Fisker Inc. (NYSE: FSR) Unveils First Fully Electric SUV

Over the next decade, automakers and electric vehicle (“EV”) startups alike will unveil dozens of new electric vehicle models. As the government looks toward achieving a carbon-neutral future, EVs have emerged as one of the best ways to reduce fossil fuel use and cut down greenhouse gas emissions.

Companies in the automotive sector have already invested billions of dollars in developing new electric vehicles for the EV market, which still makes up just a fraction of total vehicle sales. Fisker (NYSE: FSR), a California-based EV startup with backing from global alternative investment management firm Apollo Global Management, has unveiled a production model of its first battery-electric car: the Ocean SUV.

There will be three models of the Ocean SUV, with the top-tier model providing up to 350 miles of range in a single charge. First revealed last year in the Consumer Electronics Show, the Ocean SUV will come with a full-length solar roof and, according to Fisker, is the most sustainable electric vehicle in the world. The electric SUV’s interior is mostly made using recycled materials and meets the chemical emission limits placed on different volatile organic compounds, Fisker says.

The base model, dubbed the Ocean Sport, will have a starting price of $37,499, which could go dip down to slightly below $30,000 with the federal EV tax credit. It will be front-wheel drive with an estimated range of 250 miles. The Ocean Ultra, the mid-level model, will come with a larger battery capable of delivering up to 540 horsepower and accelerating from 0 to 60 mph in 60 seconds. Additionally, the Ocean Ultra will have a larger battery with 340 miles of range on a single charge and will cost $49,999, says Fisker.

Finally, the top-tier model, the Ocean Extreme, will have an estimated price of $68,999 and will have an even more powerful engine with 350 miles of range. Both the Ocean Ultra and the Ocean Extreme will have four-wheel drive capabilities, unlike the base model.

With the EV market poised to see an influx of dozens of new electric vehicles over the next couple of years, Fisker had to provide extra features to stand out among the mob. This includes the full-length solar roof, which can provide up to 2,000 miles of range per year with the right conditions, and bidirectional charging capabilities that will allow the Ocean SUV to power homes or charge other EVs. Battle lines are indeed being drawn between automakers as the competition for motorists gathers momentum.

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