"The EV industry is rapidly growing in China, and we want Fisker to be positioned as one of only two pure foreign EV brands," Fisker CEO said.

(Image credit: Fisker)

US electric vehicle (EV) startup Fisker (NYSE: FSR) plans to get its first retail store in China open as early as the end of this year, after announcing its entry into the world's largest EV market four months ago.

Fisker plans to open its first Fisker Lounge retail store in China in Shanghai, continuing the roll-out of its China business, the company announced on October 12.

The Shanghai Fisker Lounge will be located on Taicang Road and is expected to officially open in December 2023 or January 2024, the company said.

Fisker opened an office in China in 2022, and the company's Ocean SUV -- already available in the US and Europe -- will be available in China, it said.

"China is an incredibly important market for us," Fisker chairman and CEO Henrik Fisker said.

Fisker delivers vehicles in the US and Europe, but since the company's inception in 2016, its goal has been to operate as a fully global company, he said.

"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," he said.

On June 9, Fisker said it plans to open a delivery center in China in 2023 and begin delivering the Fisker Ocean in the first quarter of 2024.

Fisker's leadership team visited China and met with officials and business leaders in Shanghai to discuss collaboration and opportunities in the region, it said in a June press release.

"I believe we can get production up and running in China as early as next year, potentially adding capacity of 75,000 Fisker Oceans annually," CEO Fisker said at the time.

The announcement of the Shanghai Fisker Lounge builds on its China strategy, as Fisker Lounges are located in a high-traffic retail locations where consumers can experience the Fisker brand and get a closer look at Fisker vehicles, the company said overnight.

Fisker is currently delivering the all-electric SUV Fisker Ocean in the US and Europe, which starts at $37,499 in the Sport trim level.

The best-selling all-electric SUV in China right now is Tesla's (NASDAQ: TSLA) Model Y, which starts at RMB 263,900 yuan ($36,130).

In China, the premium and affordable luxury segment is growing faster than the general segment, Daniel Foa, Fisker's China board member, said at the company's annual shareholders meeting on June 6.

Fisker, with its unique history, features and design, is a good fit for that segment, Foa said.

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