Car bookings

56,000 ocean reservations and PEAR and Ronin updates

We’re officially past the midpoint of fiscal 2022, and those quarterly reports are starting to roll in. Fisker’s Q2 update arrived this morning, showing a decent appetite for its flagship Ocean SUV, along with some updates on the progress of the next two Fisker models to follow.

Despite a public scrutiny of Fisker Inc.’s every move thanks to a tumultuous past, the US automaker continues to press ahead with deliveries of its flagship electric vehicle, the Ocean. Although it is not expected to begin production with the help of Magna International until November, Fisker has already teased two additional models in recall.

The next will be the PEAR, which will be built by Foxconn at its newly acquired factory in Lordstown, Ohio. Founder and CEO Henrik Fisker recently teased the latest PEAR image on instagrammentioning its “wraparound windshield” (see below).

The automaker is also planning a sportier GT called Project Ronin, which is being developed at Fisker Magic Works in the UK. This third model remains the most secret, but Fisker gave us some updates of the three electric vehicles in its Q2 2022 report.

Fisker’s latest preview of the upcoming PEAR / Source: Henrik Fisker/IG

Fisker Ocean and second quarter financial updates

Fisker Inc. shared A press release following its second-quarter financial results call with investors this morning, offering its latest updates on EV progress, as well as cash numbers. First, at the end of the second quarter, Fisker reports more than 56,000 reservations for its Ocean SUV.

That’s not a huge jump from the 50,000 bookings they touted in early June, but it’s a long way from the 31,000 announced in February. Of those current reservations, 5,000 include “dibs” on the Launch Edition Ocean One, even with Fisker’s recent request for a $5,000 non-refundable deposit.

So the Ocean One is completely sold out and, according to Fisker, represents $350 million in revenue – if and when the SUVs deliver. Fisker also reports that all 55 vehicle test and validation prototypes of the Ocean have been completed and two were recently delivered to its headquarters in Manhattan Beach, Calif.

They will continue testing ahead of the scheduled start of production in November. Fisker explained the progress of the SUV during the second quarter:

I am proud of the smooth collaboration between Fisker and all of our partners and suppliers, ensuring our production start on November 17, 2022. After driving test cars on the high-speed track in Italy and on the roads of Los Angeles, I’m excited about all the features we’ll be offering in the Fisker Ocean and how great the ride is in the Fisker Ocean. The quality of the prototype still needs to be improved before we start mass production, as several parts are prototype parts released in advance, but this gives us time to do even more refinement. I want the Fisker Ocean to be a premium product when it reaches our first paying customers, which means fine-tuning until the first production SUVs roll off the line on Nov. 17. With strong demand for our vehicles, we look forward to the next phase of our exciting growth plan.

Here are some other internal and financial updates from Fisker after the second quarter of 2022:

  • Fisker is currently developing an interactive configurator which will launch at the end of October alongside a new website which will include delivery times for electric vehicles
  • Ocean Extreme pre-orders will start on November 18, the day after the SOP
    • Pre-orders for the Ocean Ultra and Sport versions will begin in the first quarter of 2023
  • Fisker has renamed its experience centers “Fisker Lounges”, which will arrive first in Los Angeles and Munich later this year
    • Plans for 50 Fisker Lounge showrooms and service facilities in North America and Europe by the end of 2023
  • Fisker reported cash and cash equivalents of $851.9 million as of June 30, 2022
    • Reflects approx. $14.2M Raised Through Fisker’s $350M Market Action Program in Q2 2022
  • Operating loss totaled $88.7 million, including $1.2 million of stock-based compensation expense
  • Net loss totaled $106 million and a loss of $0.36 per share.
  • The weighted average number of shares outstanding was 298.3 million for the three months of Q2

PEAR and Project Ronin Updates

While the majority of Fisker’s second-quarter call focused on the ocean, the automaker shared some noteworthy information about its two other upcoming EVs. The PEAR has over 4,000 reservations, although it has yet to be officially unveiled.

It will be based on Fisker’s SLV1 platform when built by Foxconn in Ohio in 2024. Once production at Lordstown ramps up, the two companies plan to produce at least 250,000 PEAR EVs per year. The starting MSRP is still expected to come in below $30,000, and a drivable prototype is expected before the end of 2022.

Not much new to report on Project Ronin, we’re afraid. The Grand Tourer EV will feature a battery integrated into its structure to allow for increased battery volume. Fisker said it was designing and manufacturing its third electric vehicle to “deliver cutting-edge lineup and redefine the luxury sports car segment.” We should expect to see Project Ronin for the first time next summer – that’s it for now.

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