Fisker Stock: Struggling EV Maker Adds 3 New Dealer Partners


  • Fisker (FSRN) has announced multiple new dealer partnerships.
  • This news boosted FSRN stock today, although the momentum is already running out.
  • Despite this positive development, the company is facing a rough road ahead.
Fisker stock - Fisker Stock: Struggling EV Maker Adds 3 New Dealer Partners

Source: T. Schneider /

Some struggling companies just can’t seem to die, no matter how far they fall. For weeks, electric vehicle (EV) startup Fisker (OTCMKTS:FSRN) has been taking investors on a wild ride that can only be compared to a roller coaster. The company has managed to rise on dealer partnerships, then quickly fall again as the shadows cast by the threat of bankruptcy continue to close in. Today, Fisker stock is in the green after announcing it has added three new dealer partners.

But even as shares rise, questions abound as to how long it can continue operations. After spending months upon months bleeding value, the company faces a future wrought with uncertainty and a hardly favorable economic landscape.

What’s Happening With Fisker Stock

As of this writing, Fisker stock is up 14% for the day, down slightly from its peak of 16%. Despite some volatility, it has remained in the green, though its current trajectory suggests that this momentum is running out. However, even after surging late last week, FSRN has remained firmly in the red for the past week and month, displaying extreme turbulence and no sustainable growth indicators.

This morning’s momentum comes from Fisker’s new partnerships, two in California and one in New Jersey. According to a company statement, it has also “waived the $2,438 Destination and Handling fee on model year 2023 Fisker Ocean Extremes and Ultras in the US.” While this news is enough to generate some quick momentum, it likely isn’t enough to keep the stock trending upward, especially when the stock has Fisker’s troubled history.

It’s hard for a company to recover after losing its spot on a major stock exchange. Fisker knows that all too well. After the company lost its spot on the New York Stock Exchange, shares have mostly trended downward. Even on a good news day, the bad far outweighs the good when it comes to Fisker. As InvestorPlace contributor Alex Sirois reports:

“Reservation cancellations have topped 40,000 overall. The once promising company is now very close to bankruptcy… Following a full delisting on April 22, shares now trade over the counter. The decline is among the most rapid EV investors have seen yet. I personally would have expected either of the two companies immediately above to fold before Fisker. Nevertheless, avoid Fisker which has lost nearly 100% of its value.”

Even with the occasional surges that have kept Fisker stock from plummeting to rock bottom, it’s hard to ignore the fact that shares are down almost 98% year-to-date (YTD). Dealer partnerships sound good in theory, but they definitely aren’t helping the company mount an actual comeback.

Why It Matters

At this point, there are so many strikes against Fisker that they cancel out almost every positive catalyst. Yes, it has managed to ink new dealer partnerships, but last week, the company announced plans to close its headquarters in Manhattan Beach, California. A few days ago, the National Highway and Traffic Safety Administration’s (NHTSA) Office of Defects Investigation (ODI) began an investigation into potential problems with Fisker’s braking system. This isn’t even the first time it has conducted such a probe.

Fisker stock is already falling and is likely to slip back into the red soon. This shows that even positive news isn’t usually enough to resurrect a fallen company. And to say that Fisker has fallen far would be an understatement.

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On the date of publication, Samuel O’Brient 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 Publishing Guidelines.

Samuel O’Brient is a Reporter for InvestorPlace, where his work focuses primarily on financial markets, global economic trends, and public policy. O’Brient writes a weekly column on recent political news that investors should be following.

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