Fisker 2023 EV Models Price Drop: Up to 39% Off to Boost Sales Amid Financial Struggles
Fisker dramatically reduces prices on select 2023 electric vehicle models by up to 39% as it battles financial challenges and aims to increase demand in a competitive EV market.
KEY INSIGHTS
- Fisker has cut prices on some 2023 EV models by at least 30%, targeting increased sales amid cash flow difficulties.
- The company currently holds approximately 4,700 vehicles in inventory valued at over $200 million.
- Following its delisting from the New York Stock Exchange, Fisker is urgently seeking funds to avoid bankruptcy.
Fisker, recently removed from the NYSE, is aggressively lowering the Manufacturer’s Suggested Retail Price (MSRP) on select 2023 models to attract buyers and generate revenue. The Ocean Extreme trim price has been slashed by 39%, dropping from $61,499 to $37,499, while the Ultra and Sport trims have seen reductions exceeding 30%.
The company's stock trading was halted after it announced the end of talks with a major automaker, fueling concerns about its financial stability. Fisker stated it is repositioning the Ocean lineup as an affordable and attractive electric vehicle option for consumers.
This move comes amid heightened competition from cost-effective Chinese EV manufacturers such as BYD, Nio, and XPeng. The overall EV market growth has slowed, with industry leaders like Tesla reducing production at its Shanghai plant, Ford scaling back its electric F-150 Lightning, and Rivian pausing construction on a $5 billion facility in Georgia.
Earlier in March, Fisker paused production for six weeks. CEO Henrik Fisker noted in the Q4 earnings report that delays in delivering the Ocean SUV were due to unforeseen challenges in establishing a direct-to-consumer sales model simultaneously across North America and Europe.
As of March 15, Fisker’s inventory includes roughly 4,700 vehicles valued at over $200 million, underscoring the urgency to convert stock into cash and stabilize operations.
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