Fisker (FSR) to deliver remaining 2023 units in 1Q24, dealer-partner model gains traction

Electric automaker, Fisker Inc. (NYSE: FSR) revealed Tuesday that the company expects to sell the remaining inventory of nearly 5,000 vehicles manufactured last year by the end of the first quarter as the company’s newly introduced dealer-partner model has already attracted attention.

Over 100 potential dealers in the United States, Canada, and Europe have expressed interest in collaborating with Fisker, the EV company said.

Despite producing over 10,000 vehicles in 2023, the EV startup faced logistical challenges, resulting in the delivery of approximately 4,700 units of the Ocean sport utility vehicle.

Fisker expects to generate significant cash in the first quarter of 2024 by selling last year's manufactured vehicles, which will boost working capital.

Earlier this month the company announced that they would expand the company’s sales network by adding dealerships alongside its direct-to-customer model. Fisker will meet with potential dealers at its headquarters in Manhattan Beach and attend the National Automobile Dealers Association (NADA) show in early February.

Fisker's shares rose 17% on Monday after signing agreements allowing the use of intellectual property for strategic collaborations with an investor.

Fisker added that the company has also reduced its overall debt by $185.5 million to $324.5 million through conversions by a convertible notes holder.

Shares of FSR are up 12.37% in pre-market trading Tuesday morning.

By Michael Elkins | [email protected]

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