It’s not exactly a race to the bottom – at least not yet – but another EV maker is cutting prices on one of its highly-touted vehicles that hasn't been a huge hit with buyers.
This time it’s Fisker (FSR) -) that’s cutting prices on select EVs. The Manhattan Beach, Cal.-based company founded by Henrik Fisker in 2016 is slashing the price of its Fisker Ocean Extreme electric SUV by $7,500, to $61,499 from $68,999.
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The Ocean Extreme is a high-end vehicle that offers equally high-end hopes for Fisker. The vehicle features a 113 kWh battery pack and an EPA range of 360 miles, which Fisker notes is the longest range of any new electric SUV in its class.
The new price goes into effect immediately, the company noted in an October 23 statement. Any Extreme customer who purchased or ordered the SUV will earn a $7,500 price adjustment, the company added. That’s the case even if the Extreme has already moved into production.
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Fisker joins other EV makers who’ve cut vehicle prices in 2023, largely due to lower-than-expected consumer demand.
In early October, industry leader Tesla (TSLA) -) slashed sticker prices on its Model 3 and Model Y EVs after software Q3 deliveries. Entry-level prices for the Model 3 now clock in at $38,990 and the Model Y starting price now stands at $45,990.
That’s new pricing territory for EV manufacturers, as new buyers can also leverage an up to $7,500 U.S. government tax credit to grab an EV for close to $30,000.
Now Fisker joins the discounted EV movement.
“It is essential that Fisker responds to competitive realities in the rapidly growing EV market,” Chairman and CEO Henrik Fisker said. “We want our customers to have greater access to the Ocean and to be able to take advantage of its exciting combination of innovative features, striking design, sustainable materials, and class-leading range.”
In a unique pivot, Fisker is simultaneously boosting the price of its Ocean Ultra and Sport models, with the former moving up from $49,999 to $52,999, while the latter rises from $37,499 to $38,499, the company reported.
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