Summary
– Leasing firm agrees to buy 3,000 Fisker Oceans for $46.25 million
– Fisker sells Oceans to American Lease as part of bankruptcy deal
– New York requirement for electric ride-hailing vehicles spurs interest in bulk purchase
– Fisker excludes some vehicles from the sale based on condition and location
– American Lease to handle repairs, maintenance, and software updates for Oceans purchased
Article
**Fisker Strikes Deal to Sell 3,000 Oceans to Leasing Firm**
Recently, a leasing firm has agreed to purchase around 3,000 Fisker Oceans for up to $46.25 million. This deal could potentially bring the bankrupt EV startup out of debt and provide a much-needed financial boost. Under the proposed agreement, Fisker plans to sell its remaining Ocean SUVs to American Lease, a New York-based company that leases electric vehicles to ride-hailing drivers. This deal is pending court approval, with a hearing scheduled for July 9, where more details may emerge.
**The Fisker Bankruptcy Saga Continues**
California-based EV startup Fisker faced financial struggles and filed for Chapter 11 bankruptcy protection in June. This move came after the company launched its Ocean SUV, its debut vehicle, in mid-2023. However, issues with vehicle performance and mismanagement led to the bankruptcy filing, setting the stage for efforts to sell off remaining inventory and alleviate debt.
**American Lease Enters the Picture**
American Lease has expressed interest in acquiring Fisker’s Oceans as New York has mandated that all ride-hailing vehicles must be electric by 2030. The company has agreed to purchase operational Oceans for $16,500 each, with provisions for damaged vehicles and previously owned models as well. However, the ultimate scope of the deal will depend on the total number of vehicles that meet the outlined criteria.
**Concerns About Long-Term Support for Fisker’s Oceans**
With Fisker’s bankruptcy, current Ocean owners are concerned about future repairs, parts availability, and software updates. The recent filing revealed a water-pump issue that prompted a stop-sale, raising questions about ongoing maintenance and support. While Fisker will not honor warranties or provide repair services, it will allow American Lease access to source code and proprietary software for after-sales operations.
**Software Challenges and Ownership Outlook**
Software updates and diagnostic capabilities are critical concerns for Ocean owners, as Fisker has limited its obligation to provide updates beyond a specific version. American Lease may take on the responsibility of issuing software updates and handling post-transaction improvements, as indicated in the deal terms. This arrangement suggests a potential path forward for maintaining and operating these vehicles.
**Implications for Individual Ocean Owners**
While the deal with American Lease offers a solution for handling a large fleet of Oceans, questions remain about how individual owners will receive support moving forward. As the story unfolds and more details emerge, the focus will likely shift to the impact on current Ocean owners and their ability to access necessary services and support. Contact the author for more information on Fisker and the ongoing developments in this deal.
Read the full article here