Electric vehicle manufacturer Fisker is set to expand its market presence significantly in the United States, Canada, and Europe through a substantial increase in its dealership network.
The company recently announced a dealer partnership model in North America and a hybrid model in Europe, combining direct sales to consumers with dealer arrangements. Over 100 dealers have expressed interest in selling Fisker models, and the company plans to host these potential partners at its headquarters in Manhattan Beach.
Fisker's chairman and chief executive, Henrik Fisker, along with other company executives, will attend the National Automobile Dealers Association show in early February to engage with prospective dealers. The company is optimistic about partnering with dealers who already handle multiple brands and possess existing electric vehicle infrastructure, facilitating a seamless addition of Fisker vehicles to their inventory.
In addition to outlining its dealership strategy, Fisker projects the sale of nearly 5,000 excess vehicles produced last year by the end of the current quarter. Despite logistical challenges resulting in the delivery of approximately 4,700 out of over 10,000 produced Ocean SUVs in 2023, Fisker anticipates generating substantial cash flow from the sale of these vehicles.
Furthermore, the company has successfully reduced its overall debt by $185.5 million to $324.5 million through a series of conversions by a senior convertible notes holder.
Looking ahead, Fisker has ambitious plans beyond its Ocean model. The company is actively developing an entry-level model known as the Pear and aims to introduce an electric pickup truck and the high-performance 1,000 hp Ronin in 2025.