Fisker (NYSE: FSR) stock spiked on news of expanding its US dealer network through new partnerships.
Fisker, the American electric vehicle manufacturer, is making waves with the announcement of its dealership network expansion. The company has inked deals with two new partners, adding three new locations across the United States. This strategic move underscores the company’s commitment to enhancing customer experience and dealer operations through its innovative Dealer Partnership model, which has now garnered a total of 12 partners spanning the US and Europe.
The newly announced dealerships—Fisker Albany in New York, Fisker Jacksonville in Florida, and Fisker Indianapolis in Indiana—are integral components of Fisker’s shift from direct sales to a dealership model. This transition aligns with the company’s asset-light business strategy, aimed at streamlining operations and expediting the delivery process of its flagship Fisker Ocean SUV and forthcoming vehicle models.
Fisker’s Dealer Partnership Model
Fisker’s Dealer Partnership model is revolutionizing the buying experience with its no-haggle pricing approach (where permissible), ensuring customers receive exceptional service at every touchpoint. For dealers, this model promises expanded market territories, enabling them to maintain competitive pricing without the burden of local competition. Fisker emphasizes that this mutually beneficial approach benefits all stakeholders involved—customers, dealers, and the company itself.
Fisker’s approach has garnered interest from over 250 dealers in North America and other regions, underscoring the growing demand for electric vehicles and the strength of the Fisker brand. The company is currently delivering the all-electric Ocean SUV, which starts at $38,999 and boasts an EPA estimated range of up to 360 miles, positioning it as a leader in its class for range and sustainability.
The sustainability credentials of the Ocean SUV are an essential selling point, with Fisker highlighting its use of recycled and bio-based materials, production in a carbon-neutral facility, and the integration of rooftop solar panels, which can add up to 1,500 miles of range per year under ideal conditions.
Henrik Fisker, the Chairman and CEO of Fisker, conveyed his enthusiasm regarding the dealers’ confidence in the sales potential of the Ocean SUV. He attributed this to its competitive edge and best-in-class features.
Fisker (NYSE: FSR) Stock Price Action
FSR stock soared 8.16% to close at $0.73 on Wednesday. The traders had exchanged hands with 63,659,907 (63.65 million) shares compared to the average daily trading volume of 36.84 million.
