AUTONEWS

Why is the Fisker Ocean the Titanic of electric SUVs?

After nearly two years of trying to live with a car that looked more like a compilation of bugs on wheels, Edmunds has finally put an end to its troubled Fisker Ocean — and at a huge loss.

The electric SUV, which was purchased for nearly $70,000 in early 2024, was recently sold for just $10,000.

That's right: in less than two years and with just 7,583 miles on the clock, the car has lost more than $59,000 in value.

That's the equivalent of a depreciation of $7.78 per mile, and that's not even counting the cost of insurance, charging, or potential repairs.

The shocking thing is that even when it was parked in the garage, the Ocean seemed to depreciate on its own. By December 2024, the car was worth just $13,000.

Now, months later and with barely any driving, its value has plummeted even further. In February 2024, with just over 4,000 miles on the clock, the valuation was already only $21,000.

What was supposed to be a symbol of electric innovation quickly turned into one of the worst investments in the automotive industry in recent memory.

And the car's problems were not few — so many that they bordered on comical.

From the first day with Edmunds, the Ocean gave signs that something was wrong: error messages, failures in the locking system, starters that didn't work, improper shutdowns, and a GPS that insisted on locating the car in Alaska, even though it was sunny in California.

And it didn't stop there. The brakes sometimes worked on their own without any command. The front sensors stopped working in contact with rain or sunlight.

The electronic key fob wasn't recognized — and it died every two months. The car rolled backwards as if it had a manual transmission. The seat heaters worked “occasionally,” the air vents made strange noises, the retractable door handles sometimes refused to open, and when the 12-volt battery died, Edmunds editors had to disassemble the front of the car to open the hood.

All of this only reinforces an inescapable conclusion: the Fisker Ocean was not ready to be sold.

And more than that, it was not even ready to be driven on the streets. Fisker, which no longer exists as a brand, left a legacy that will be remembered not for its pioneering spirit, but for its embarrassment.

Edmunds, for its part, learned the hard way that betting on untested promises can be very expensive — literally.

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