Fisker stops development of new electric vehicles

Fisker has decided to change its electric vehicle plan after reviewing its financial results for 2023. They are suspending the development of new models until additional funding is secured and moving to a strategy of selling through dealers instead of direct to consumers. The company is laying off 15 per cent of its workforce.

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In the fourth quarter, Fisker earned $200.1 million, but its gross profit fell by 35 per cent, resulting in a loss of $1.23 per share. Their only electric vehicle on the market, the Ocean SUV, was produced in 10,193 units, but only 4,929 were shipped.

The company began the transition to a dealer sales strategy, introducing it in January, and has already attracted the interest of 250 dealers in North America and Europe, and signed 13 deals. Fisker's CEO, said the manufacturer is preparing for a challenging 2024 and plans to deliver between 20,000 and 22,000 Ocean vehicles worldwide.

Fisker is also in talks with a major automaker to invest in and co-produce new electric vehicles. This leads to a delay in the production of the previously announced Alaska EV pickup truck for an indefinite period. It was originally planned to start production in early 2025.

Source: Fisker