Fisker updates on Chinese expansion and reveals targeted opening date for Fisker Lounge Shanghai.
Today, Fisker provided a new update on its progress to enter into the Chinese market. This journey has been marked by strategic planning, visionary leadership, and a commitment to build a global brand. This expansion aligns with the company’s scaling of delivery and customer support operations in North America and European markets. In June 2023, Fisker increased the visibility of its plans for China. At the time, the company unveiled specific details during a pivotal visit to Shanghai and introduction to local leadership.
During this visit, Fisker’s leadership said they engaged in productive discussions with officials and business leaders. They discussed crucial aspects of the automotive industry, including supply chains, logistics, warehousing, and future production development. This visit, following the 2023 Annual Meeting earlier in this year, served as a catalyst for Fisker to provide a status update about its Chinese market entry. Now, the company has set the timing for opening up its first Fisker Lounge experience center in China.
Fisker’s Progress Since Establishing Office in China
Fisker has disclosed its intentions to launch Fisker Lounge Shanghai in China, with a targeted opening window spanning from December of this year to January 2024—a noteworthy progression. Positioned at the heart of Shanghai on Taicang Road, this new experience center signifies a significant step forward. Since establishing an office in China in 2022, Fisker has actively pursued the expansion of its presence in this dynamic market including the set-up of a delivery center in 2023.
Earlier, the company expressed its intent to commence deliveries of the Fisker Ocean SUV in Q1 2024, underscoring its commitment to providing sustainable and stylish mobility solutions to the Chinese audience. Today’s latest release didn’t touch upon vehicle deliveries. Nevertheless, any vehicles delivered in the near future are expected to be imported from Magna Steyr in Graz, Austria, mirroring the company’s existing practice in other markets such as North America.
Fisker’s meticulous planning extends to production development in China, with ambitions to start manufacturing as early as next year. The company envisions a production capacity of up to 75,000 Fisker Oceans annually, contributing to the flourishing electric vehicle market in the region. While the exact location for production remains undisclosed, we believe the likelihood of collaboration through the Magna joint venture hints at a strategic and collaborative approach.
China, representing a third of global vehicle sales, has become a focal point for Fisker’s growth strategy. The statistics reveal a growing market. Approximately 26 million cars were sold within China during 2022, of which electric vehicles accounted for 6-7 million. This is a remarkable 25% share. In 2023, this share has seen growth to around 27%. It continues to reflect the accelerated adoption of electric vehicles in the Chinese automotive landscape.
Fisker’s Optimism and Commitment to China
Fisker strategically positions itself within the premium and affordable luxury segment. The company is aligning with the faster growth experienced in these segments compared to the general market. The company believes its unique history, features, and design make it a perfect fit for the evolving preferences of Chinese consumers.
As Fisker prepares to open its first Fisker Lounge in Shanghai by January 2024, the culmination of these plans marks another pivotal moment for the company. Fisker Lounge Shanghai will not only serve as a retail space. It will also be a place for consumers to experience the Fisker brand firsthand.
This launch will solidify the company’s position as a global player in the electric vehicle revolution. We’re likely to hear more about this during the upcoming Q3 2023 earnings call in November as Fisker continues to bring sustainable mobility to markets around the world.
“China is an incredibly important market for us. We are delivering vehicles in the U.S. and Europe, but our goal since the company was established in 2016 has been to operate as a fully global firm. The EV industry is rapidly growing in China, and we want Fisker to be positioned as one of only two pure foreign EV brands. The Chinese customer deserves as much choice as possible, and we intend to provide it to them.”Henrik Fisker, Chairman & CEO, Fisker Inc.
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