(Reuters) – Fisker has asked a bankruptcy judge overseeing its Chapter 11 proceedings to approve the sale of more than 3,000 Ocean electric SUVs in its inventory for about $14,000 per car to a vehicle-leasing company.
Following the judge’s nod, Fisker will be able to offload 3,321 electric vehicles to New York-based American Lease for $46.25 million, according to a court filing on Tuesday.
The EV startup, which filed for bankruptcy protection last month, faced logistics issues while selling its Ocean electric SUVs and pivoted to a dealer-partner model earlier this year after burning through a large amount of cash.
Some variants of its Ocean SUV were priced at around $70,000 and through its descent into bankruptcy, it cut prices of the cheapest variant to about $25,000 to raise capital to meet debt obligations.
On May 30, two weeks before Fisker filed for Chapter 11 bankruptcy protection, American Lease agreed to buy 2,100 Ocean EVs and a month later increased that offer to buy all 3,321 Oceans that were ready for sale.
American Lease serves ride share drivers in and around New York City, providing a fleet of cars on lease or rent. New York City last year mandated the transition of the city’s rideshare fleet to either zero-emission vehicles or wheelchair accessible vehicles by 2030.
(Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta)