Fisker in deep water as production of Ocean EV scrapped by partner

The outlook for the Fisker Ocean electric SUV is looking grim as contract manufacturer Magna International hits pause on building more of the vehicles. While enthusiasts of Fisker hoped the Ocean would be a rising star in the competitive EV market, the startup company is battling financial headwinds and the possibility of sinking altogether.

Magna International, an experienced global auto manufacturing partner, recently revealed that it’s expecting to discontinue building the stylish Ocean SUV amid Fisker’s monetary struggles. Magna CEO Swami Kotagiri admitted that Fisker’s situation could cost his company around $400 million in sales and affect profit margins.

Fisker had high hopes for the Ocean, promising innovative features like a rotating screen, solar roof options, and an affordable entry-level price point. However, supply chain issues, production delays, and software development problems plagued the company from the start. In an attempt to boost sales and stay afloat, Fisker aggressively slashed prices in March, dropping the base model to an eye-catching $24,999. While the discount stirred up interest in its cars, it left early buyers of the Ocean reeling and undermined public trust in the company.

Despite the price drop, sales of the Ocean haven’t recovered, and Fisker’s stock hit an all-time low – resulting in the company being delisted from the New York Stock Exchange. As of late April, there were rumors of four potential lifelines for the brand, but those leads haven’t yet materialized.

Initial reviews on the Fisker Ocean were mixed, reflecting the SUV’s turbulent journey to market. Some experts praised its modern look, spacious interior, and unique styling choices. Others voiced concern about overall quality, software glitches, and a less-than-exciting driving experience.

At this time, the fate of Fisker Inc. remains uncertain. The company insists they are pursuing options to stay in business, but industry observers don’t share the same optimism. Those who took a chance on purchasing an Ocean are understandably nervous about parts, repairs, and the future value of their electric car investment.

Via