Fisker Asks Judge If It Can Sell Remaining Oceans For Just $14,000 Each

Image: Fisker
Image: Fisker

Fisker officially filed for bankruptcy last month, and despite a “going out of business” sale that saw prices of its Ocean EV slashed by thousands, the automaker still has a few thousand leftovers that didn’t sell. Fisker may have found a buyer for all those EVs and, as TechCrunch reports, it’s willing to let them go for dirt cheap.

In court documents obtained by TechCrunch, Fisker is asking the presiding bankruptcy judge if it can sell the remaining 3,321 Oceans in its inventory. Fisker wants to sell these orphaned Oceans to a New York-based leasing company called American Lease for a total of $46.25 million. That breaks down to just $13,926 for each vehicle. If the court allows it, that’s the cheapest Oceans have ever sold. Originally, a Fisker Ocean ran from $41,437 to $63,937 MSRP, just earlier this year.

It might be a hard fight trying to get the sale approved however. As TechCrunch describes, Fisker’s lenders are worried that they won’t get what they’re owed.


The motion requesting approval of the sale could become the next flashpoint in Fisker’s Chapter 11 bankruptcy proceedings. Lawyers representing the company’s unsecured lenders already expressed concern in the first hearing, held on June 21, that they would not see the proceeds of such sales. Fisker owes around $1 billion in total to all of its unsecured creditors.

So what exactly does a leasing company want with thousands of EVs from a nearly defunct automaker? It would seem that American Lease wants to use them for ridesharing. TechCrunch says the company leases out vehicles to rideshare drivers in New York. And with its goal of zero emissions by 2030, these Oceans would help get the company to that goal. American Lease badly wants those Oceans. So bad that apparently Fisker and American Lease had a deal to sell these Oceans before the automaker even filed bankruptcy.

American Lease initially agreed to buy 2,100 Ocean EVs on May 30, just two weeks before Fisker filed for Chapter 11 bankruptcy protection. It increased that offer to buy all 3,321 Oceans that are ready-for-sale and configured for North America on June 30. (The deal excludes Canadian-configured vehicles located in Canada.) American Lease cannot re-sell the vehicles for 12 months. It’s technically buying the Oceans on a sliding scale, paying $3,200 for previously-titled vehicles and $16,500 for ones in “good working order.” It’s also buying damaged ones for $2,500 each.

After the sale is completed, Fisker will have no obligation to the vehicles; they’ll be sold “as is.” Fisker’s biggest creditor, Heights Capital Management has already given its approval for the sale, it’s just up to the courts now. And Fisker’s lawyers want the sale to be done as soon as possible saying if it’s not done by July 12, Fisker will “be unable to fund vital business expenses … necessary to effectuate an orderly liquidation.”

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