LOS ANGELES - Fisker Inc. (OTC:FSRN), an electric vehicle manufacturer, announced the expansion of its dealer network with the addition of three new locations in the United States, two in California and one in New Jersey.
The company has also eliminated the $2,438 Destination and Handling fee for remaining model year 2023 Fisker Ocean Extremes and Ultras in the US and reported that the 2023 Sport trim level is now sold out in the continental US.
Newport Fisker in Orange County, Fisker of San Jose, and Belford Fisker of Belford, New Jersey, are the latest additions to Fisker's dealer partnership model, which was strategically shifted in January 2024.
The new dealerships are set to become operational soon and will be authorized to sell vehicles. They will be listed on the company's website, fiskerinc.com, marking a total of fifteen dealer partner locations and distributorships now established in the US and its territories.
A Fisker spokesperson expressed enthusiasm for the growing dealer network, emphasizing the importance of expanding their dealer presence in California and the addition of New Jersey to their East Coast network. The spokesperson highlighted the waived Destination and Handling fee as a move to offer more value to new Fisker customers.
In a separate announcement made on March 27, Fisker reduced the Manufacturer's Suggested Retail Price (MSRP) on several model year 2023 Ocean trims. The 2023 Ocean Extreme's price was cut by $24,000 to $37,499, the Ultra trim to $34,999 from $52,999, and the now sold-out Sport trim to $24,999 from $38,999. Similar price reductions were announced for Canada and Europe.
The 2023 Fisker Ocean models, equipped with the latest Ocean OS software version 2.0, come with up to $7,000 worth of additional options included in the discounted price. The Ocean Extreme boasts an EPA-estimated range of 360 miles, which is the longest range for an electric SUV in its US segment, and a WLTP range of 439 miles in European markets.
The vehicle also claims the lowest published carbon footprint for an electric SUV, built at a carbon-neutral facility, and features rooftop solar panels that can add up to 1,500 miles per year of range.
Fisker Inc., headquartered in California, aims to create sustainable electric vehicles.
This article is based on a press release statement from Fisker Inc.
InvestingPro Insights
As Fisker Inc. continues to expand its dealer network and adjust pricing strategies to enhance customer value, it's crucial to consider the financial health and market performance of the company. According to InvestingPro data, Fisker Inc. has a notably small market capitalization of $53.12 million, reflecting its position as a relatively minor player in the automotive industry. The company's revenue saw an astronomical increase over the last twelve months as of Q4 2023, skyrocketing by 79,690.35%, which may signal a significant uptick in sales or one-time gains.
However, the financial data also reveals that Fisker Inc. is grappling with profitability challenges. The gross profit margin for the same period stood at -104.78%, indicating that the company is not only failing to make a profit but also losing more than a dollar for every dollar of revenue generated. This is further compounded by an operating income margin of -220.77%, reflecting high operational costs relative to revenue.
From an investment perspective, the stock has experienced a tumultuous period, with a 1-week price total return of -22.65% and a staggering 1-year price total return of -99.43%. These figures highlight the volatility and significant risk associated with investing in Fisker Inc. at this time. Notably, the stock does not pay a dividend, which might deter income-focused investors.
Turning to InvestingPro Tips, analysts express concern over Fisker Inc.'s significant debt burden and question the company's ability to make interest payments, a situation that is exacerbated by the rapid cash burn. Despite these challenges, analysts do anticipate sales growth in the current year, which could be a positive sign for the company's future performance.
For readers interested in a deeper dive into Fisker Inc.'s financials and to access additional insights, there are 17 more InvestingPro Tips available at https://www.investing.com/pro/FSRN. Don't forget to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a more comprehensive understanding of Fisker Inc.'s investment potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.