Fisker Expands Dealer Network ,Slashes Prices on 2023 Models

Apr 16, 2024 01:47 AM EDT

CITY STREET PHOTO CARS — (Photo : PEXELS/Nout Gons)

Fisker expands its dealership network, welcoming a new partner in Miami and multiple additions across Europe, amidst its endeavor for a turnaround. Following recent announcements of significant price reductions on 2023 models, Fisker pursues further growth, boasting a total of six dealer partners in the US. This strategic evolution to the Dealer Partnership model commenced in January 2024.

New Dealership for Fisker

According to Auto Connected Car, Fisker Inc. ("Fisker"), committed to crafting emotionally resonant and environmentally friendly electric vehicles, has officially welcomed Fisker Miami as a dealer partner, marking its second presence in Florida after Fisker Jacksonville's enrollment in the Dealer Partnership program earlier this year.

With this latest addition, Fisker now boasts a total of six dealer partner locations across the United States, reflecting the company's strategic shift to the Dealer Partnership model announced in January 2024.

Expanding its global footprint, Fisker has also secured dealership partnerships in Hilleord, Denmark, and Innsbruck, Austria, elevating its European count to 12 dealer partners. This development builds upon previous collaborations established in Austria, France, Germany, Norway, and Switzerland.

According to Electrek's report, the EV maker made an announcement on Monday regarding the signing of Fisker Miami as a dealer partner, marking its second presence in Florida following Jacksonville.A critical EV market for Fisker, Florida's significance is underscored by the addition of Fisker Miami to their expanding network of dealer partners, remarked a spokesperson from Fisker.

In a separate report from Automotive News, the remaining Fisker dealers maintain optimism about the brand's future. Van Ranguelov, the principal dealer at Fisker Albany in New York, expressed satisfaction with the level of interest.

Fisker provided information from a recent Automotive News article, which revealed that even though they are having financial difficulties, they have seen an increase in leads after making price reductions. Nonetheless, the company's financial status is still perilous; as of March 15, 2024, cash reserves had dropped to $120.9 million as a result of significant supplier payments.

Wall Street analysts have expressed concerns about Fisker's financial stability. Fisker observed a significant uptick in production in spite of these obstacles; following a production pause in January, about 1,000 EVs were created between February 1 and March 15. Additionally, Fisker revealed that they sold about 1,300 cars in the first two months of 2024, demonstrating the persistence of customer demand in their offerings.

Price Cuts for Fisker EVs

As reported by The UBJ, Fisker faced delisting from the U.S. stock market amidst bleak predictions for its prospects. In response, the company initiated substantial price reductions, slashing nearly 40% off the prices of its Ocean model, aiming to diminish stockpiles in anticipation of potential bankruptcy. However, these efforts were met with tepid consumer interest, further complicating Fisker's situation.

With Fisker's latest adjustments, potential purchasers have the opportunity to capitalize on significant savings of up to $24,000 on the Ocean electric vehicle. The top-tier model, previously priced at $61,499, now sits at $37,499, while the base model sees a substantial decrease from $38,999 to just $24,999. Despite these considerable price cuts, the looming threat of bankruptcy casts a shadow over consumer confidence, complicating the decision-making process for prospective buyers.