California-based EV startup Fisker signed a new dealer in Miami and several in Europe as it fights to turn things around. After announcing massive price cuts on its Ocean electric SUV last month, Fisker looks to grow its dealer network.
Fisker adds new dealers as price cuts roll out
After missing an interest payment and expressing “substantial doubt” in its ability to continue operations in March, Fisker announced it paused production for six weeks last month.
The move is to “align inventory levels and progress strategic and financing initiatives,” according to Fisker.
However, a week later, Fisker announced its talks with a “large automaker” over a potential investment had fallen through. To make matters worse, Fisker was de-listed from the NYSE, making it harder to raise funds.
Several days later, the EV maker slashed prices on 2023 Ocean electric SUV models by up to $24,000.
The 2023 Ocean Extreme price was cut from $61,499 to just $37,499. Meanwhile, the 2023 Ultra trim MSRP was reduced from $52,999 to $34,999, while the Sport was priced at $24,999, down from $38,999.
Fisker said the price cuts went into effect Friday, March 29, and similar reductions were implemented in Canada and Europe.
The EV maker announced Monday it signed Fisker Miami as a dealer partner, its second in Florida following Jacksonville.
“Florida is an important EV market for Fisker, so we are excited that we can welcome Fisker Miami to our growing group of dealer partners,” a Fisker spokesperson said.
With the new addition, Fisker now has six dealer partners in the US amid its strategic shift revealed earlier this year.
In addition to the new US dealer, Fisker has signed dealer partners in Hilleord, Denmark, and Innsbruck, Australia, for 12 in Europe. Fisker previously signed dealer partners in Austria, France, Germany, Norway, and Switzerland.
In a separate report from Automotive News, the few Fisker dealers remain optimistic about the brand.
Van Ranguelov, the principal dealer at Fisker Albany in New York, said interest has been good. “As of now, we’re still moving cars.”
“Time will tell what happens. I love the car, it’s very solid and very well-built. We just hope for the best,” he added.
Fisker told Automotive News it has received a large number of leads following the price cuts. Meanwhile, the EV maker’s cash has dwindled to just $120.9 million (as of March 15, 2024) after it made “significant payments” to suppliers. Wall St analysts warn Fisker is headed for bankruptcy.
After building zero EVs in January, Fisker built about 1,000 from February 1 to March 15. Fisker said it sold about 1,300 vehicles in the first two months of 2024.