Fisker’s New Distribution Strategy Increases Sales and Deliveries to Over 100 Vehicles Per Day

Rhea-AI Summary

Fisker Inc. (NYSE: FSR) has achieved a new milestone by delivering 107 vehicles on a single day, generating over $7.5 million in revenue. The company's new distribution strategy aims to rapidly increase global sales and deliveries of the Fisker Ocean SUV. This strategy includes establishing its own delivery locations globally, adding transportation logistics partners, and offering direct delivery to customers within 60 miles of a fulfillment location. The Fisker Ocean SUV boasts a 113 kWh battery pack, an EPA range of 360 miles, and a starting price of $38,999 for the Sport trim level in the US.

Positive

• Fisker achieved a significant milestone by delivering 107 vehicles in a single day, demonstrating the effectiveness of its new distribution strategy. The revenue generated from this one-day total is over $7.5 million, showcasing the potential for increased sales and deliveries. The company's focus on improving delivery capabilities and agility, including offering direct delivery to customers within 60 miles of a fulfillment location, can lead to enhanced customer satisfaction and faster vehicle ownership. The impressive specifications of the Fisker Ocean SUV, such as its 113 kWh battery pack, 360-mile EPA range, and competitive pricing, position it as a compelling option in the electric SUV market.

Negative

• None.

• Fisker has changed its distribution strategy to rapidly increase global sales and deliveries of the Fisker Ocean SUV
• On Thursday, Nov. 16, Fisker set a new milestone of 107 vehicle deliveries in a single day.

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 that it delivered 107 vehicles on Thursday, Nov. 16. The company achieved this milestone by executing a new distribution strategy.

Fisker announced today that it delivered 107 vehicles on Thursday, Nov. 16, 2023. The company achieved this milestone by executing a new distribution strategy. This one-day total of deliveries equates to revenue of over $7.5 million. Fisker has changed its distribution strategy to rapidly increase global sales and deliveries of the Fisker Ocean SUV. (Photo: Business Wire)

This one-day total of deliveries equates to revenue of over $7.5 million.

“This result proves that our new distribution strategy is working,” Chairman and CEO Henrik Fisker said. “We expect this pace of deliveries to accelerate, and we will provide frequent updates during the remainder of 2023. We are grateful to our customers for their patience as we conduct this ramp-up.”

Fisker has strategically improved its capabilities by establishing its own delivery locations globally, staffed by ever-growing numbers of Fisker employees. The company has also added multiple transportation logistics partners to quickly move Fisker Oceans to delivery locations so that they can be delivered to customers more rapidly.

Customers who live within 60 miles of a Fisker fulfillment location can have their vehicle delivered through Fisker Direct, where a Fisker employee drives their Ocean directly to them for delivery, eliminating use of a vehicle transport. Fisker has increased overall process agility; many customers receive their car within four to seven days of completing their purchase, and in some cases on the same day when choosing the vehicle pickup option.

The $61,499¹ Fisker Ocean Extreme has a 113 kWh battery pack (106 kWh usable) and an EPA range of 360 miles², the longest of any new electric SUV in its class³. In Europe, the Fisker Ocean Extreme has a WLTP range of 707km/440 UK miles, the longest of any electric SUV sold in Europe today. ⁴ The all-electric SUV starts at $38,999² for the Fisker Ocean Sport trim level in the US.

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 quotation of our CEO, the statements regarding the planned launch timing, pricing, delivery, production, and estimated range of the Fisker Ocean, the planned timing of the opening of Fisker facilities, the Company's future performance, expansion of operations, software updates, 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 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.

¹ Estimated pricing shown applies to the continental US and excludes delivery, finance, tax, title, registration, and other government fees. Maintenance is not included. Pricing is subject to change and will be based on your final vehicle configuration. Pricing does not include government incentives you may be entitled to.

² EPA estimated range. Actual results may vary for many reasons, including driving conditions, wheel size, state of battery charge, and how the vehicle is driven and maintained.

³ Mid-size SUVs with an MSRP under $200,000

⁴ This WLTP range number applies to Fisker’s European markets. WLTP measurements conducted on Fisker Ocean Extreme with standard 20” wheels. Actual range will vary with conditions such as external environment, vehicle configuration, wheel size and vehicle use.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231117721425/en/

European Media:

Press.europe@fiskerinc.com

US Media

Fisker@GODRIVEN360.com

Customer service: Support@fiskerinc.com

Fisker Inc. Communications:

Matthew DeBord

Sr Director, Communications Strategy & Storytelling

mdebord@fiskerinc.com

Franziska Queling

Regional Head of Public Relations Europe

fqueling@fiskerinc.com

Investor Relations:

Frank Boroch, VP of Investor Relations

fboroch@fiskerinc.com

Source: Fisker Inc.

FAQ

What is Fisker's new distribution strategy aimed at?

Fisker's new distribution strategy aims to rapidly increase global sales and deliveries of the Fisker Ocean SUV.

How many vehicles did Fisker deliver on Thursday, Nov. 16, 2023?

Fisker delivered 107 vehicles on that day, generating over $7.5 million in revenue.

What are the specifications and pricing of the Fisker Ocean SUV?

The Fisker Ocean SUV features a 113 kWh battery pack, a 360-mile EPA range, and a starting price of $38,999 for the Sport trim level in the US.

What is the significance of Fisker's new milestone in vehicle deliveries?

Fisker's achievement of delivering 107 vehicles in a single day signifies the effectiveness of its new distribution strategy and the potential for increased sales and deliveries.