Fisker nyse Fsr Stock Rallies Amidst Anticipation for Los Angeles Dealer Event

Fisker (NYSE: FSR) Stock Rallies Amidst Anticipation for Los Angeles Dealer Event

Fisker (NYSE: FSR) shares soared almost 14% on Monday after the EV maker announced its plans to host a dealer open house on January 30 in Los Angeles as part of its efforts to advance its dealer partnership strategy.

Fisker (FSR) will host a dealer open house at its headquarters in Manhattan Beach, CA, on Tuesday, January 30. The event will likely reveal commitments to its newly devised Dealer Partnership strategy. Notably, the company has already secured its first dealer, located in Europe.

According to the Chairman and CEO Henrik Fisker, he is eager to personally meet with prospective dealers and announce the onboarding of their initial dealer partners.

He stated,

“Over 120 dealers in North America and Europe have expressed interest in our new Dealer Partnership model, and this open house event is a very important step toward growing our business and getting more vehicles to customers in 2024.”

Post the open house, Fisker executives, including Henrik Fisker, will attend the National Automobile Dealers Association Show in Las Vegas, scheduled from February 1-4. The aim is to engage with more dealers to bolster the Dealer Partnership strategy.

Fisker’s Business Model Shift

Fisker (NYSE: FSR) has recently unveiled a strategic shift in its business model. Moving away from direct sales to customers in North America, the company is now embracing an innovative Dealer Partnership model. This model is designed to offer customers no-haggle pricing on Fisker vehicles (where allowed) and provides its dealer partners with larger market territories. This approach enables them to maintain pricing without the worry of local competition. This transition, announced on January 4, 2024, aligns with Fisker’s asset-light business model, which allows the company to scale significantly for Fisker Ocean deliveries and increased production of future models. The company is currently in advanced talks with several potential dealers and anticipates delivering its first vehicles to dealers in February.

Fisker is presently delivering its all-electric Ocean SUV, priced at $38,990, across the US, Canada, and Europe. In the US, the Ocean boasts an EPA range of up to 360 miles, the most extensive among new electric SUVs. The Fisker Ocean, the most eco-friendly electric SUV, boasts the lowest carbon footprint. It incorporates over 110 lbs. of recycled and bio-based materials, is manufactured at a carbon-neutral facility, and features integrated rooftop solar panels, contributing an additional 1,500 miles/year of range.

Fisker (NYSE: FSR) Stock Movement

FSR stock climbed 13.55% on Monday. The traders had exchanged hands with 48,618,680 (48.61 million) shares compared to the average daily trading volume of 30.03 million.