At $14,000 per car average, the sale would raise $46.25 million to pay creditors and keep they lights on, but it’s a drop in the bucket.
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 SUV s
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.
Inevitable-Landing Electrics Suv
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fisker Hopes To Sell Remaining Ocean SUVs For $2,500-$16,500 Each In Bulk DealThe failing EV startup aims to sell its entire inventory to a company that leases cars to ride-hailing drivers in New York.
Read more »
Electric Boats, Electric Planes, Electric Hyundai Race Car, & Tons of Renewable Energy NewsClean Tech News & Views: EVs, Solar Energy, Batteries
Read more »
Fisker Is So Desperate It’s Offering Ocean EVs To Employees For Just $20,000This employee discount, which includes the Ocean One, Extreme and Ultra, has been introduced 2 months after public prices were cut across the EV's range
Read more »
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.
Read more »
Fisker, Maker Of The Ocean SUV, Files For BankruptcyThe company filed for Chapter 11 protection in the District of Delaware yesterday and is planning on selling its assets.
Read more »
Tesla rival Fisker files for bankruptcy after glitches doomed Ocean SUVsFisker flagged doubts about its ability to remain in business in February and later failed to secure an investment from a big automaker, forcing it to rein in operations.
Read more »