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Bankrupted EV Startup Fisker Seeks Approval to Sell its Ocean SUV at a Steep Discount

Bankrupted electric vehicle startup Fisker intends to offload the remainder of its inventory at a steep discount. Fisker agreed to sell 3,231 of its Ocean SUVs to a New York-based leasing firm, American Lease, at an average price of $14,000 per unit.

Facing production issues and mounting debt exceeding $1 billion, Fisker filed for Chapter 11 back in June. It has since asked the Delaware Bankruptcy Court judge overseeing its case to sell the remainder of its “finished” cars to American Lease earlier this week, arguing that the move will allow it to fund vital expenses like taxes and payroll.

According to a court filing, American Lease will pay between $2,500 and $16,500 per car, depending on its condition. Fisker expects to generate up to $46.3 million from the sale.

When it first came on the market, Ocean SUV was priced at $40,000 for the base version, with some versions costing up to $70,000. Fisker later started slashing prices in an unsuccessful attempt to avoid bankruptcy, offering its EVs for around $24,000 at one point.

American Lease operates in the New York area and offers cars for lease and rent. It intends to have a zero-emission fleet by 2030. The firm previously agreed it would not include any of Fisker’s Ocean SUVs in its offer until the recent recalls due to software malfunction are addressed.

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