Fisker Inc., an American electric vehicle manufacturer, has announced the expansion of its dealer network with the addition of four new dealer partners. This strategic development is part of Fisker’s broader initiative to enhance its retail presence across North America and Europe, signaling a shift from direct sales to a Dealer Partnership model.
The new partnerships include Ourisman Fisker, Classic Fisker, and Long Island Fisker, alongside the previously announced Mills Auto Group, marking a pivotal moment in Fisker’s distribution strategy.
Fisker’s decision to expand its dealer network comes at a time when the automotive industry is witnessing a significant transformation, driven by a global shift towards sustainable transportation solutions. The company’s innovative Dealer Partnership model is designed to provide dealers with access to an exclusive American EV brand, offering a unique business proposition in the rapidly growing electric vehicle market.
This model not only facilitates the scaling up of deliveries for Fisker’s flagship vehicle, the Fisker Ocean SUV, but also aims to increase production capacity for future models.
The newly announced dealer partners are set to operate across several key states, including North Carolina, South Carolina, Georgia, Maryland, New York, and New Jersey, with a total of seven locations. This expansion reflects Fisker’s commitment to making its cutting-edge electric vehicles more accessible to consumers across the United States.
The company’s approach has garnered significant interest from over 250 dealers in North America and beyond, eager to be part of Fisker’s growing network.
Henrik Fisker, Chairman & CEO of Fisker Inc., expressed his enthusiasm for the rapid progress of the Dealer Partnership model. He highlighted the shared commitment of the new dealer partners to the future of electric vehicles and their dedication to serving their communities, many of which span multiple generations.
Fisker emphasized the importance of providing top-level service and fostering ongoing relationships with owners of the Fisker Ocean SUV, an award-winning and class-leading electric vehicle.
In addition to expanding its dealer network, Fisker also disclosed that it received a notice from the New York Stock Exchange (NYSE) regarding non-compliance with the NYSE Listed Company Manual. This notice was issued because Fisker’s shares had been trading below $1.00 per share over a consecutive 30 trading-day period. However, the notice does not immediately affect Fisker’s listing on the NYSE.
The company has expressed its intention to notify the NYSE of its plans to regain compliance with listing standards within the stipulated 10 business days. Fisker remains optimistic about its ability to meet the NYSE’s requirements, considering all available options, including a potential reverse stock split subject to stockholder approval.
This announcement comes at a crucial time for Fisker as it continues to navigate the challenges and opportunities within the electric vehicle market. The expansion of its dealer network and the strategic shift towards a Dealer Partnership model represent significant steps forward in Fisker’s mission to revolutionize the automotive industry with sustainable, innovative electric vehicles.
As Fisker works to address its stock compliance issue with the NYSE, the company’s focus on expanding its retail footprint and enhancing customer service through its dealer partners underscores its commitment to long-term growth and success in the electric vehicle sector.
