Fisker, an electric vehicle (EVs) startup, has signed four new dealer partners in the United States as part of a strategic shift in its business model.
Mills Automotive Group, Ourisman Fisker, Classic Fisker, and Long Island Fisker have joined the Dealer Partnership program, which Fisker announced on January 4 to switch from selling directly to consumers in North America.
The Dealer Partnership model offers Fisker vehicle pricing without haggling and excellent customer service to dealer partners in bigger market regions, enabling them to maintain pricing without worrying about local competition.
Mills signed as Fisker’s first dealer partner in the U.S. at the company’s inaugural dealer open house on January 31, and it will open three Fisker dealerships: one in Greenville, South Carolina (Stateline Fisker) and two in Charlotte and Raleigh, North Carolina (Triad Fisker). Moreover, Long Island Fisker signed this week, and Ourisman and Classic Fiskers signed earlier this month at the NADA Show in Las Vegas. Ourisman Fisker, a fourth-generation dealership group, will be based in Rockville, MD, in the Washington, DC, area. Long Island Fisker plans to open a location in the New York state region and another in New Jersey, while Classic Fisker will open a location in Atlanta. Overall, these dealer partners intend to open seven locations.
Additionally, Henrik Fisker, the Chairman and CEO, said, “The dealer partners we have enlisted so far have a shared dedication to EVs and their communities, many of which they have been a part of for generations. We just announced the Dealer Partnership model a little over a month ago, and I’m excited by its rapid progress.”
Furthermore, the company said due to its shares closing below $1 for 30 consecutive trading days, the company received a non-compliance notice from the New York Stock Exchange. Non-compliance may lead to delisting, prompting companies to resort to reverse stock splits for minimum price requirement compliance. Fisker clarified that the notice doesn’t immediately trigger delisting, providing a six-month window to regain compliance.
