American Fisker reduces the prices of its electric cars by up to 39%

The American electric car manufacturer Fisker announced that it will reduce the selling prices of its cars by up to 39% in order to be able to face the increasing competition in the market.

The price of the Sport trim of the Fisker Ocean will start at $24,999, a 36% decrease from the previous price of $38,999. As for the Ultra category, its price decreased by 34% to $34,999, while the highest price category, Extreme, decreased by 39% to $37,499.

It is noteworthy that Fisker produced 10,193 cars last year, while it sold 4,929 cars, i.e. less than half of production. But performance improved during the last quarter of 2024, as Fisker produced 4,789 cars and sold 3,818 of them. As of March 15, the company had produced 1,000 cars since the beginning of the year while selling 1,300 cars, bringing the stock down to 4,700 cars. According to internal estimates, the size of the stock reached more than 200 million cars.

According to the Investor Plus economic website, the significant reduction in the prices of Fisker cars reflects the ambiguous situation that the company is now facing. Inventory is a big problem for an unprofitable company, so Fisker is trying to sell these cars as soon as possible. On March 18, the company announced its intention to stop production within the next 6 weeks, with the aim of reducing its inventory, and Fisker desperately needs new capital.

As a result of the delisting of its shares from the stock exchange, Fisker became obligated to repurchase its unsecured convertible bonds that expire in 2026. The delisting of its shares also led to concern about defaulting on bonds due in 2025, which requires the company to pay the value of these bonds immediately to its holders, but Fisker does not have the cash to pay these obligations.