Struggling electric vehicle company Fisker (NYSE:) has cut the US prices of its Ocean electric SUV by as much as 39%, according to a report by Bloomberg on Wednesday.
Fisker is said to have significantly reduced the price of the Ocean sport utility vehicle — its only model — as the company fights for survival.
Bloomberg stated that the company’s largest cut applies to the top-end version of the Ocean, called Extreme.
The publications added that in an emailed statement, Fisker said it would slash the price by $24,000 to $37,499, representing a 39% discount.
On Monday, the company’s shares declined by 28% to a record low before trading was halted. The shares were then delisted by the New York Stock Exchange on Tuesday.
The delisting was due to the company’s “abnormally low” price level after it was also revealed that the cash-strapped company’s talks with a significant automaker for a potential deal had collapsed.
The collapse of the deal with a big car manufacturer has pushed Fisker to explore various strategic options, including potential restructurings both in and out of court, as well as other capital market transactions.
Last week, Fisker halted its electric vehicle production, heightening the uncertainty about the company’s sustainability.