Fisker Adds Six New Locations: Three New Dealer Partner Locations in California, and New Locations in Missouri, Pennsylvania, and Guam

Rhea-AI Summary

Fisker announced the addition of six new locations, including three new dealer partner locations in California and three more in Missouri, Pennsylvania, and Guam. The company reduced prices on 2023 Fisker Ocean models in the US, with significant price cuts. The Fisker Ocean SUV offers impressive range, low carbon footprint, and innovative features like rooftop solar panels. Fisker continues to expand its national network and focus on sustainability in the electric vehicle market.

Positive

• Expansion of dealer partner locations and distributorships in California, Missouri, Pennsylvania, and Guam.

• Price reductions on 2023 Fisker Ocean models, making them more affordable for consumers.

• The Fisker Ocean SUV offers the longest range of any new electric SUV in the US and Europe, with a focus on sustainability and innovative features.

Negative

• Price reductions may impact the company's revenue and profitability in the short term.

• Increased competition in the electric vehicle market could pose challenges for Fisker's market share and growth.

• Fisker has added three new dealer partner locations in California: Lumin Fisker in Sacramento; and LA Fisker and West Covina Fisker, both in Los Angeles County.
• Fisker has added two additional US dealer partner locations: Fisker of Kansas City, MO, and NEPA Fisker of Forest City, PA, and Fisker Guam, a distributor in Guam.

• Fisker has now signed agreements for twelve dealer partner locations and distributorships in the US and US territories.

LOS ANGELES--(BUSINESS WIRE)-- Fisker Inc. (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, today announced that the company has added six new locations, having signed three new dealer partner locations in California, and three more locations in the US and US territories.

The Fisker Ocean all-electric SUV. Photo by Fisker Inc.

In California, Lumin Fisker in Sacramento and LA Fisker and West Covina Fisker, both in Los Angeles County, have joined Fisker’s growing Dealer Partnership roster. Fisker has also added two US dealer partner locations: Fisker of Kansas City, Missouri, and NEPA Fisker of Forest City, Pennsylvania, as well as a distributor in Guam, Fisker Guam. These new dealerships and distributorships will soon be operational and listed on fiskerinc.com.

The company has now signed agreements for twelve dealer partner locations and distributorships in the US and territories. The company announced a strategic shift to the Dealer Partnership model in January 2024.

Quote from Fisker spokesperson: “We are excited to welcome our new dealer partners to the Fisker family and look forward to them opening for business. California is an exceptionally important market for us, and our team has been working hard to sign dealer partners in the state. We are also very pleased to grow our national network as we add another key midwestern city, Kansas City, MO, as well new locations in Pennsylvania and Guam.”

Price Reductions

On March 27, Fisker announced reductions in the Manufacturer’s Suggested Retail Price (MSRP) on many model year 2023 Fisker Oceans in the US. Fisker lowered the MSRP of the 2023 Ocean Extreme trim by $24,000, to $37,499 from $61,499 MSRP.¹

In addition, the 2023 Ultra trim was priced at $34,999 MSRP, reduced from the prior $52,999; and the 2023 Sport was priced at $24,999 MSRP, reduced from the prior $38,999.¹ MSRP reductions on 2023 model year vehicles went into effect March 29, 2024, and Fisker has announced similar reductions in Canada and Europe.

The Fisker Ocean SUV

The Ocean Extreme has an EPA-estimated range of 360 miles², the longest range of any new electric SUV in its segment sold in the United States today³ and a WLTP range of 439 miles / 707 km⁴, the longest range of any electric SUV in its segment on the European market today.⁵ The Fisker Ocean Extreme has the lowest published carbon footprint of any electric SUV⁶, uses over 110 lbs. /50 kg. of recycled and bio-based materials, is built at a carbon-neutral facility, and integrates rooftop solar panels, adding up to 1,500 miles/2400 km per year of range.⁷

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 any government incentives to which you may be entitled. Offer limited to 2023 model year vehicles currently in stock and is available from March 29, 2024 until all 2023 model year inventory is sold. Cannot be combined with any other offers.

² EPA estimated range. 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.

³ Mid-size SUVs in comparable price segment.

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

⁵ D-Segment Vehicles, as classified by GlobalData.

⁶ Based on date of 2023 Fisker Ocean LCA publication and public information available at that time.

⁷ 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, X, 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, statements regarding 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 or future events 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 continue as a going concern; Fisker's ability to enter into additional manufacturing and other contracts with Magna, OEMs, 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/20240502280413/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

Investor Relations:

Eric Goldstein

Head of Investor Relations

egoldstein@fiskerinc.com

Source: Fisker Inc.

FAQ

What are the new dealer partner locations added by Fisker?

Fisker added three new dealer partner locations in California: Lumin Fisker in Sacramento; LA Fisker and West Covina Fisker in Los Angeles County. Additionally, Fisker added Fisker of Kansas City, MO, and NEPA Fisker of Forest City, PA, as well as a distributor in Guam.

When did Fisker announce price reductions on 2023 Fisker Ocean models?

Fisker announced price reductions on 2023 Fisker Ocean models on March 27, 2024.

What is the range of the Fisker Ocean Extreme trim?

The Fisker Ocean Extreme trim has an EPA-estimated range of 360 miles in the US and a WLTP range of 439 miles / 707 km in Europe.

How many dealer partner locations and distributorships has Fisker signed agreements for in the US and territories?

Fisker has signed agreements for twelve dealer partner locations and distributorships in the US and territories.

Where can the new dealerships and distributorships be found?

The new dealerships and distributorships will soon be operational and listed on fiskerinc.com.