Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
The electric vehicle (EV) startup Fisker announced on Thursday the addition of six dealer partners in the US bringing the number up to 12.
The company has now a total of 24 locations when adding the 12 dealers in Europe — nearly the triple from the 9 dealer locations the company was partnering with four weeks ago.
In the recently filed annual report, Fisker said that was “selecting its dealers based upon multiple criteria, including a dealer’s ability to deliver a high level of customer satisfaction”.
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Two weeks ago, in mid-April, Fisker had announced new dealer partners in the U.S. and Europe having. As of today, Fisker has dealer partners in six European countries including Denmark, Austria, France, Germany, Norway, and Switzerland.
In California, Lumin Fisker in Sacramento and LA Fisker and West Covina Fisker, both in Los Angeles County, have joined Fisker’s growing Dealer Partnership roster.
“Fisker has also added two US dealer partner locations: Fisker of Kansas City, Missouri, and NEPA Fisker of Forest City, Pennsylvania, as well as a distributor in Guam, Fisker Guam. These new dealerships and distributorships will soon be operational and listed on fiskerinc.com,” the company stated.
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Business insider reported yesterday that Fisker technicians have been using parts from pre-production vehicles and existing inventory to repair some customers’ cars.
Facing a backlog of customer service requests and a shortage of available parts, Fisker employees have reportedly removed parts from what some refer to as “donor cars” which include pre-production and production vehicles stored in La Palma, California.
The publication mentions reported it has seen an email exchange where a Fisker employee offered to fix a customers’ car using parts from another vehicle, stating that these parts were “good as new.”
Yesterday, May 1st, marks the deadline for Fisker’s agreement with the investor as the startup engages in talks with automakers regarding a potential buyout to avert bankruptcy. Fisker’s shares closed 10.70 percent lower on Tuesday at $0.0500 per share.
As per Fisker’s SEC filing, the investor agreed to temporarily forbear from demanding immediate redemption of the investment to the company from April 21 until today, May 1st.
In a recent SEC filing, the EV startup Fisker disclosed it missed an $8.4 million installment payment on March 29, violating its agreement with the investor triggering the right to demand immediate redemption of their investment to the company.
Fisker has recently withdrawn all financial and operational guidance for 2024 and appointed both Deutsche Bank and PJT Partners as financial advisors to explore strategic alternatives.
The founder and chief executive told staff last week that the company is in talks with four automakers for a possible buyout. However, if the agreements fail, Fisker may have to file for bankruptcy protection within 30 days.
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Magna, the manufacturing partner, notified its workforce in Graz (Austria) last week that will reduce around 500 positions. With the production of the Fisker Ocean model halted for an undetermined time, Magna found itself compelled to implement substantial workforce reductions.
Fisker spent $904.9 million in cash in operating and investing activities during 2023 and saw its cash balance decrease by 411 million. The company disclosed its cash balance reduced from $736.5 million by the end of 2022 to $325.5 million on December 31, 2023.
Fisker received the delisting notice of its stock from the New York Stock Exchange on March 25 and started trading on the OTC market, where securities trade via a broker-dealer network.
Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
NEVER MISS AN UPDATE
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