Fisker Inc forges Dealer Partnerships to Amplify Sales Network in North America and Europe

Electric vehicle innovator Fisker Inc, known for its ticker symbol FSR, is gearing up to expand its market presence by unveiling a Dealer Partnership model across North America. Concurrently, the company is strategizing for a mixed approach of direct sales combined with dealer networks in Europe to establish a robust foothold in these major markets.

Expanding Dealer Network

In a bid to enhance the reach and accessibility of its electric vehicles, Fisker is aiming to establish up to 50 dealer partnerships in the U.S. and Canada. The company's ambitions mirror this target in Europe, where it plans to set up an equivalent number of dealer locations within the year.

The rationale behind the development of a comprehensive dealer partnership framework is to facilitate Fisker's growth in sales, along with streamlining the processes for vehicle delivery and test drives for prospective customers.

Dealer Partnerships to Commence Operations

Fisker anticipates that the inaugural batch of its dealer partners will commence operations by receiving their first vehicles towards the end of the first quarter in 2024.

Aligning with Business Objectives

Embracing the dealer partnership strategy aligns with Fisker's asset-light business model, which is crafted to catalyze the delivery of its Fisker Ocean model, alongside ramping up mass production for future vehicle models. Chairman and CEO Henrik Fisker accentuated the company's pursuit to reinvigorate its strategic endeavors, focusing on heightening brand visibility and establishing vital sales conduits to meet the burgeoning demand for the Fisker Ocean and forthcoming vehicle models.

The European Approach

While Fisker is on its way to concretize dealer partnerships in the U.S. and Canada, it is also simultaneously setting up sales and distribution collaborators in Europe. However, the company intends to maintain a combination of direct sales and partnerships in this region.

Production and Delivery Milestones

In the year 2023, Fisker hit significant milestones, rolling out 10,142 units of the Fisker Ocean and achieving delivery of approximately 4,700 vehicles to customers.

Stock Movement

Despite these optimistic developments, Fisker's shares have seen a slight decline, trading lower by 1% at a price point of $1.4750 during the last check on Thursday.

Fisker, EV, Dealerships