Fisker pivots to hybrid strategy of direct sales plus dealer partners offering ‘no haggle pricing’
Fisker Inc. has announced a new EV sales strategy that remains asset-light but can help boost sales of its flagship Ocean model. This morning, Fisker shared plans to adopt a network of approximately 100 dealer partners in addition to its direct sales model.
Fisker Inc. ($FSR) is already looking to turn over a new leaf in early 2024, following an encouraging 2023 that still landed well below original production targets. We saw the American automaker slash its output goals several times last year, most recently in early December, as it leaned down to prioritize liquidity.
The final production target sat at 10,000 annual units – a far cry from the 42,400 originally promised, but progress nonetheless. By lowering its targets (four times), Fisker was able to produce over 10,000 Ocean EVs in 2023 and deliver about 4,700 of them, sending company stock soaring.
When Fisker announced its updated production strategy to prioritize capital, it also shared that it was in “advanced discussions” with several automakers about possible strategic partnerships, with more details to come in 2024.
While we have yet to catch wind of any OEM partnerships, Fisker has confirmed a new network of dealer partners across North America and Europe.
Fisker announces dealer partners, beginning sales in Q1
Fisker shared that it has been in discussions with potential dealers since November 2023 and is now putting the (Ocean) wheels in motion to establish a partner network of about 100 dealers across North America and Europe.
Combined with its existing direct sales model, Fisker hopes its dealers can take advantage of larger market territories with less local competition, enabling no-haggle pricing (where permitted). Fisker Inc. chairman and CEO Henrik Fisker spoke:
As we saw throughout 2023, the EV market has changed dramatically. As a high-growth
startup, Fisker is transforming its strategic efforts by putting in place the brand accessibility and sales channels required to satisfy increasing demand for the Fisker Ocean and to prepare for launch of additional future models. As a result, we are evolving our business model and intend to add as many as 50 dealer partners in the US and Canada and a similar number of dealer locations in Europe this year. 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.
Fisker says it does not intend to require these new dealer partners to make any major or expensive changes to their existing facilities, helping limit the lead time before EV sales and service can commence. As for Europe, Fisker says it will follow the popular agency model and plans to sign agreements with sales and distribution partners in those respective markets while continuing direct sales.
Lastly, Fisker shared expectations of dealer partners receiving their first electric vehicles by the end of Q1 2024 and plans to have all those initial partners in place when its higher-volume vehicle models like the PEAR arrive.
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Slate Auto, a new EV startup backed by Jeff Bezos, has poached a key Tesla manufacturing leader to build its electric pickup truck factory in Indiana.
Napoleon Reyes is a US Marine from Indiana who got a degree in mechanical engineering from Purdue after leaving the force.
He then worked a few years at Subaru and Wabash before joining Tesla’s manufacturing team at the Fremont Factory in 2020.
There, he became part of the Model Y production ramp and was quickly promoted to lead the Model Y General Assembly in Fremont in 2022.
Reyes led Model Y GA, one of the most critical parts of vehicle manufacturing, for more than a year before being promoted again to lead new pilot processes at the factory.
Most recently, he led the launch of the general assembly line for the Model Y refresh.
The new engineering manager announced this week that he is leaving Tesla to join Slate:
A bit late on the post but after nearly 5 years working at Tesla in Fremont, I made the difficult decision to leave the Company and move closer to home with my family. It was an incredible experience being part of multiple line expansions and multiple Model Y program launches. Leading and managing the Model Y Refresh launch for GA in Fremont this year tested me professionally however we ultimately succeeded due to our amazing cross functional team collaboration. It’s been an absolute pleasure working with such great people, and I will forever be proud and thankful for everything we accomplished together.
I will be taking on a new role as Senior Manager, Plant Vehicle Engineering at Slate Auto in Warsaw, In.
Slate emerged from stealth mode earlier this year to unveil a new type of electric pickup truck featuring modular customization and an affordable price.
The company raised over $700 million through two rounds of investments from several different investors, including Jeff Bezos. It is currently raising more, which basically guarantees that it will be able to reach production.
The startup acquired a former printing plant in Warsaw, Indiana. It is currently converting to manufacture its electric pickup with a team from legacy automakers and also several former engineers and leaders from Tesla.
Rich Schmidt, an early Tesla manufacturing director, is the head of manufacturing.
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Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
Source: USPTO
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Environment
Podcast: Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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