Fisker releases business update, prioritizing deliveries and advancing partnership discussions

Fisker Inc. (NYSE:) announced Friday that the electric car maker has implemented a new strategy aimed at optimizing deliveries in the US and Europe, overcoming early logistics hurdles and sustaining an increasing pace of deliveries.

On Thursday, Nov. 30, Fisker had 123 vehicles either delivered or in transit to customers.

“Our teams have worked hard to overcome some early delivery challenges and are now setting an impressive pace as we prepare to close out 2023,” said CEO Henrik Fisker.

“This is yielding considerable revenue as we ramp up our business. I expect by the end of this year we will have delivered more customer cars than any Western EV startup did in their first year of deliveries.”

Fisker opened its first Fisker Lounge in New York City’s Meatpacking District and boosted its delivery operations by setting up company-owned sites worldwide, supported by an expanding team of Fisker staff.

Additionally, the company has partnered with multiple transportation logistics firms to expedite the movement of Fisker Oceans to delivery destinations, ensuring swifter delivery to customers.

The company now has 14 US facilities devoted to retail, deliveries, and service that are open or planned to open over the coming months, with plans to open three more by the end of 2023.

Fisker has collaborated with Boxer Property, leveraging their extensive real estate portfolio for vehicle logistics and delivery purposes. Boxer was founded in Dallas in 1992 by initial Fisker investors, Andrew Segal and Justin Segal.

Presently, Boxer oversees a vast expanse of 15 million square feet encompassing office spaces, resorts, and malls.

Additionally, having successfully secured all necessary approvals, licenses, and met insurance prerequisites, Fisker is now authorized to sell vehicles in Canada. The company is set to begin transporting vehicles from U.S. ports to its Canadian customers starting next week, with deliveries scheduled to begin in December.

Fisker also revealed Friday that the company is in “advanced discussions” with several automakers, pursuing agreements to sell EPA Greenhouse Gas (GHG) emission credits. The company expects to generate approximately 2.7 million GHG Credits by the model year 2025. Additionally, within Europe, the company has entered in a pooling agreement, and expects the monetization of credits linked to its 2023 vehicle registrations.

In a strategic decision, Fisker has reduced December production to prioritize liquidity to make available over $300 million of working capital. Consequently, Fisker is revising its production guidance to slightly surpass 10,000 units for the year 2023.

Shares of FSR are up 2.53% in pre-market trading on Friday.