EV Startup Fisker Announces ‘Fisker Finance' a Digital Financing Platform for Purchasing the Electric Ocean SUV

author: Eric Walz   

Like electric vehicle makers Tesla and Polestar, EV startup Fisker Inc will not have a network or traditional dealers to market and sell its battery-powered vehicles. Instead, Fisker is selling its vehicles entirely online, including via its smartphone app. 

Now Fisker announced a new direct-to-consumer online finance program with JPMorgan Chase Bank in the U.S. that will support its digital sales model.

Through its retail financing partnership with JPMorgan Chase Bank, U.S. customers can arrange vehicle financing entirely online for the Fisker Ocean electric SUV, which is the company's first model. 

Fisker customers will receive competitive and personalized finance decisions from Chase. Customers will also be able to purchase insurance, finance factory installed accessories, or even an optional charging cable.

For customers in Europe, Santander Consumer Finance will be Fisker's financing partner.

The loan process begins with an online credit application on Fisker's website or the smartphone app. Applicants can select from various retail financing options that best fits their needs. Customers will also be able to review their financing details and electronically sign any required documents online. 

Following vehicle delivery, Fisker owners can digitally access their account online, make payments and receive personalized customer support.

Fisker's founder Henrik Fisker said during the Ocean's unveiling at CES in 2019 that Fisker will be the world's first "digital car company" with all interactions with the brand taking place entirely online or via the company's app. 

"Fisker is a digital car company, first and foremost, focused on a seamless customer experience at every step. Providing finance options on our digital platform, including financing factory-installed options, is part of providing our customers with a completely hassle-free experience respectful of their time," said Chairman and CEO Henrik Fisker. "We also aim to provide insurance on our digital platform as we designed and engineered the Fisker Ocean with affordable premiums in mind. The Fisker Ocean One will stand out with all its unique standard options and features."

Fisker opened up reservations for the Ocean for the first time on July 1 in select markets, including the US, Austria, Canada, Denmark, France, Germany, Norway, Sweden and The United Kingdom.

Customers can secure a Fisker Ocean One launch edition with a $5,000 USD deposit. The Ocean One production run will be limited to just 5,000 vehicles which are priced at $68,999.

Fisker says the large deposit will allow the company to better plan its manufacturing build more accurately, such as the desired specifications, exterior and interior colors and factory accessories. 

As Fisker schedules production of each vehicle, Fisker Ocean One buyers will have an opportunity to finalize pre-order specifications. Fisker will assign a specific number ranging from #1 to #5000 to commemorate each limited-edition Ocean One. 

Fisker says the response to the Fisker Ocean One pre-ordering is extremely positive, and the company is progressing well towards selling out of the launch edition. Reservation holders opting out of the Fisker Ocean One remain in line for future versions of the emissions-free Fisker Ocean SUV.

Fisker announced last month that customer reservations for other versions of the Ocean SUV have reached 50,000 units.

EPA estimated range for the Ocean One edition is 350 miles. It comes with a dual-motor, all-wheel drive powertrain.

Fisker will follow the Ocean One with less expensive versions afterwards. These other models include the Ocean Extreme, Ocean Ultra and entry-level Ocean Sport, which can be reserved for just $250 on Fisker's website.

Targeted range for the front-wheel-drive Ocean Sport is 250 miles.

The Ocean Extreme is also priced at $68,999. But the Ultra starts at $49,999 and the Sport starts at $37,499. All of Fisker's zero-emissions vehicles are eligible for the federal EV tax credit of $7,500 in the U.S., in addition to any local incentives. 

Fisker Finance plans to start offering financing in the fourth quarter of 2022. Fisker expects to nominate financing partners in additional global regions in the near future.

Production of the Fisker Ocean is on track starting November 2022. The electric SUV is being built by leading automotive contract manufacturer Magna Steyr in Austria, which has also built vehicles for BMW, Mercedes-Benz and Jaguar.

After the launch of the Ocean, Fisker is also working on a secretive second vehicle under its "PEAR Project", which stands for "Personal Electric Vehicle Revolution". Deliveries will begin in 2024, according to Fisker. 

The fully-electric Fisker PEAR will blend sustainability, technology, and design into what Fisker describes is a "a digitally connected, compact, five-passenger urban EV" costing around $29,900.

Fisker is partnering with Apple's contract manufacturer Foxconn to build the PEAR, which is best known for assembling hundreds of millions of Apple products.

In May, Fisker teased what will be its third electric vehicle, a high-performance grand touring sports car currently in development codenamed "Project Ronin". The company says the vehicle will rival high performance electric models, including the Tesla Model S Plaid and Roadster, Porsche Taycan, Mercedes-Benz EQS and Lucid Air Sedan.

Eric Walz

Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.