Fisker Signs Additional US Dealer Partners in New York State, Florida, and Indiana

Rhea-AI Summary

Fisker signs two new dealer partners in the US, expanding their Dealer Partnership model. The company aims to offer no-haggle pricing and superb service through this innovative approach, attracting interest from over 250 dealers worldwide. Fisker has now signed 12 dealer partners in the US and Europe, aligning with their asset light business model for increased scalability and production.

Positive

• Fisker signs two new dealer partners in the US, expanding their Dealer Partnership model.
• The company aims to offer no-haggle pricing and superb service through this innovative approach.
• Fisker has received interest from over 250 dealers worldwide regarding the new Dealer Partnership model.
• The company has now signed a total of 12 dealer partners in the US and Europe.
• The transition to dealer partners aligns with Fisker's asset light business model for increased scalability and production.

Negative

• None.

Market Research Analyst

The expansion of Fisker's dealership network into three new locations signifies a strategic move to enhance the company's retail presence in key markets. This development is likely to improve Fisker's market penetration, making its electric vehicles more accessible to consumers and potentially increasing brand visibility. With the automotive industry experiencing a shift towards electrification, Fisker's emphasis on an EV-only brand and its Dealer Partnership model could provide a competitive edge in attracting dealerships that are eager to capitalize on the growing demand for electric vehicles.

Furthermore, the transition from direct sales to a dealership model aligns with Fisker's asset-light business strategy, which could enhance operational efficiency and scalability. This approach may reduce capital expenditure and operational risks associated with owning and managing traditional dealerships, thereby potentially improving Fisker's financial health in the long term. The reported interest from over 250 dealers suggests a robust dealer demand, which could translate into a larger distribution network and increased sales volumes.

Environmental Sustainability Analyst

Fisker's commitment to sustainability, as evidenced by the Fisker Ocean SUV and its environmentally friendly features, aligns with a broader consumer trend towards sustainable products. The vehicle's use of recycled and bio-based materials, production in a carbon-neutral facility and the integration of rooftop solar panels not only serve to reduce the product's carbon footprint but also appeal to eco-conscious consumers. This focus on sustainability could improve the brand's reputation and foster customer loyalty in a segment that is increasingly valuing environmental impact as a purchasing criterion.

Additionally, the Fisker Ocean's competitive EPA range and pricing within its class suggest that the company is aiming to balance sustainability with affordability and performance. This balance is crucial in the electric vehicle market, where range anxiety and price sensitivity are significant consumer concerns. By addressing these issues, Fisker may increase its appeal to a broader customer base, which could positively impact its market share and, consequently, its financial performance.

Automotive Industry Analyst

The announcement of Fisker's dealership expansion into New York, Florida and Indiana is indicative of the company's strategic focus on broadening its geographical footprint. The selection of these particular markets could be based on their potential for EV adoption, taking into account factors such as population density, income levels and existing EV infrastructure. The establishment of a dealership network is a traditional automotive strategy that can provide customers with a tangible brand experience and hands-on service, which is particularly important for newer entrants like Fisker in building consumer trust and loyalty.

However, the shift from a direct sales model to a dealership model may also bring challenges, such as ensuring consistent customer experience and brand messaging across different dealers. Fisker's no-haggle pricing policy, where permitted and its emphasis on providing superb service are crucial elements that could mitigate these challenges and enhance customer satisfaction. The performance of these new dealerships will be an important metric in assessing the effectiveness of Fisker's sales strategy and its impact on the company's growth trajectory within the competitive EV market.

• Fisker has signed two new dealer partners who will open three locations.
• Fisker Albany will open in New York state, Fisker Jacksonville will open in Florida, and Fisker Indianapolis will open in Indiana.
• 12 dealer partners in the US and Europe have now signed with Fisker.
• Fisker has received interest from over 250 dealers in North America and the rest of the world regarding the company’s new Dealer Partnership model.
• The Dealer Partnership model continues to attract dealers, as they gain access to an American EV-only brand with a unique business approach.

LOS ANGELES--(BUSINESS WIRE)-- Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, announced today it has signed two new dealer partners in the US.

Fisker Inc., driven by a mission to create the world’s most emotional and sustainable electric vehicles, announced today it has signed two new dealer partners in the US. Dealers joining the Dealer Partnership program are Bul Auto Sales, which plans to open Fisker Albany in New York state and Fisker Jacksonville in Florida; and Karma Indy, which intends to open Fisker Indianapolis in Indiana. (Photo: Fisker Inc.)

Dealers joining the Dealer Partnership program are Bul Auto Sales, which plans to open Fisker Albany in New York state and Fisker Jacksonville in Florida; and Karma Indy, which intends to open Fisker Indianapolis in Indiana.

“It’s great to see high-quality dealers continuing to come on board,” Chairman and CEO Henrik Fisker said. “Our entire team is excited when we hear how confident our dealers are in terms of sales, thanks to the competitive nature of the Fisker Ocean and its class leading features.”

Fisker has now signed 12 dealer partners in the US and Europe.

On January 4, 2024, Fisker announced that it would engage in a strategic shift from direct sales to customers in North America to an innovative Dealer Partnership model. The model combines the goal of offering its customers no-haggle pricing on Fisker vehicles (where permitted) and superb service while also providing dealer partners with larger market territories, so they can maintain pricing without concern for local competition. Taken together, these goals represent a win-win-win for customers, dealers, and Fisker. The transition to dealer partners aligns with Fisker’s asset light business model, which enables the company to significantly scale for Fisker Ocean deliveries and higher volume production of additional future models.

Fisker has received interest from over 250 dealers in North America and the rest of the world since the company announced its strategic shift.

Fisker is currently delivering the all-electric Ocean SUV, which starts at $38,999, in the US, Canada, and Europe. In the US, the Ocean has an EPA range of up to 360 mi ¹, which is the longest range of any new electric SUV in its class ². The Fisker Ocean has the lowest published carbon footprint of any electric SUV, uses over 110 lbs. of recycled and bio-based materials, is built at a carbon-neutral facility, and integrates rooftop solar panels, adding up to 1,500 miles/year of range ³.

¹ EPA estimated range. Mid-size SUVs. Measurements conducted with standard 20” wheels. Actual results may vary for many reasons, including driving conditions, wheel size, state of battery charge, and how the vehicle is driven and maintained.
² Mid-size SUVs in comparable price segment.
³ Based on Fisker simulations. Ideal conditions assume solar irradiation of 5.4 kWh/m2/day and steady commuter driving. Actual results vary with conditions such as external environment and vehicle use.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by designing and developing individual mobility in alignment with nature. Passionately driven by a vision of a clean future for all, the company is on a mission to create the world’s most sustainable and emotional electric vehicles. To learn more, visit Fiskerinc.com and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube, and LinkedIn.

Download the revolutionary new Fisker mobile app from the App Store or Google Play.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” “expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quote from our chief executive officer, any potential future automotive original equipment manufacturer (or equipment or part manufacturer) transactions and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker's limited operating history; Fisker's ability to enter into additional manufacturing and other contracts with Magna or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed-upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker's ability to execute its business model, including market acceptance of its planned products and services; Fisker's inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker's inability to develop a sales distribution or dealership network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker's Annual Report on Form 10-K, under the heading “Risk Factors”, filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240228203403/en/

European Media:

Press.europe@fiskerinc.com

US Media

Fisker@GODRIVEN360.com

Customer service: Support@fiskerinc.com

Fisker Inc. Communications:

Matthew DeBord

VP, Communications

mdebord@fiskerinc.com

Franziska Queling

Regional Head of Public Relations, Europe

fqueling@fiskerinc.com

Investor Relations:

Eric Goldstein

Head of Investor Relations

egoldstein@fiskerinc.com

Source: Fisker Inc.

FAQ

How many new dealer partners has Fisker signed in the US?

Fisker has signed two new dealer partners in the US.

What is the Dealer Partnership model by Fisker?

The Dealer Partnership model by Fisker aims to offer no-haggle pricing and superb service to customers while providing dealer partners with larger market territories.

How many dealer partners has Fisker signed in total?

Fisker has signed a total of 12 dealer partners in the US and Europe.

What is the goal of Fisker's Dealer Partnership model?

The goal of Fisker's Dealer Partnership model is to offer no-haggle pricing on vehicles and superb service to customers while providing dealer partners with larger market territories.

What is the pricing of the Fisker Ocean SUV?

The Fisker Ocean SUV starts at $38,999 in the US.