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You can currently purchase this electric luxury SUV for $25,000. But there might be a catch

For Sale: A brand new luxury electric SUV with a top price of $25,000. There might be a small catch.

California-based electric SUV company Fisker is facing one real possibility of bankruptcyand the stock is trading at just over 2 cents per share, well below its 2021 high of $28.50.

And even though production has stopped, the company still has SUVs for sale, so there’s a sale going on. Prices for Fisker’s Ocean SUV have been reduced by a whopping 39%. The catch, however, is that the car has received critical reviews rather than widespread acclaim. And it may not be easy to keep it serviced.

The base sticker price for the top-of-the-line Fisker Ocean Extreme model has been reduced from about $62,500 to $37,500. Prices for the Sport trim level have been reduced from $39,000 to $25,000.

When Fisker announced the price cuts, it described the move as a strategic shift rather than a fire sale.

“Fisker is strategically positioning the Ocean all-electric SUV to be a more affordable and attractive electric vehicle choice and to be competitively available to electric vehicle buyers in the broadest possible market,” the company said in announcing the price cuts.

The car itself has received some bad reviews. The ocean has also been the subject of a scathing review from American YouTube personality Marques Brownlee. His video was captioned: “This is the worst car I have ever reviewed.”

“Do not buy this version of the Fisker Ocean,” the video’s description reads. Brownlee’s Feb. 17 video has garnered more than 4.8 million views so far and sent Fisker’s stock price plummeting following its release.

Consumer Reports also recently published its own review of the Ocean, with ride quality and software improved, although reviewers liked the cargo space, rear-seat legroom, and large glass sunroof.

Fisker said some of the negative reactions were due to problems with early versions of the vehicle’s software. The company also said it plans to continue updating and improving the software through over-the-air updates that will be installed without having to take the SUVs to a dealer or service center.

Fisker declined to say how the SUVs would be maintained should the company go out of business. Founded in 2016 by a Danish car designer named Henrik Fisker, Fisker originally planned to sell and service vehicles itself, like other EV startups like Tesla and Rivian do. Recently, however, Fisker has moved to recruiting independent dealers to sell its vehicles, just as more established automakers do.

However, by the end of 2023, Fisker only had 12 dealers under contract in the US and Europe.

Fisker reported in early March that it could run out of money to continue operations. The SUVs are produced by the contract manufacturing company Magna Steyr in Austria. Last year, Magna produced more than 10,193 Fisker SUVs, but fewer than half of them were delivered to customers during the calendar year, the company announced in March.

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