Yahoo Finance Fisker Selling Remaining Ocean SUVs for $2500 to $16,500 in Bulk Deal
As part of its bankruptcy filing, Fisker has agreed to sell the remainder of its inventory of Ocean SUVs to a leasing firm.
Pending court approval, the New York–based firm American Lease will buy the remaining 3231 Ocean SUVs for up to $46.3 million.
According to a filing dated Tuesday, July 2, Fisker will not be able to fund vital expenses such as payroll or taxes if the sale is not approved by July 12.
In a new development of EV startup Fisker's unfortunate bankruptcy saga, the automaker has agreed to sell its remaining inventory of Ocean SUVs to a leasing firm. According to a new filing made Tuesday, July 2, Fisker will enter an agreement to sell the remaining 3231 Ocean SUVs in its possession to American Lease, a New York-based firm that leases to ride-share users.
American Lease agreed to pay between $2500 and $16,500 for each Ocean, depending on vehicle condition. The lower amount will be reserved for damaged vehicles, while previously titled Oceans will go for slightly more at $3200. Between fleets in the United States and Canada, Fisker says in the filing that it has 2711 new vehicles in "Good Working Order" reserved for the top $16,500 price. While the final scope and dollar amount of the sale are still pending, the total figure is currently capped at $46,250,000.
To put those vehicle prices into perspective, when the Ocean first went on sale its price ranged from just under $40,000 for the base Sport up to over $70,000 for the Extreme model at the top of the range. Fisker slashed those figures by up to $24,000 in March in an unsuccessful bid to avoid bankruptcy.
Need to Expedite
The bulk sale of the remaining SUVs is dependent upon certain criteria being met, including approval by the court. Fisker asked the court to authorize the sale, with a hearing set for July 9. According to the filing, if the sale is not approved by July 12, the automaker will not be able to meet vital business expenses such as payroll and taxes, necessitating a request for expedited sale.
The filing provides additional information for the private owners of Fisker Ocean vehicles who may be concerned about long-term support. According to the documents, the automaker will not be honoring warranties on this deal, stating, "Fisker shall have no obligation of repair or maintenance."
In an even stranger move, while the filing also shows that Fisker will have no obligation to update the vehicles beyond the software V.2.1, the company will provide American Lease with "all relevant source code or other proprietary software operating elements, as well as existing developer work, as may be necessary or required for (i) the operability of the Vehicles and any other Fisker vehicles that the Buyer may own or otherwise acquire hereunder or otherwise, and (ii) post-transaction software improvements to the Vehicles."
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