Additional Coverage:
Fisker, an electric vehicle company that has declared bankruptcy, is now requesting permission from the court to sell off its remaining stock at significantly reduced prices. The company stated that it intends to sell nearly 3,300 of its Ocean electric SUVs to American Leasing. This sale was discussed during a court hearing reported by TechCrunch and aims to address the urgent need for cash to meet this month’s payroll.
Previously renowned as a competitor to Tesla, Fisker faced severe financial troubles, leading to its bankruptcy filing in June after years of losses. The company had been scrambling, even using parts from its executives’ personal electric vehicles to keep operations going, as per Business Insider.
The deal with American Leasing, if approved, would value the vehicles at about $46.25 million, equating to roughly $14,000 per SUV — a stark contrast to the $70,000 price for a fully equipped model a year ago. However, some of these vehicles may need repairs.
While Fisker hopes to secure quick cash with an initial sale of 200 vehicles to American Leasing, there’s uncertainty about whether the agreement will proceed. Creditors, including previous customers, have expressed concerns over the company’s ability to fulfill its financial obligations and support vehicle owners.
The U.S. Trustee’s Office, overseeing the bankruptcy, indicated at the hearing that finding ways to secure funds is crucial.
A further update on the situation is expected by July 9, with the court scheduled to deliberate further on the fleet sale proposal next Thursday. This plan is crucial not only for Fisker’s attempt to manage its immediate financial concerns but also to determine the future support for existing customers and creditors.