Fisker Selling Remaining Oceans For As Little As $2,500

Fisker officially declared bankruptcy back in June, marking the end of what once seemed like a promising EV startup. It was Henrik Fisker’s second attempt to build an electric vehicle company, but a multitude of issues, including a chaotic work environment that frustrated employees, led to its demise.

Although the company is bankrupt, it does still have some assets, which include several thousand Ocean SUVs. Those need to be liquidated in order to pay off creditors. The company is in the process of working a deal that will have the last of its vehicles being sold in a lump transaction for as little as $2,500 each.

A Future In Ride-Hailing

According to InsideEVs, Fisker has asked the court to approve the sale of up to 3,231 Oceans to American Lease. This New York-based company is in the business of leasing EVs to ride-hailing drivers. The State of New York is requiring all ride-hailing vehicles to be electric by 2030, so there’s likely to be strong demand for affordable EVs. Right now, there aren’t a lot of options, with even the compact Nissan Leaf coming in at nearly $30K.

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The deal includes all the Oceans that are configured for the US or Canada. Those in working order will fetch a price of $16,500 each, which currently amounts to 2,711 units. There are also some Oceans that are damaged and those are the ones that will sell for just $2,500. The sale does not include any pre-production or prototype vehicles. Considering that these originally went on sale for anywhere from $38,999 to $70,000 last summer, it’s a heck of a fire sale.

The Software Problem

There are some outstanding issues that could pose problems down the line. These include a faulty water pump, which Fisker says it will repair with existing resources despite having laid off almost all of its employees. The company will also be under no obligation to honor warranties, so if something else goes wrong, it could be a challenge to fix.

The trickiest bit is the software. As a software-defined vehicle, software problems with no one to fix them could lead to bricked vehicles. The plan calls for handing over source code and developer work, so there’s the possibility that American Lease could have a team capable of fixing them when something goes wrong. It’s a bit of a risk, but with such a low sales price, it’s a deal American Lease thinks will go in their favor.