Why Fisker Shares Are Rising Friday

Fisker Inc. FSR shares are trading higher on Friday.

The company’s CEO, Henrik Fisker, plans to attend the National Automobile Dealers Association (NADA) show to shift to dealer partnerships strategically.

NADA SVP Jonathan Collegio will interview CEO Fisker on Friday, February 2.

Fisker said it has over 100 North American and European dealers who have expressed interest in signing up for the new Dealer Partnership model.

“With over 100 dealers in North America and Europe who have already expressed interest in becoming a partner, Fisker has shown it has much to offer with our unique features and class-leading range, as well as striking, sustainable design,” Fisker said. 

On January 4, Fisker announced a strategic shift to dealers from direct sales for higher volume production of additional future models. The company said it expects to deliver its first vehicles to dealers in February.

Related: EV Startup Fisker Embraces Dealership Model To Boost Sales – What’s On The Cards?

“I also believe we will generate more cash with our dealer model than selling direct,” Fisker added.

At the beginning of the year, Fisker announced it was shifting its vehicle distribution strategy toward an innovative Dealer Partnership model in North America and hybrid model in Europe.

Based on the new dealer initiative combined with direct sales, Fisker said it expects to sell all of its remaining 2023 vehicles by the end of the first quarter. The company noted that it will provide a delivery update next month.

Price Action: FSR shares are trading higher by 5.62% to $0.7887 on the last check Friday.

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