Fisker Inc (NYSE:FSR), the embattled electric vehicle startup, is slashing the price of its Ocean vehicle, the only model it sells, as it attempts to drum up demand as it fights to stay in business.
Ocean Extreme, the sports SUV’s high-end version has cut its price by 39%, or US$24,000, to US$37,499.
Other trims are also expected to be discounted, all a part of plans to make Ocean “a more affordable and compelling EV choice.”
Ocean Sport, the cheapest version, has been discounted by 36% from US$38,999 to US$24,999, while Ocean Ultra prices have been reduced by 34% to US$34,999.
Fisker’s sharp discounts come as it teeters on the edge of bankruptcy and undergoes being delisted from the stock exchange after slumping to “abnormally low” price levels.
Production has been paused at the company while it attempts to make last-ditch efforts to ensure survival.
Discussions had been ongoing with a big automaker regarding a rescue deal, but the rumoured bidder is believed to have walked away from the negotiation table.
“Following such termination, the company continues to evaluate strategic alternatives,” Fisker said at the time.
“These alternatives involve significant uncertainties, and there can be no assurance that any of these discussions will be successful or that any funds will be available to the company under the commitment.”
Fisker isn’t the only EV company to have slashed prices this year; industry-heavyweight Tesla began discounting its models at the start of 2023.