California-based electric vehicle maker, Fisker Inc. (NYSE:FSR) announced Monday that the company has decided to reduce the pricing of its top-trim Ocean Extreme SUV.
Fisker lowered price of the electric SUV in the U.S. to $61,499, a significant decrease from the earlier $68,999. This revised pricing is now in effect, and individuals who have previously ordered or bought the Extreme will receive a $7,500 price adjustment, even if their vehicle has already entered production.
“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.”
Additionally, on Nov. 6 Fisker will open 2024 orders for all trim levels, including the Fisker Ocean Ultra and Sport models, with higher pricing for both.
The Ultra will be priced at $52,999, up from $49,999 currently; and the Sport will be $38,999, up from $37,499 currently.
“We are very confident in the continued demand for the Ocean and we expect the Sport and Ultra models to be the highest sellers starting in 2024,” Henrik Fisker added. “We expect our overall margins will be unaffected because higher Sport and Ultra pricing, combined with our cost-reduction initiatives and lower input prices, will support the anticipated trajectory of our profits.”
Shares of FSR are trading down 3.22% Monday morning.