Rivian and Chase introduce a trade-in program for Fisker Ocean vehicle owners
Rivian Launches Buyback Program for Fisker Ocean Owners
Rivian, the American electric vehicle (EV) manufacturer, has announced a buyback program aimed at Fisker Ocean owners. The program, in partnership with Chase Bank, is a strategic move to position Rivian as a reliable alternative to Fisker.
The buyback program offers an additional incentive of up to US$6,000 in savings on long-range versions of Rivian's R1S and R1T models for those participating in the program. However, it's important to note that this buyback program does not offer incentives for Tesla purchases.
The buyback program is targeted at Fisker Ocean owners, many of whom remain committed to the EV market but feel betrayed by Fisker's bankruptcy in 2024. As a result, Fisker Ocean owners have been left with depreciated vehicles, with some selling on the open market for as little as US$10,000.
The buyback values are determined based on the original purchase price, with a usage deduction. Owners who financed their purchase through Chase or are part of the Hagens Berman class action lawsuit against Fisker are eligible for the program.
The program provides three options: selling the Fisker Ocean to Rivian, trading it in for credit towards a new Rivian R1S or R1T, or selling inoperable vehicles to Chase for a fixed price. Some Fisker Ocean owners have received offers exceeding US$36,000 through the buyback program.
However, it's worth noting that owners who have already sold their Oceans at a loss are unfortunately left out of this program.
Rivian has successfully scaled production, built a strong brand, and expanded its product offerings compared to Fisker. This buyback program is a strategic marketing move for Rivian, aiming to capitalise on Fisker's misfortunes and position itself as a reliable alternative in the EV market.
It's important to clarify that this buyback program is not an advertisement, despite the mention of Rivian's R1S and R1T models. The program does not provide specific details about the incentive of up to US$6,000 in savings on long-range versions of Rivian's R1S and R1T models. Furthermore, there is no available information indicating that Rivian and JPMorgan Chase initiated a buyback program for Fisker Ocean vehicles, so the exact timing of such an event cannot be determined from the provided search results.
