Fisker (NASDAQ:FSR) stock is in the spotlight as the electric vehicle (EV) company has kicked off its Fisker Electrified Tour. The tour will make its first stops in Sunrise, Florida and Nashville, Tennessee, before making its way to other locations that include cities in Texas, New Jersey and Virginia. The tour will be held in a total of 11 U.S. states across 17 cities. After the final stop, the tour will end on March 31.
“We’ve had huge customer demand to test drive the world’s most sustainable vehicle, and we’ve listened,” said chairman and CEO Henrik Fisker. “Our team is on the road, ready to give families, EV enthusiasts, and first-time EV buyers the chance to drive the Ocean, and to enjoy the vehicle’s innovative design and world-class leading features.”
FSR Stock: The Fisker Electrified Tour Begins Today
Throughout the tour, Fisker expects to complete over 2,500 test drives of its flagship Ocean EV. Potential customers who cannot make the tour can still view the vehicle at Fisker Lounges in Los Angeles and New York City and at dealer partner locations.
Earlier this year, Fisker announced a business model change from direct-to-consumer (DTC) to a dealer partnership approach. In Europe, the company will continue its DTC strategy alongside a dealer partnership strategy. By the end of the year, Fisker expects to have about 100 dealer locations in the U.S. and Europe. Discussions with potential dealers began last November, and the first dealers are expected to receive vehicles at the end of the first quarter.
“In keeping with our asset light strategy, I expect the Dealer Partnership model should enable Fisker to expand its sales and delivery network at a faster pace,” said Henrik Fisker.
At the same time, FSR stock has closed below the key $1 level since Jan. 16, which is a big problem. That’s because Nasdaq has a minimum price requirement of $1. Nasdaq will send the company a deficiency notice if its shares close below $1 for 30 consecutive trading days. In the event of this situation, FSR would have to close at or above $1 for at least 10 consecutive trading days in order to regain compliance.
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.
