The EV startup has also managed to reduce its debt by $185.5 million and is planning a series of new models
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by Brad Anderson
2 hours ago
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Fisker could significantly grow its presence throughout the United States, Canada, and Europe thanks to a dramatic expansion of its dealership network.
At the start of this year, the electric vehicle startup announced that it would adopt a dealer partnership model in North America and a hybrid model in Europe combining direct sales to consumers and dealer arrangements. Since this announcement, over 100 dealers have expressed interest in selling Fisker models and next week, Fisker will host dealers at its headquarters in Manhattan Beach.
In addition, chairman and chief executive Henrik Fisker and other company executives will attend the National Automobile Dealers Association show in early February to meet with prospective dealers. Fisker notes that many potential dealer partnerships already sell multiple brands and have existing EV infrastructure and believes these dealers will be able to add vehicles to their inventory shortly after finalizing partner agreements.
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New dealerships are initially expected to be established in California, Illinois, New York, New Jersey, Massachusetts, Florida, Maryland, and Canada.
Beyond revealing this interest in its dealership model, the company says it should sell the nearly 5,000 excess vehicles it produced last year by the end of this quarter. Logistics constraints meant that while Fisker produced more than 10,000 examples of the Ocean SUV in 2023, it was only able to deliver approximately 4,700 of them. Fisker notes it will generate significant cash from the sale of these vehicles.
Read: Fisker Ditches Direct Sales In America, Partners With Existing Dealerships
The company has also managed to reduce its overall debt by $185.5 million to $324.5 million thanks to a series of conversions by a senior convertible notes holder.
Fisker has ambitious plans beyond the Ocean. Not only is it hard at work developing its new entry-level model dubbed the Pear but it also plans to launch an electric pickup truck and the 1,000 hp Ronin in 2025.
