Written by Cláudio Afonso | LinkedIn | X
In a new review of Fisker‘s inaugural production model, the SUV Ocean, TopGear’s Ollie Marriage affirmed on Friday that the car is “arguably better built,” “easier to use,” and offers a “more luxurious” interior compared to the Tesla Model Y.
However, Marriage warned that the startup led by Henrik Fisker is “on a financial knife edge, and might not be here next year/month/week”.
“What the Ocean lacks compared to rivals from huge companies is maturity and consistency. You can tell it hasn’t had the same amount of investment put into it. But it does have a bit of spirit, it’s a fun car to spend time in, has more life and zest to it than most rivals,” Ollie Marriage wrote.
In late March, the startup started considerable discounts on the 2023 inventory with the Extreme variant now starting at $37,499 (down from $61,499), the Ultra variant starting at $34,999 (from $52,999), and the Sport’s one at $24,999 (from $38,999).
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In summary, TopGear enhances the model’s current “bargain prices, chunkily good looking, lovely seats, massive battery” and “some fun features”. On the negative side, the publication mentions that Fisker is “on a financial knife edge and might not be here next year/month/week”.
“It’s also easier to use than a Tesla Model Y, more luxurious inside and arguably better built too. But it has to wear a ‘buyer beware’ label,” Ollie Marriage wrote.
When compared to rivals from similar and higher segments, Marriage said Ocean offers similar features such as space and battery capacity for a much cheaper price.
“Even before the latest price drop it looked very good value: the space and battery capacity of a BMW iX or Audi Q8 e-tron, but half the price. Or the same money as a Hyundai Ioniq 5 or VW ID.4, but with vastly more range,” he said.
“The latest price cut reflects the risks involved: you’re buying a car from a firm with a very uncertain future, but in order to try to keep itself afloat Fisker is selling off current stock at what must surely be close to cost price. And prices could yet drop further… right now you’ll still be paying more over here than in the US”, he added.
Fisker announced on Thursday the arrival of its Ocean EV model at its first dealer partner in the UK. As it continued the transition from direct sales to dealerships, the company celebrated the model’s arrival at the dealership situated in central England.
“We’re thrilled to announce the arrival of the #FiskerOcean at our first dealer partner in the UK, Central GB Ltd in the heart of Nottingham”.
The EV startup added that it will provide test drivers as its dealer partners also provide service requirements, on-demand repairs, and support to customers.
Earlier this week, the company stated in a new SEC filing that it couldn’t complete its Quarterly Report on Form 10-Q for the first quarter by May 10.
The EV startup stated that the “management identified certain material weaknesses, including that the Company did not design and maintain an effective control environment commensurate with its financial reporting requirements”. Fisker added that is “unable to provide an estimate” for the timing of the filing.
The company reaffirmed that is exploring strategic alternatives — as previously stated —, including bankruptcy protection.
“If capital is not available to the Company when, and in the amounts needed, the Company could be required to further curtail its operations and/or seek protection under applicable bankruptcy laws,” the company said.
Also on Monday, Fisker announced the completion of a deal to sell senior secured notes due 2025 to an existing institutional investor, raising $3.456 million.
The offering carries the potential to raise the aggregate principal amount of the notes to $7,500,000. Wrapped up on May 10, it marks a significant financial move for the company as it seeks investment to restart production and launch new products such as Fisker Pear and the pick-up truck Alaska (known as Kayak in Europe).
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The company said it intends to use the proceedings to finance various expenses in line with the budget approved by the investor adding that these senior secured notes are set to mature on June 24, 2024.
Earlier today, Fisker announced it sold out all the inventory units from the Sport trim of its first model, the SUV Ocean, in the US.
The company also reported that it is adding three new dealership locations of which two are in California (Newport in Orange County and San Jose) and one in New Jersey. With this addition, Fisker reaches a total of 15 dealers in the US.
These new dealerships will be operational soon, offering authorized sales of Fisker vehicles, the EV startup said.
Since January, the company has been switching its business model from direct sales to a dealer partnership model. Earlier this month, the company closed its showroom in New York as part of the transition.
Fisker announced last week, via an SEC filing, that has an agreement been reached with an investor to extend the deadline until this Friday, May 17.
Written by Cláudio Afonso | LinkedIn | X
