Fisker has made its most expensive Ocean model $7,500 cheaper, lowering the price of the Ocean Extreme by the same amount as the maximum federal tax credit for which the electric SUV does not qualify.

The Fisker Ocean Extreme now costs $61,499 from $68,999 before, and the good news is that customers who have already ordered or purchased an Ocean Extreme will receive a price adjustment as well, even if their vehicle has gone to production.

This sounds like customers who have already taken delivery of a Fisker Extreme will not benefit from the price cut, but we contacted the company for clarifications and we’ll update this space when we hear back. The automaker has delivered Ocean One limited edition models and Ocean Extreme units up until now.

“It is essential that Fisker responds to competitive realities in the rapidly growing EV market,” said Henrik Fisker, Chairman and CEO of Fisker. “We want our customers to have greater access to the Ocean and to be able to take advantage of its exciting combination of innovative features, striking design, sustainable materials, and class-leading range.”

The Fisker Ocean Extreme is powered by a 113-kilowatt-hour battery pack (106 kWh usable) with Nickel Manganese Cobalt (NMC) chemistry that enables an EPA range of 360 miles.

Mind you, making the Ocean Extreme cheaper is not the only pricing update the EV startup has announced. Fisker will also raise pricing on the base Ocean Sport and mid-level Ocean Ultra on November 6, which leaves customers about two weeks to still benefit from the existing pricing.

The Sport will see a $1,500 increase from $37,499 to $38,999, while the Ultra will be $3,000 more expensive at $52,999, up from $49,999.

Fisker will be opening calendar year 2024 orders for all trim levels on November 6, including the Ocean Sport and Ultra models. The base Ocean Sport is the only trim to feature a lithium iron phosphate (LFP) battery, which enables a manufacturer-estimated range of 231 miles.

As for the Ocean Ultra, which features a Nickel Manganese Cobalt (NMC) battery chemistry, it has exceeded Fisker’s EPA range estimates, achieving an official EPA estimated range of 350 miles. The automaker previously estimated 340 miles of range for the Ultra.

“We are very confident in the continued demand for the Ocean and we expect the Sport and Ultra models to be the highest sellers starting in 2024,” Henrik Fisker added. “We expect our overall margins will be unaffected because higher Sport and Ultra pricing, combined with our cost-reduction initiatives and lower input prices, will support the anticipated trajectory of our profits.”

Fisker began US deliveries of the Ocean in June. The company announced the 5,000th Ocean SUV was produced in September by Magna Steyr in Austria and said it would target 300 deliveries per day globally in the fourth quarter.