The cash-strapped electric car startup Fisker (FSRN.PK), opens new tab, announced on Wednesday that it was lowering the price of its 2023 electric Ocean SUV model. This move is an indication that the company is trying to increase demand and allay worries about its uncertain future.

The Ocean Sport entry-level model’s price was reduced by approximately 36%, or $14,000, by the firm, from $38,999 to $24,999.

The top-of-the-line “Extreme” model of the car will now only cost $37,499, down from about 39%, or $24,000, according to the manufacturer.

Fisker also reduced the cost of its Ocean Ultra model from $52,999 to $34,999.

According to the firm, Fisker delivered over 1,300 vehicles in 2024, and the inventory of finished vehicles was worth more than $200 million.

The price reductions occur just a few days after Fisker’s negotiations with a major automaker broke down, sending the stock of the firm tumbling and forcing the New York Stock Exchange to delist it.

The price reductions indicate Fisker’s attempt to acquire additional capital in order to satisfy its essential debt commitments, given the company’s possible default.

Fisker has begun investigating strategic options, including as in-court or out-of-court restructurings and capital markets transactions, following the termination of talks with the unnamed automaker, the startup had previously said.

The company announced last week that it would miss an interest payment and, in order to raise up to $150 million, it would sell convertible notes and halt production of its electric cars for six weeks.

The Fisker Ocean is in competition with the Model Y SUV from Tesla as well as an increasing number of mid-size electric SUVs, like the Ford Mustang Mach-E.