At the beginning of the year, Fisker (OTCMKTS:FSRN) announced that it would transition to a dealer partnership model, adding that it expected to have 100 of these partners across North America and Europe by the end of the year.

Since then, Fisker has been removed from the New York Stock Exchange (NYSE), experienced a 95% decline and has drastically reduced the prices of its Ocean vehicles. However, the electric vehicle (EV) company has remained committed to its new business model.

This morning, Fisker announced that it had signed six new dealer partner locations in California, Missouri, Pennsylvania and Guam. That brings the total number of its dealer partner locations in the U.S. and U.S. territories to 12. It has also signed on 12 partners in Europe.

“We are excited to welcome our new dealer partners to the Fisker family and look forward to them opening for business,” said Fisker’s spokesperson. “California is an exceptionally important market for us, and our team has been working hard to sign dealer partners in the state.”

Fisker Stock: Fisker Announces 6 New Dealership Locations

Back in March, Fisker announced Ocean price cuts of up to 39% in an attempt to clear out its inventory. The Ocean in the Sport trim is the company’s most affordable vehicle with a starting price of $24,999 compared to $38,999.

However, the company’s financial health, or lack thereof, has made consumers cautious about purchasing an Ocean due to maintenance concerns. Software issues have also plagued the automaker, leading to a lack of trust in the company.

Fisker had initially announced that it was in talks with a large automaker regarding an investment, although these talks fell through. Reuters reported that the automaker was Nissan (OTCMKTS:NSANY). Still, the hopes for a bailout don’t seem to be completely gone.

“We do have four car companies that have signed NDAs,” said CEO Henrik Fisker in an all-hands meeting last month. “However, they obviously need time to get to some diligence.”

Time is ticking, as no announcements have been made thus far. That comes as Fisker’s cash and cash equivalents have reportedly shrunk to just $54 million.

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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.