Fisker said on Friday that its new distribution strategy would help improve delivery speed and volume, which the electric vehicle company noted was a bottleneck that curbed production.

Earlier this week, the company slashed its production target for the year to 13,000 to 17,000 vehicles, from 20,000-23,000 units to avoid accumulation of inventory and better manage working capital.

The EV maker delivered 107 vehicles on Thursday, crossing the 100 mark for the first time after executing a new strategy that brought in revenue of $7.5 million in one day.

Fisker said it has added several logistics partners to transport Ocean SUVs to delivery locations so that they can be handed over to customers quickly.

An employee can drive a customer's car to them if they live within 60 miles of a Fisker fulfillment location, eliminating the use of vehicle transport, the company said.

"We expect this pace of deliveries to accelerate, and we will provide frequent updates during the remainder of 2023," CEO Henrik Fisker said.

The company said many customers take delivery of their car within four to seven days of completing their purchase, and even on the same day if they choose to pick their vehicle up.

(Reporting by Akash Sriram in Bengaluru; Editing by Maju Samuel)