Fisker Signs New Dealer Partners in US as Strategic Business Shift Continues

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Positive)

Tags

02/16/2024 - 03:47 PM

Fisker has now signed four dealer partners in the US, with additional signings expected in the coming weeks.
New dealers signed are Ourisman Fisker, Classic Fisker, and Long Island Fisker, in addition to the previously announced Mills Automotive Group.
Collectively, these dealers will be selling vehicles in North Carolina, South Carolina, Georgia, Maryland, New York, and New Jersey at seven locations.
Fisker has received interest from over 250 dealers in North America and the rest of the world regarding our new Dealer Partnership model.
The Dealer Partnership model is proving attractive to dealers as they are gaining access to an American EV-only brand with a unique business approach.
On January 4, Fisker announced a strategic shift from direct sales to a Dealer Partnership model which will enable it to significantly scale for Fisker Ocean deliveries and higher volume production of additional future models.

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 has signed a total of four dealer partners in the US as it undertakes a strategic shift in its business model.

Fisker CEO Henrik Fisker and Mike Domenicone, Principal and owner of Classic Fisker, signing at NADA in Las Vegas. (Photo: Fisker Inc.)

Dealers joining the Dealer Partnership program are the Mills Automotive Group, Ourisman Fisker, Classic Fisker, and Long Island Fisker.

“I’m excited by the rapid progress of the Dealer Partnership model, which we announced just over a month ago,” Chairman and CEO Henrik Fisker said. “The dealer partners we have signed up so far share a commitment to the future of electric vehicles and to their communities, many of which they have served for multiple generations. I believe our customers will find that each of these dealer partners plan to provide top-level service and ongoing relationship building for owners of the class-leading and award-winning Fisker Ocean SUV.”

Mills signed up to be Fisker’s first dealer partner in the US at the company’s inaugural dealer open house on January 31 and will open three Fisker dealerships in Charlotte and Raleigh, NC (Triad Fisker); and Greenville, SC (Stateline Fisker).

Ourisman Fisker and Classic Fisker both signed at the National Automobile Dealers Association Show in Las Vegas earlier this month, and Long Island Fisker signed this week.

Ourisman Fisker, part of a fourth-generation dealership group, will be located in Rockville, MD, in the Washington, DC area. Classic Fisker will open a location in Atlanta, Long Island Fisker plans to open a location in that region of New York state and another in New Jersey. Altogether, these dealer partners intend to open seven locations.

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 announcing 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.

¹EPA 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.
³Based 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.