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Fisker has thousands of unsold vehicles from 2023 it plans to sell in Q1

Credit: Fisker

Electric vehicle (EV) startup Fisker is looking to sell thousands of Ocean SUV units that it built but didn’t sell last year, as the company shifts away from its direct sales model to help improve delivery logistics.

After announcing plans this month to offer its EVs through both direct sales and dealership partnerships, Fisker said on Tuesday that it expects to sell all of the unsold units by the end of the first quarter, according to a report from Reuters. The automaker built over 10,000 Ocean SUVs last year, though logistical constraints caused it to only deliver around 4,700 units.

Fisker also expects that the sale of the units built but not sold in 2023 would generate substantial cash in Q1, which the company says will unlock more cash for working capital.

The automaker has also highlighted that its new dealership model is catching on, as over 100 automotive dealers in the U.S., Canada, and Europe have said that they are interested in becoming a Fisker dealer. In addition, the company is planning to host dealers at its company headquarters next week, located in Manhattan Beach, California, while a number of the automaker’s executives will appear at the National Automobile Dealers Association (NADA) next month.

The EV startup delivered the first Fisker Ocean launch edition in June, and it kicked off deliveries of the Ocean Sport trim in the United Kingdom late last month.

Following Fisker’s difficulty in delivering Ocean units last year, the automaker cut its production forecast during a delayed Q3 earnings call, noting that it hadn’t been able to keep up with the pace of production.

Earlier this month, the National Highway Traffic Safety (NHTSA) opened a probe into Fisker Ocean units, following complaints about a partial loss of braking on certain low-traction surfaces.

Fisker releases details on $29,900 Pear production in the US

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Fisker has thousands of unsold vehicles from 2023 it plans to sell in Q1
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