California-based electric vehicle (EV) startup Fisker is seeking to improve its financial situation by expanding its dealer network. The company has recently recruited a new dealer in Miami and several others in Europe after announcing a significant price reduction for its Ocean electric SUV.
Last month, Fisker halted production for six weeks due to non-payment of interest and doubts about its ability to continue operations in March. The company stated that this decision was made to manage inventory levels and focus on strategic and financing initiatives.
The company reduced the price of its 2023 Ocean Extreme from $61,499 to $37,499, the MSRP for the 2023 Ultra trim from $52,999 to $34,999, and the cost of the Sport from $38,999 to $24,999. Comparable price reductions were made in Canada and Europe, and the price cuts took effect on March 29.
A week later, Fisker announced discussions with a “large automaker” about a possible investment had fallen through. The company’s delisting from the NYSE has made raising funds harder and further complicated the situation.
However, on April 15, the company announced that it had partnered with Fisker Miami as a dealer, its second location in Florida alongside Jacksonville.
The EV startup now has six dealers in the U.S. and 12 in Europe, including Hilleord, Denmark, and Innsbruck, Australia.
As of March 15, 2024, the company’s cash had dropped to just $120.9 million due to significant payments it made to suppliers. After producing no electric vehicles in January, Fisker produced around 1,000 units between February 1 and March 15. The company sold over 1,300 cars in the first two months of 2024.
