Electric vehicle company Fisker Inc. FSR could be in the spotlight for investors with a high number of reservations and production at the end of 2022.
A recent interview with Henrik Fisker shared an update on the company and what’s to come.
What happened: Fisker CEO Henrik Fisker speaks in a fireside chat at the annual Cowen Conference on Global Transportation and Sustainable Mobility.
Fisker shared updates on several aspects of the company’s business, including production, future models and international expansion, which were posted via the company blog, Fiskerati.
Fisker Ocean: The highly anticipated Fisker Ocean SUV is on track to begin production on Nov. 17, 2022, according to Fisker. The electric vehicle company had nearly 60,000 reservations for the Ocean, which was ahead of company expectations of 50,000 by the end of 2022.
The Fisker Ocean Sport and Ultra models sold out quickly, according to Fisker.
The Fisker CEO has seen the company achieve a goal of over one million vehicles per year by 2027, thanks to a strong brand, product and design.
The Fisker Ocean will continue its vehicle presentation tour with appearances at shows in Norway and Paris in October 2022.
Partner Magna Steyr, owned by Magna International Inc. MGA, will produce the Fisker Ocean. Fisker said Magna plans to expand manufacturing capacity in 2023, including adding the United States in 2024.
Fisker believed the company would be able to increase production faster than other companies because of its relationship with Magna, which owns a stake in the company.
The CEO said Fisker could build 40,000 vehicles in 2023, which would make Fisker the fastest growing electric vehicle company in history, with Fisker briefly mentioning Tesla Inc. TSLA during his comments.
Related Link: Fisker Announces Magna to Partner on $37,499 Ocean SUV
US News: Fisker talked about the Inflation Reduction Act, which encourages US production for federal tax incentives. Fisker said that if US production begins, Magna Steyr’s overseas production will primarily be for European customers.
Separated from the fireside chat, Electrek reported that Magna is considering plans to produce more vehicles in North America that would qualify for US federal tax credits. The Inflation Reduction Act states that vehicles and battery components must be assembled in North America to qualify for tax credits.
The Fisker Ocean will be built in Austria, which takes away any tax credits it thought it could offer customers to get a price below $30,000 after the credit.
Fisker also pointed to the strong US dollar as a tailwind for the company, as most ocean bookings are made in euros. Lots of reservations came as the euro traded at $1.20 against the US dollar; the currencies are now at parity.
New models: Outside of the Fisker Ocean, the company has several vehicles that have been announced.
Fisker referred to the Supercar Ronin during the fireside chat, which will be led by Fisker Magic Works in the UK
“The Fisker Ronin is going to be the sexiest car you’ve ever seen,” Fisker said, mentioning that it could redefine the EV sports car segment. Fisker said the Ronin supercar will be unveiled in 2023.
Fisker is also developing the Electric vehicle pear, which could have a flyable prototype by the end of the year. Fisker said the pear could reinvent the automobile and will experience a historic moment when the vehicle hits the market.
Fisker saw the pear for personal use and could be associated with food delivery and car sharing. Partnering with companies in multiple areas could help show use cases and help with funding, Fisker added.
Funding: Fisker offers its Fisker Flexible Rental Program for vehicles, which Fisker called a breakthrough for customers. Under the terms of the flexible lease, customers can return the car at any time.
The company is working with banks to expand the leasing program and also on installment financing for customers who wish to purchase vehicles.
International expansion: Production will begin in late 2022 on the Ocean with European and US targets for the initial release.
Fisker said it plans to enter China in the first quarter of 2023 as bookings open. Deliveries could begin in China in the fourth quarter of 2023.
The company has explored manufacturing in China and could use its partners Manga and Foxconn, which both manufacture vehicles in China. Fisker said China would be a big priority for the company and the pear could be a huge seller in the region.
Fisker plans to ship vehicles to India in July 2023. Fisker also said it will visit India in three weeks to review plans to build Fisker vehicles in the country.
FSR Price Action: Fisker shares are up 1.82% at $8.65 on Friday.
Photo: Courtesy of Fisker