Remaining Fisker Ocean Electric SUVs Could Be Heavily Discounted for Ride-Sharing Deal

Fisker has filed a petition with the bankruptcy court overseeing its Chapter 11 reorganization to sell the majority of its remaining inventory to American Lease, a ride-share leasing company in New York, for $46.25 million. Fisker says the deal has to be done by next Friday, July 12, or it will run out of money to pay staff and operating expenses.U.S. and Canada-spec Fisker Ocean electric SUVs

Per the terms of the agreement, Fisker will sell the vehicles “as-is” and will not provide any warranty or over-the-air software updates. All vehicles will have any outstanding recall work—performed by American Lease and validated by Fisker—completed before they can be leased to ride-share drivers. The vehicles will also be updated to the latest OS 2.1 software before being leased but will receive no future updates.

American Lease will gain access to Fisker’s proprietary software and source code in order to make repairs to the vehicles it buys. The deal only requires Fisker to keep one technician employed long enough to validate recall work, so American Lease will be responsible for servicing its own vehicles. American Lease is also responsible for shipping the vehicles to New York. They’re currently scattered across storage lots in the U.S.

The proceeds of this sale will go towards paying the various storage facilities holding the vehicles, which are owed roughly $1.5 million. The remaining money will go towards keeping Fisker operating as it sells off its other assets and continues to restructure, as well as paying back debt owed to its largest secured Creditor, Heights Capital Management, which is owed roughly $190 million and has already agreed to this sale.Potential ramifications for existing Fisker Ocean owners are varied.

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Test-Driving The Ocean: Does Fisker Deserve To Emerge From Bankruptcy?I am the editor of independent electric vehicle website WhichEV. I have 30 years’ experience as a technology journalist and a life-long love of cars, so having the two come together has been a dream come true. I first saw the potential for electric vehicles when I became one of the first people to drive a Nissan Leaf back in 2011.
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