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Fisker (FSR), Bridgestone Team Up for EV After-Sales Services

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·5 min read
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Fisker Inc. FSR recently announced that it has entered into an agreement with Bridgestone for comprehensive after-sales and related maintenance solutions in France and Germany.

Bridgestone is a global leader in tires and rubber, providing safe and sustainable mobility solutions. The company offers a diverse product portfolio of premium tires and advanced solutions backed by innovative technologies to reduce carbon emissions and improve fuel efficiency.

The latest collaboration scales up Fisker’s recent agreement with Bridgestone making the latter its exclusive tire partner for its upcoming all-electric Fisker Ocean SUV. The deal, announced in August, mainly entails Bridgestone supplying lightweight tires to Fisker that will help boost driving ranges.

United in their vision for a more sustainable future of mobility, the latest partnership is a win-win deal for the companies. It will enhance the adoption of electric vehicles (EVs) through a fully integrated approach. Per this alliance and by being the industry’s first, Bridgestone will make its EV-ready retail and service network available to provide Fisker’s customers in France and Germany with widespread after-sales services throughout the Speedy, Pitstop and Reiff-ABS networks, which are part of Bridgestone’s extensive retail network in Europe. Speedy encompasses more than 450 locations throughout France, while in Germany, Pitstop and Reiff-ABS collectively offer services at more than 300 locations across the country.

Fisker is highly ecstatic about the deal. Bridgestone offers unique end-to-end services and packages – including original equipment fitments, after-sales and mobility solutions to mobility players – which plays a pivotal role for its selection in the deal. Fisker will choose the most appropriate sites from Bridgestone’s extensive service network in France and Germany to cater to its customers’ needs and specific requirements, fueling its long-term growth.

Fisker considers Bridgestone as a compatible partner with a like-minded approach to sustainability that is investing across its entire value chain, from R&D and product development, to manufacturing and retail, to make environmental-friendly products aimed at shaping the future of sustainable transportation.  This involves the development of state-of-the-art premium tires and tire technologies for EVs along with dedicated fleet and mobility solutions. Bridgestone also offers an EV-ready retail and service network, which includes EV maintenance and tire services, EV charging and mobile services for EVs under the same umbrella.

For Bridgestone, Fisker’s commitment to making sustainable EVs widely accessible aligns with their goals. Joining forces with EV startups like Fisker is a crucial aspect of Bridgestone’s approach and the company is extremely optimistic about putting its EV-ready retail network at the disposal of Fisker’s customers.

The Ocean SUV is scheduled to commence production on Nov 17, 2022, at the carbon-neutral factory of Fisker’s manufacturing partner, Magna-Steyr, in Graz, Austria. France and Germany will be among the first European markets where the vehicle will be launched.

The Sport-trim level of Fisker Ocean SUV has a pre-incentives price of €41,560 in Germany and €41,900 in France with an estimated range of 250 miles / 275 miles or 440 kilometers. The range-topping Fisker Ocean Extreme will deliver up to an estimated range of 350 miles / 390 miles or 630 kilometers. Fisker recently also teamed up with battery supplier CATL to acquire batteries of two different chemistries to maximize performance and minimize cost for the Ocean line-up.

California-based Fisker currently carries a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Auto Companies to Tap On

A few better-ranked stocks in the auto space include Goodyear Tire GT and Tesla TSLA, both of which flaunt a Zacks Rank of 1 and Harley-Davidson HOG, carrying a Zacks Rank of 2 (Buy).

Goodyear has an expected earnings growth rate of 196.86% for the current year. The Zacks Consensus Estimate for its current-year earnings has been revised upward by 80 cents over the last 60 days.

Goodyear beat the Zacks Consensus Estimate for earnings in the last four quarters. GT has a trailing four-quarter earnings surprise of 228.45%, on average. Its shares have risen 92.1% over the past year.

Tesla has an expected earnings growth rate of 166.96% for the current year. The Zacks Consensus Estimate for its current-year earnings has been revised upward by 13 cents over the last 60 days.

Tesla beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. TSLA has a trailing four-quarter earnings surprise of 25.38%, on average. Its shares have rallied 45.3% over the past year.

Harley-Davidson has an expected earnings growth rate of 34.92% for the current quarter. The Zacks Consensus Estimate for its current-year earnings has been revised upward by 34 cents over the last 60 days.

Harley-Davidson beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. HOG has a trailing four-quarter negative earnings surprise of 138.45%, on average. Its shares have dropped 6.1% over the past year.


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