Fisker has slashed prices on its Ocean electric SUV as it looks to relieve a glut of unsold vehicles.

In a move that it calls “strategically positioning Ocean to be a more affordable and compelling EV choice,” the company on Wednesday announced significant price cuts on the 2023-model-year vehicles that represent the majority of the current Ocean inventory.

The U.S.-market MSRP for the 360-mile Ocean Extreme drops from $61,499 to $37,499. The lower Ultra grade now starts at $34,999—down from $52,999 before. And Fisker has reduced the starting price of the Ocean Sport grade from $38,999 to $24,999.

Fisker earlier this month announced a six-week production pause for the Ocean, which is assembled under contract by Magna at that company’s Graz, Austria, factory as undelivered vehicles piled up. Fisker is in the process of shifting to a dealer-based sales model to help speed up distribution, although some of its original dealers have already reportedly fled.

Existing owners having second thoughts may also have trouble unloading their Fiskers. In posts first spotted by Teslarati, users on the r/Fisker subreddit claim Tesla is also no longer accepting Oceans as trade-ins.

2023 Fisker Ocean

Fisker recently reported a potential EV partnership with a “large automaker”—reportedly Nissan—but that has since dissolved. That leaves the company in need of a financial lifeline. When it announced the Ocean production pause earlier this month, Fisker said it needed to secure additional funding to the tune of $150 million to keep operating.

Fisker has a future product plan that includes an urban EV, electric pickup, and flagship GT, but it’s hard to imagine it ever getting there without a new, very large investment.