Fisker Welcomes Dealers From Across North America to Its First Open House and Signs First US Dealer Partner
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The shift by Fisker Inc. from direct sales to a dealership model represents a strategic pivot that aligns with the automotive industry's traditional distribution channels. This move can enable Fisker to leverage the existing dealer network's customer reach and service infrastructure, which is particularly crucial for a relatively new entrant in the electric vehicle (EV) market. The partnership with Mills Auto Group and the potential for additional dealer sign-ups, suggests a proactive approach to scaling distribution ahead of the delivery of the Fisker Ocean SUV and other future models.
By adopting a 'win-win-win' strategy, Fisker aims to balance the interests of customers, dealers and the company itself. The no-haggle pricing structure is a consumer-centric approach that could enhance the buying experience and potentially increase customer satisfaction. However, it is essential to monitor how the larger market territories granted to dealers will impact competition and pricing dynamics within the industry. The asset-light business model could reduce capital expenditure and operational risks associated with scaling production, a significant consideration for investors evaluating Fisker's growth trajectory and financial stability.
Fisker's emphasis on sustainability is evident in the design and production of the Fisker Ocean SUV. The vehicle's use of recycled and bio-based materials, combined with its production in a carbon-neutral facility, positions Fisker as a leader in sustainable automotive manufacturing. The integration of rooftop solar panels is an innovative feature that not only appeals to environmentally conscious consumers but also serves to differentiate the Ocean SUV in a competitive EV market.
The claim of the lowest published carbon footprint for an electric SUV could be a significant selling point. However, it is important to scrutinize such claims against industry benchmarks and independent assessments to ensure credibility. The long-term impact on Fisker's brand reputation and market share will hinge on the company's ability to deliver on these sustainability promises and the real-world performance of its vehicles.
The EV market has been witnessing a rapid expansion and Fisker's entry into this space with the Ocean SUV places it directly in competition with established players. The reported interest from over 200 dealers in North America and Europe indicates a robust market appetite for new EV offerings. Fisker's ability to secure a significant number of these partnerships will be critical for its market penetration and sales volume goals.
The Ocean SUV's competitive pricing and claimed longest range in its class could position it advantageously against competitors. However, the actual market performance will depend on factors such as consumer acceptance, reliability of the vehicles and the effectiveness of Fisker's marketing and sales strategies. The upcoming National Automobile Dealers Association Show will be an important event to gauge industry response and the potential for dealer network expansion.
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Fisker welcomed North American dealers to its headquarters in
Los Angeles . - CEO Henrik Fisker presented the company’s “win-win-win” opportunity for its new Dealer Partnership model.
- Mills Auto Group signed on to become Fisker’s first US dealer partner.
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Fisker expects to sign several additional dealers after the National Automobile Dealers Association (NADA) Show in
Las Vegas . -
Fisker has over 200 dealers in
North America andEurope who have expressed interest in signing up for new Dealer Partnership model. - On January 4, Fisker announced a strategic shift to dealers from direct sales to significantly scale for Fisker Ocean deliveries and higher volume production of additional future models.
Fisker Inc., driven by a mission to create the world’s most emotional and sustainable electric vehicles, welcomed dealers who traveled from across
At the event, Mills Auto Group signed up to become Fisker’s first dealer partner in the US and will open three Fisker dealer locations. Fisker will start delivering Ocean SUVs to Mills in February.
“I’m absolutely excited for this partnership, and we want to thank Fisker for its confidence in our group,” CEO Damian Mills said. “We will instill Fisker’s vision and mission into our stores on day one.”
“I’m thrilled that the Mills Auto Group has joined Fisker as our first US dealer partner, and it was an honor to meet Damian Mills in person at our first Open House,” Chairman and CEO Henrik Fisker said. “Our pivot to the Dealer Partnership strategy has been moving incredibly fast. With interest expressed by over 200 dealers globally and over 100 in North American alone, I am looking forward to signing up more dealer partners and offering them a win-win-win from the relationship.”
On January 4, 2024, Fisker announced that it would engage in a strategic shift from direct sales to customers in
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. The company signed up its first European dealer earlier in January and has been in advanced discussions with numerous potential dealers. Fisker leaders, including Henrik Fisker, will attend the National Automobile Dealers Association Show in
At the Open House, Fisker’s executive leadership team presented the company’s advantages in design, sustainability, and innovation to the dealers in attendance and provided them with a comprehensive preview of the company’s future products. Dealers were also able to experience firsthand the Fisker Ocean SUV, the Fisker Alaska pickup truck, the Fisker PEAR crossover SUV, and the Fisker Ronin super GT convertible. Fisker executives reviewed marketing, sales and service plans as well as technology, engineering, design, user experience, and the over-the-air software roadmap that is already available on the Ocean and will inform the development of all new Fisker vehicles.
Fisker is currently delivering the all-electric Ocean SUV, which starts at
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.
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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.
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