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Fisker confirms potential EV partnership with "large automaker"
Fisker confirms potential EV partnership with "large automaker"

Fisker confirms potential EV partnership with “large automaker”

Stephen Edelstein
March 1, 2024
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Electric Cars

Fisker is in talks with an unnamed “large automaker” for a potential investment, development of one or more EV platforms, and North American manufacturing.

The announcement, first reported by Automotive News, came directly from Fisker’s fourth-quarter 2023 earnings report Thursday. The company reported a $463 million net loss for the quarter.

Fisker Alaska electric truck concept

Fisker Alaska electric truck concept

Fisker has so far relied on contract manufacturing for production of its sole model, the Ocean electric SUV. Production of the Ocean started in November 2022 at Magna’s facility in Austria, but deliveries have trickled out due to a number of issues.

Fisker has in the meantime begun pivoting to a dealer-based sales model, to supplement direct-sales efforts depending on the market. The company announced the dealer pivot in January, and since then has signed up 13 dealers—with locations in New York, Florida, and Indiana confirmed just this week—while receiving over 250 “expressions of interest” from dealers in North America and Europe, Fisker said in its quarterly earnings report.

Fisker Pear

Fisker Pear

The company added that its business plan is “highly dependent” on the shift to a dealer-based model, adding that it will need to seek additional equity or debt financing in 2024 or risk having to cut costs and reduce Ocean production.

Fisker didn’t spare any ambition last August when it revealed plans for the $30,000 Pear, the $45,000 Alaska pickup, and a $385,000 grand tourer. The company has suggested that its Pear EV might be built by Foxconn, in the U.S., and should it reach production, the Pear’s low base price could put it into competition with the reconstituted Chevrolet Bolt EV. Thursday’s update appeared to also indicate the potential Foxconn partnership has dissolved, while some of those projects are delayed or on pause during the negotiation.

Electric Cars

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