Fisker Implements Plan for $7,500 EV Tax Credit

Fisker enables new order system for qualifying US-based Fisker Ocean reservation holders to retain eligibility for the $7,500 Federal tax credit.

Fisker Ocean Test Vehicles
Fisker Ocean test vehicles in Los Angeles, CA.

Today, Fisker implemented its plan in advance of the Inflation Reduction Act’s passage. This new bill would eliminate the $7,500 EV tax credit for the Fisker Ocean.

Fisker created a new ordering process to allow customers to convert existing Fisker Ocean reservations to non-refundable orders. This enables qualifying Fisker Ocean reservation holders in the United States to retain potential eligibility for the current Federal tax credit of up to $7,500.

In advance of the legislation’s passage, US customers can enter a binding contract with Fisker to purchase the Fisker Ocean.

“Many of our reservation holders are looking forward to the tax advantages of purchasing an electric vehicle. Therefore, we acted swiftly and proactively to protect access to existing tax credits for qualifying Fisker Ocean buyers should the Inflation Reduction Act become law. We are focused on a clean future for all, so we are building the Fisker Ocean in one of the world’s most sustainable production facilities, Magna’s carbon-neutral factory in Graz, Austria.

Henrik Fisker, Chairman and CEO

Changes to EV Tax Credit System

Qualifying reservation holders in the United States are eligible for a $7,500 tax credit under existing law, but the proposed legislation, as currently drafted, would make the Fisker Ocean, built in Austria, ineligible. The current draft of the Inflation Reduction Act includes a North American production requirement that renders Fisker Ocean buyers ineligible for the proposed $7,500 tax credit. The current $7,500 tax credit would be unavailable should Congress pass the Inflation Reduction Act of 2022 and President Biden signs the legislation into law. Furthermore, the bill imposes new household income caps of $150,000 for single filers and $300,000 for couples filing jointly.

Fisker Taking Action

Fisker believes US-based customers may be able to retain eligibility for the full $7,500 credit for the 2022 tax year by following the their new process. You can do this by converting your existing reservations into a binding sales contract for the purchase of the Fisker Ocean.

Fisker’s new process for qualifying US-based reservation holders will allow you to retain access to the existing Federal tax credit. Fisker is not requesting additional payments from reservation holders. That means you are not required to commit additional funds to convert deposits to non-refundable orders.

Instead you need to convert your existing $250 deposit to a non-refundable order. If you reserved two Fisker Oceans, you can also convert your second deposit of $100 to a non-refundable order. This ordering system will remain in effect until the Inflation Reduction Act is passed and signed into law. At that time, this new order process will close for US-based customers.

Take Action Now

Fisker’s new ordering system opened today at 9am Pacific Time. You can access it on the the Fisker site and mobile app. Existing reservation holders can convert your reservation to a non-refundable order. Also, new customers can reserve a Fisker Ocean using the new ordering system to create a non-refundable order. You can read the company’s press release for additional details. As always, contact your legal or tax professional for personal tax advice.

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27 thoughts on “Fisker Implements Plan for $7,500 EV Tax Credit

  1. What does this mean for reservation holders in other countries? Now that any u.s. reservation can be converted to an actual order potentially and most likely bumps in front of the line. So me in Canada who doesn’t need to worry about this u.s tax bill will now be bumped out of my reservation spot of about 33000 to who knows where, most likely bumping me past 40,000 and then having no guaranteed order pre price increase

    In their facts section fisker says it does not bump them in line but I don’t fully believe this….

    Thoughts?? Is there anyway to know how
    Many of the 50000+ rervations to date hail from the us market??

    1. We simply don’t know at this time Julia. However, Fisker ended up going in order on reservations numbers for the Ocean One. The company may very likely do the same thing since they said you could keep your place in line if you passed on the Ocean One.

  2. Sean, can you put up another article post of how to go about converting reservation to an order? I’ve been looking at the website and app and cannot figure out how to change my reservation to an order.

      1. If you have difficulty, for whatever reason, sent an email to Fisker support at [email protected] with the error message/issue(s) you’re facing. Then, try troubleshooting on your end. Try using a different device. If you’re having issues on your desktop computer, try a different computer, use your mobile device, try a different browser, etc. Clear your browser cache and cookies. Try an Incognito browser (Chrome) or Private browser (Safari). Maybe you’ll work through the issue trying different options. Hope this helps.

  3. Does this mean the One reservation holders are automatically enrolled into this contract since we already paid $5000?

    1. I wish something said so explicitly.

      The Fisker notice mentions reservation owners. And the new feature seems targeted at folks with reservations who haven’t pre-ordered the Ocean One. I.e. they had reservations but not pre-orders.

      I wish Ocean One orderers had a clear next step or statement. Can only assume that happens at some point in the future…

      1. Same thoughts exactly. I pre-ordered, but I’d like Fisker to send some sort of “binding purchase agreement” letter, so I’d have a better chance of getting the tax credit.

  4. I would like more information on how this would affect the Fisker Ultra which I reserved over a month ago and have already decided on my interior and exterior choices

  5. One question – can one person claim two tax credits in a year if I buy two Oceans? I have already booked the One and thinking of Ultra if two tax credits are allowed.

  6. Think I found answer to my comment above, Sean.
    In the faqs section of the website says that converting you are converting a reservation to a deposit. And further down it says that spot in the queue is determined by trim selection, region and tune the deposit was placed
    (Sorry I can’t copy and paste the screenshot)

    Looks like the u.s. convertions will be bumping ahead of those who can only place orders in nov/Jan at the previously stated dates

  7. Sean, You said “This ordering system will remain in effect until the Inflation Reduction Act is passed and signed into law.” I hope that what you meant to say was that this ordering system will remain in effect until the IRA becomes law (i.e., on January 1st, 2023). The act was passed yesterday and could be signed into law any day now.

    1. Hey Peter, Per Fisker, “This ordering system remains in effect only until The Inflation Reduction Act is passed and signed into law or is otherwise finally decided upon. At that time, this order process will close. Fisker will reopen the order process for the Fisker Ocean Extreme trim on November 18, 2022, as previously announced.”

      1. the bill still needs to pass in the House and then signed by Biden. Looks like this Friday could be the earliest that happens.

  8. If we do the binding order for one model but want to switch models (while maintaining binding order status) can we do that when we select the options etc?

      1. I did – it talks about options etc but not wether the model can be changed… dont see why not but? I locked it in but may want to change models…

  9. How can you bind your existing order if you’ve already received the Fisker In Ocean One extreme reservation email and placed the 5K reservation fee? Is there anything additional that must be done to bind your order?

  10. If Fisker order qualifies for 2022 ev tax credits and lets say if the car got delivered in October or Nov of 2023. One can claim tax credits in 2023 tax return (based on contract year 2022)filing or in 2024 tax filing(based on delivery in year 2023)?

What are your thoughts?