Fisker Ocean, Fisker PEAR, Fisker Ronin, Fisker Alaska… This new automaker has not delivered any electric cars to date. Despite this, Fisker continues to generate interest, as its latest announcements have led to a dramatic rise in its share price.
You may not be familiar with the Fisker brand, however CEO Henrik Fisker has a long history in the automotive world. He is a designer of cars like the Aston Martin DB9. And unlike many new brands, Fisker already has a long history.
The Fisker Ocean is not Henrik Fisker’s first attempt at building his own car. In 2011, he developed and produced the Fisker Karma, a plug-in sports sedan (which was a flop). However, his new car, the Ocean, is a 100% electric compact SUV. It comes to rub shoulders with the Tesla Model Y. As we’ve had the chance to see early prototypes on many occasions, during the Mondial de l’Auto in Paris for example, if Fisker can produce the Ocean at its target price with the features indicated, will offer one of the most efficient electric vehicles on the market.
In publishing his financial results for the year 2022, Fisker took the opportunity to talk about the future of his brand and its vehicles. Therefore, the Fisker team answered some questions from shareholders.
The bad news
Fisker has yet to deliver a single example of its first vehicle by the end of February 2023, although the first deliveries were scheduled for the end of 2022. There were 56 examples of the Ocean produced in 2022 Production would, by the end of February 2023, be 100 cars per week.
As a reminder, production is done directly at Magna Steyr, this should be considered a big point of trust. Magna wastes no time, they’ve built the 2021 Toyota Supra, the Mercedes G-Class, as well as a few BMWs. Especially since they are also the #1 parts manufacturer and the third largest automaker in the world.
However, the Fisker Ocean has not yet received all the necessary approvals for its commercialization. This may delay the first deliveries depending on the test results. Fisker announces that it has performed more than 250 diverse tests, which have already been submitted to regulatory authorities.
The good news
In 2023, Fisker claims to be able to produce a total of 42,400 vehicles. It should be noted that 65,000 Fisker Ocean have been reserved, but this does not necessarily guarantee the delivery of 65,000 cars. In fact, the reservation can be easily made with a refundable deposit of 250 euros.
According to Fisker, the automaker reported better-than-expected operating costs in 2022, despite Ocean production start-up costs in the fourth quarter. Total spending for 2022 was $702 million, well below the expected range of $715-790 million.
Fisker plans to simultaneously market Ocean in the United States and seven European markets, including France. It is an ambitious marketing strategy that will require supporting production with a high level of sales.
Another good news, the Fisker Ocean will be able to benefit from a greater autonomy than expected. Initially, two battery capacities are offered with respectively 440 km (Fisker Ocean Sport) and 630 km (Fisker Ocean Extreme and Ultra). We should expect around 700+ km for the last two models according to Henrik Fisker on the European WLTP cycle. The autonomies must be reviewed again by the two American and European agencies before being final.
Henri Fisker was also very optimistic about the car’s software interface:
The end user interface will be amazing. When I get in the car, and let me tell you, I hate computers, frankly (…) when you get in this car and use it, you don’t need any instructions on how to use it. It’s like the first time you picked up an iPhone. It’s just intuitive. And that’s what’s really cool about this UI, and it was all developed in-house.
From these statements, one can expect a smooth and hassle-free software experience. Car software will obviously benefit from having an OTA (Over-The-Air) feature to benefit from remote software updates. This will also benefit all ADAS features, from driver assistance to autonomous driving.
Fisker also mentioned PEAR. It’s a more compact SUV, obviously still 100% electric, that can already be reserved. However, we know very little about him. Some prototypes have been observed in the United States, near Los Angeles. It is neither more nor less in the style of a Fisker Ocean with more compact dimensions. It should be 15 cm shorter, or about 4.55 meters. The wheelbase and overhangs will be reduced compared to the Ocean, while the concept is decked out with massive 22-inch wheels. As a reminder, Fisker is aiming for a sale price of less than $30,000.
Fisker’s concept car was designed in late 2022 and, according to Henri Fisker, it has unprecedented features never seen before in any vehicle. For now though, these are just promises and it remains to be seen if these features will actually be impressive in future announcements. This model is an important step towards Fisker’s ambitious goal of selling one million vehicles a year.
As a reminder, Fisker has also promised the Ronin, a 100% electric roadster with a range of 1,000 km. There is also an electric van called Alaska that will take a lot of elements from the ocean.
Therefore, Fisker is continuing its global rollout, initially with the Ocean SUV, with consumers and equipment manufacturers. It is also preparing the ground for the first deliveries, with Exhibition halls and after-sales service centers. The next big step, therefore, will be the official start of Ocean deliveries, as Fisker continues to try to prove his detractors wrong.
Despite a delay in deliveries, Fisker’s (NYSE-listed) share price has risen more than 17% in the past five days.
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