVs from its inventory for approximately $14,000 per vehicle to a vehicle-leasing company.

If approved by the judge, Fisker will sell 3,321 electric vehicles to American Lease, based in New York, for a total of $46.25 million, as stated in a court filing on Tuesday.

The electric vehicle startup, which filed for bankruptcy protection last month, encountered challenges in selling its Ocean electric SUVs and shifted to a dealer-partner model earlier this year after depleting a significant amount of cash.

Some versions of the Ocean SUV were originally priced at around $70,000, but as it faced bankruptcy, Fisker reduced the price of the cheapest variant to around $25,000 in order to generate funds to meet debt obligations.

On May 30, just two weeks before filing for Chapter 11 bankruptcy protection, American Lease agreed to purchase 2,100 Ocean EVs and later expanded their offer to acquire all 3,321 available Oceans that were ready for sale.

American Lease caters to ride share drivers in and around New York City by offering a fleet of cars for lease or rental. Last year, New York City mandated that the city’s rideshare fleet must transition to either zero-emission vehicles or wheelchair accessible vehicles by 2030.

 

FAQ

Q: How many Ocean electric SUVs is Fisker planning to sell to American Lease?

A: Fisker is looking to sell 3,321 Ocean electric SUVs to American Lease for approximately $14,000 per vehicle.

Conclusion

Fisker’s decision to sell a large number of its Ocean electric SUVs to American Lease marks a strategic move as the company navigates through its Chapter 11 bankruptcy proceedings. This sale enables Fisker to generate much-needed funds while providing American Lease with a fleet of electric vehicles to serve ride share drivers in New York City. The transaction reflects the evolving landscape of the automotive industry towards sustainability and emission-free transportation options.

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