Description of Fisker Inc's Business Segments

The registrant operates in two primary vehicle segments: the Value segment and the Conservative premium segment. The Value segment targets customers prioritizing purchase price and maintenance costs, aiming to offer a competitive price/performance vehicle at the upper end of this segment, with approximately 10% of vehicles expected to be sold here. The Conservative premium segment, an emerging market occupied by traditional automakers seeking to retain customers from switching to electric vehicle (EV) manufacturers like Tesla, features vehicles that combine traditional internal combustion engine (ICE) and EV attributes without a clear EV identity. The registrant aims to attract customers transitioning from ICE brands by providing emotional design, an exclusive EV brand, larger batteries, and enhanced equipment at competitive prices enabled by volume pricing. Approximately 40% of vehicles are projected to be sold in this segment, which is expected to grow rapidly. In 2024, the registrant plans to shift from a direct-to-consumer sales model to a Dealer Partnership model to scale deliveries and production. This transition supports an asset-light business strategy and sustainability goals, with dealers handling retail, service, test drives, and delivery functions while requiring lower upfront capital investment compared to traditional original equipment manufacturer (OEM) dealer strategies.

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