Fisker’s electric vehicle (EV) journey has taken a rocky path, leading to bankruptcy and significant changes for the company and its customers. However, despite the financial turmoil, recent developments provide some relief for Fisker Ocean SUV owners.

Fisker’s Bankruptcy Plan: What It Means for Owners

Last week, the U.S. Bankruptcy Court approved Fisker’s bankruptcy plan. The plan includes selling off Fisker’s remaining inventory, which consists of 3,000 Ocean SUVs. While it marks the end of the line for the EV upstart, it provides Ocean owners a lifeline.

Key aspects of the plan include:

Sale of the remaining Ocean SUVs to American Lease, a New York-based vehicle leasing company, for $46.25 million.
The average price per vehicle is about $13,900, a massive drop from the original MSRP of $38,999.
Over-the-air (OTA) updates and continued support will be funded by an additional $2.5 million, spread over five years, ensuring that these vehicles remain fully functional.

Keeping the Ocean Afloat: Recalls and Support Services

One of the biggest concerns for Fisker Ocean owners has been ongoing recalls affecting the door handles, brakes, and water pumps, among other issues. Initially, Fisker only committed to covering the cost of parts, leaving owners to handle labor expenses. But a ruling by the Department of Justice, in alignment with NHTSA guidelines, forced a change. Fisker must now cover both parts and labor costs associated with these recalls, ensuring owners aren’t left with repair bills.

To further ease the situation, the Fisker Owners Association (FOA) has established 23 service centers across North America. These centers have access to Fisker’s proprietary After Sales Tool (FAST) system, making it possible for them to address various technical issues and keep Ocean vehicles in top shape.

While Fisker’s remaining vehicle inventory and support system are being taken care of, the future of the brand is still uncertain. Fisker’s CEO, Henrik Fisker, and his wife, Geeta Fisker, are now facing legal challenges related to securities violations. Accusations claim that they misled shareholders and the public about the company’s financial health, which led to the SEC opening an investigation.

Meanwhile, the sale of any leftover Fisker assets is expected. These assets could include:

Intellectual property rights
Manufacturing facilities

Funds from these sales will go toward paying off Fisker’s secured creditor, CVI Investments, managed by Heights Capital Management.

What’s Next for Fisker Ocean Owners?

For now, Fisker Ocean owners can breathe a little easier, knowing that their vehicles will continue to receive necessary updates and repairs for the next five years. However, the legal and financial battles surrounding Fisker are far from over. The company’s assets will likely be liquidated, and new ownership could bring further changes.

Fisker’s bankruptcy marks a significant moment in the EV industry. While owners are currently safeguarded with support and OTA updates, the ongoing legal drama and asset sales could impact future service availability.

Is this the beginning of the end for Fisker, or could it be an opportunity for a fresh start under new ownership? Only time will tell.

Source: CarBuzz