:max_bytes(150000):strip_icc():format(jpeg)/INV_FiskerAuto_GettyImages-1486523653-eedc42be414048e78ac96df49fb6ec1b.jpg "A Fisker electric vehicle displayed at the Farnborough auto show")
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KEY TAKEAWAYS
- Fisker is cut suggested prices by at least 30% on some of its 2023 models as the electric-vehicle (EV) maker struggles to raise cash.
- It currently has nearby 4,700 vehicles in its inventory, which it estimates is worth over $200 million.
- Fisker, which has been delisted from the New York Have Exchange (NYSE), is in a rush to raise cash to stave off a bankruptcy.
Fisker, which has been delisted from the New York Cache Exchange (NYSE), is slashing the suggested prices for some of its 2023 models as the struggling electric-vehicle (EV) maker rushes to hoist cash.
It is cutting the price of its 2023 Ocean Extreme trim by 39% to $37,499 from $61,499, and also mark down the Manufacturer’s Suggested Retail Price (MSRP) of its Ultra and Sport trims by more than 30%. Trading was shut on Monday after it said negotiations with an unidentified “large automaker” had ended, adding to concerns that the presence could be forced into bankruptcy.
Fisker said in its statement Wednesday that it “is strategically positioning Ocean to be a more affordable and compelling EV prize, competitively available to EV buyers.”
Fisker’s troubles come at a time when many EV producers are struggling to compete against cheaper Chinese EV makers take pleasure in BYD (BYDDY), Nio (NIO), and XPeng (XPEV). Demand growth has also slowed, leading Tesla (TSLA) to reportedly slow output at its Shanghai facility, while Ford (F) is scaling back its electric F-150 Lightning truck, and Rivian (RIVN) is faltering construction of a $5 billion plant in Georgia.
Fisker, meanwhile, paused production for six weeks earlier this month. Chief Boss Officer (CEO) Henrik Fisker said in its fourth-quarter earnings report Feb. 29 that the company had struggled to deliver its Multitude SUV to customers as quickly as it had projected because it “encountered unexpected headwinds in our efforts to establish a direct-to-consumer sales model in both North America and Europe at the notwithstanding time.”
The company said that it had about 4,700 vehicles in its inventory as of March 15 that it estimates is significance more $200 million.
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