Fisker (NYSE:FSR) stock is in the green after the electric vehicle (EV) company announced that it would host a dealer open house at its Manhattan Beach headquarters on Jan. 30 in order to advance its dealership partner model. Fisker currently has over 120 dealers in the U.S. and Europe that have expressed interest in its new dealer partnership strategy and expects to announce dealer commitments soon. That’s up from over 100 dealers as of Jan. 23. The company has already signed its first European dealer after opening dealer discussions in November.
“Fisker is making this move to align with its asset light business model and to scale for significant acceleration of Fisker Ocean deliveries and higher volume production of additional future models,” said the company.
Earlier this year, Fisker announced a business model change in the U.S and Europe from direct sales to a dealership partnership model. The company plans on having 100 dealership locations in the two regions. In Europe, Fisker will continue to offer direct sales with the addition of sales and distribution partners.
FSR Stock: Fisker Doubles Down on Dealership Strategy
Fisker is enacting the change in order to expand its no-haggle pricing strategy in eligible regions and for its dealer partners to have larger sales territories. Fisker also expects the strategy to expand its test drive network.
With the new model, Fisker seeks to expedite the pace of sales using an asset-light approach. Its flagship Ocean EV is expected to be delivered to dealers by the end of the first quarter. The vehicle currently starts at $38,990 with an EPA range of 360 miles.
After the open house, leaders of Fisker, including the CEO, will attend the National Automobile Dealers Association Show in Las Vegas beginning on Feb. 1 in order to collaborate with additional dealers.
Shares of FSR stock are already down by over 45% in a rough start to the year. During the fourth quarter, Fisker produced 10,732 vehicles and delivered approximately 4,700 of them. Deliveries increased by over 300% when compared to the third quarter.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
