Fisker is Sinking Into the Ocean of Failure

Almost no one would blame you if you’re not familiar with Fisker, an American car manufacturer who almost out of nowhere burst into the EV scene in 2019 with the announcement of their first mainstream all-electric SUV, the Ocean. Despite this announcement nearly five years ago, it wasn’t until the end of last year that these vehicles started to be delivered.

Unfortunately, the introduction of the Ocean by Fisker has been met with overwhelming criticism, to say the least. The bulk of the initial feedback has been predominantly negative, with a significant portion of the complaints directed at the vehicle’s less-than-subpar software. While some might dismiss the software’s significance in a car, a short drive in the Fisker Ocean will quickly highlight its critical importance. Other significant problems reported include abrupt loss of power, malfunctions with the key fob, seat sensor glitches, instances of brake or drive power failure, and the front hood unexpectedly opening while driving at high speeds. Not exactly what one would call an ideal driving experience.

In the face of these challenges, Fisker finds itself on the edge of bankruptcy, especially after failing to make a recent interest payment, subsequently halting production at its manufacturing plant in Austria. Efforts to secure a financial lifeline through a partnership with Nissan have also fallen through this week, leading to Fisker’s stocks being suspended and removed from the New York Stock Exchange.

Interestingly, in what seems to be a last-ditch effort to clear out their existing vehicle stock, Fisker has drastically reduced the prices of their 2023 model year Ocean vehicle by up to 39% in the United States. The entry-level Sport trim has seen a reduction to $24,999 from its initial $38,999, the Ultra trim is now priced at $34,999, down from $52,999, and the top-tier Extreme trim has been lowered to $37,499 from its original $61,499.

This price reduction appears to be a desperate move to offload inventory as quickly as possible, given the unfortunate position Fisker is in. While the price cuts might seem appealing, we would advise against purchasing one of these vehicles. The risk of Fisker going under, combined with the multitude of issues plaguing the Ocean, could result in a pretty bad case of buyer’s remorse for many.