News that Fisker Group, the US electric car maker behind the Ocean SUV, has filed for Chapter 11 bankruptcy protection won’t have surprised many owners of its vehicles, who have been monitoring the company’s troubles in recent months.
However, for those bold enough to seize the opportunity, this development opens up the prospect of bargains among the new and used examples available in the UK.
Fisker's rise and fall
Launched in 2016, Fisker was haemorrhaging money by 2023 and subsequently found itself delisted from the New York Stock Exchange. More bad news arrived this March when Fisker announced that in order to stay in business it would reduce staff numbers, pause future model development and suspend current production by sub-contractor Magna Steyr at its factory in Austria. In April, the company warned it might have to apply for Chapter 11 bankruptcy protection, which it did on 17 June.
From launch, prices for the Fisker Ocean, the firm’s only model, ranged from £36,000 for the 73kWh, single-motor Sport, through £50,900 for the mid-price Ultra with all-wheel drive and a 113kWh battery, to £58,685 for the range-topping Ocean Extreme.
However, in April, as Fisker’s problems threatened to engulf it, the company slashed £14,000 from the Extreme’s price, £12,000 from the Ultra’s and £6000 from the Sport’s.
At the same time, it dropped a bombshell in the form of a statement explaining that after 5 April anyone purchasing an Ocean did so in the knowledge that the vehicle’s warranty and all claims they might have for its material defects were permanently unenforceable. The company then closed its Milton Keynes office, so all communications now go through the US head office.
Magna Steyr built around 10,000 vehicles before suspending production in April. By March this year, approximately 5000 cars remained unsold. Assuming a stockpile of spare parts and body panels existed to support production, it’s possible that they might be offered to the market by a third party if Fisker cannot be saved.
The availability of software updates is less certain. As for warranty cover, policies on used Oceans are available from warranty firms such as the RAC and Warrantywise.
The owner dilemma
Remarkably, throughout this turbulent period, UK car buyers have continued to purchase new and used Oceans. Among the online clubs supporting the model is Fisker Ocean Owners UK. Members have posted reports of software updates, some of them successful. Older posts reference cars being plagued with teething problems, some serious. Fisker’s two mobile technical teams attract praise but their future with the firm is unknown.
In spite of its problems, Fisker has appointed an agent in the south-east whose role is to demonstrate the cars and forward expressions of interest to the firm. In the four weeks since it acquired the agent, EV Experts – an EV dealer based in Guildford and Hook – claims to have hosted up to two Ocean test drives per day.
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I would not be prepared to even consider buying a Fisker Ocean. there are plenty of good alternatives, for which you will be able to get spare parts, servicing and technical back-up. No good buying a car for a good price, then later find it's useless, because you can't even get something as simple as new brake pads...
Buying a Fisker Ocean now would be an extremely risky proposition residual values are just one element of the equation availebility of parts and facilities would be my main concern, I wouldn't fancy an owners club and a third party warrenty as service back up, Alternately the Ocean may turn out like the De Lorean a cult classic and could be highly desireable in the future
If the RAC and WARRANTY WISE can offer cover, they must be sure they can sort whatever future problems you might have, I think the main problem would be trading it in.
An unusual, stainless steel bodied, gull winged coupe, with film star status is quite different from an SUV that is just like all the thousands of others out there. I think your first scenario is the correct one.