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Fisker Could Be on its Last Legs as Maker of Ocean SUV Stops Making Them

The Fisker Ocean, on display at the recent Montreal Electric Auto Show | Photo: D.Boshouwers
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Daniel Rufiange
Customers who own a Fisker Ocean report loving their vehicle; the disappearance from the SUV market must make them a little worried.

Electric vehicle manufacturer Fisker seems to have reached the end of its resources. Since the end of 2023, the company has been looking for a partner willing to help maintain its operations. At one point, we heard that the company was talking to Nissan, but nothing came of it.

The clock is ticking. Magna International, which manufactures the Ocean SUV for the brandsaid today that it does not plan to build any more units this year. As reported by InsideEVs, CEO Swami Kotagiri said Magna had had to readjust its targets for 2024 after “assuming no additional Fisker Ocean production and lower sales on program delays and mix.”

Yahoo Finance quoted the executive as saying that “production of the vehicle is currently idled. Our current outlook issued today assumes no further production. Consistent with disclosure, we provided in our annual information form, this assumption reduces our 2024 sales by about $400 million.”

And what about production figures so far? The company said at the end of 2023 that it had assembled more than 1,000 Ocean SUVs. Just under half have been delivered. On March 15, it was announced that a further 1,000 units had been manufactured. The company has some 4,700 units in stock, most of which were assembled in 2023.

The Fisker Ocean at the Montreal Electric Auto Show this past April
The Fisker Ocean at the Montreal Electric Auto Show this past April | Photo: D.Boshouwers

That's why we saw Fisker go in with radical price cuts of $24,000 in the U.S. earlier this year. But reports of the company’s difficulties have clearly affected consumer confidence, because even after the reductions, only 200 models were delivered. What's more, a discount of this kind is detrimental to the brand's image. People who paid full price for the model see its resale value drop drastically when a new, much lower price is announced.

The New York Stock Exchange even withdrew Fisker shares from the market after they reached an “abnormally low” price.

At the end of April, CEO Henrik Fisker declared that four companies were still interested in rescuing the automaker. He didn't say which ones, but we do know that Nissan wasn't one of them.

The Fisker Ocean, during its official premiere
The Fisker Ocean, during its official premiere | Photo: Fisker
Daniel Rufiange
Daniel Rufiange
Automotive expert
  • Over 17 years' experience as an automotive journalist
  • More than 75 test drives in the past year
  • Participation in over 250 new vehicle launches in the presence of the brand's technical specialists