Fisker has urged a Chapter 11 bankruptcy judge to accept the sale of more than 3,000 Ocean electric SUVs to a vehicle-leasing company for $14,000 each
Fisker will be able to transfer 3,321 electric vehicles to American Lease, a New York-based company, for $46.25 million after the judge’s approval, according to a court filing submitted on Tuesday.
The EV startup filed for bankruptcy protection last month and encountered logistical challenges while selling its Ocean electric SUVs. Subsequently, it transitioned to a dealer-partner model earlier this year after incurring substantial financial losses.
During its descent into insolvency, the company reduced the price of the cheapest variant of its Ocean SUV to approximately $25,000 to raise capital to satisfy its debt obligations. Previously, specific variants of the SUV were priced at roughly $70,000.
American Lease agreed to purchase 2,100 Ocean EVs on May 30, two weeks before Fisker filed for Chapter 11 bankruptcy protection. A month later, the offer was expanded to include all 3,321 Oceans prepared for sale.
American Lease offers a fleet of cars for lease or hire to ride-share drivers in and around New York City. New York City’s rideshare fleet must transition to zero-emission or wheelchair-accessible vehicles by 2030. This transition was mandated last year.