EV startup Fisker has announced financial results for the third quarter and updated reservation numbers for both the Ocean SUV and PEAR entry-level model.
Things are looking pretty good at the moment, with Fisker disclosing it had more than $824 million of cash and cash equivalents as of September 30, 2022. The company said this reflects its "prudent liquidity management and positions the Fisker Ocean for a successful launch."
The startup added that production of Fisker Ocean customer vehicles at Magna Steyr's plant in Austria will begin as planned on November 17, which is exactly two weeks from now. From the start of production to the end of 2023, the company plans to build 42,400 Ocean units.
The ambitious production plan is based on a detailed four-stage supplier ramp up, developed to help ensure that parts suppliers would follow the company's anticipated production ramp volumes. For 2023, Fisker plans to build 300 Ocean EVs in Q1, over 8,000 in Q2, over 15,000 in Q3, and over 19,000 in Q4.
"Fisker is delivering on our SOP commitment despite a challenging environment due to our focused collaboration with all of our partners and suppliers. We are making deliberate choices on how to best deploy capital and structure our assembly volumes for a successful ramp."
Henrik Fisker, Chairman and Chief Executive Officer of Fisker
Gallery: Fisker Ocean at Goodwood FoS 2022
Fisker also noted that net reservations and orders for the Ocean totaled over 62,000 as of October 31, 2022, compared to the 58,000 reservations Fisker said it had in August. Fisker will begin taking firm orders for the Ocean in select global markets starting in mid-January 2023 with the Extreme trim. Retail customer deliveries are expected to begin in February 2023 following European and US homologation.
Fisker says the Ocean saw double-digit increase in premium trim configurations in recent months. That’s not exactly a surprise seeing as the base Fisker Ocean Sport and mid-range Fisker Ocean Ultra trim levels are sold out in the US for 2023.
At first, the company will focus production and delivery on orders for the limited edition Ocean One, which will be the only model built until Q2 2023. After that, production of the Ocean Extreme will also begin. But before all that, Fisker will deliver a small commercial fleet of 15 Oceans to Magna in December 2022.
Fisker also had some updates to share about the PEAR entry-level EV. Development is progressing well, with the first concept phase being signed off. Interestingly, the company expects to have a drivable prototype "ahead of time," without providing a timeline.
The company says it is now focused on execution and is in the process of transitioning its engineering and purchasing teams to PEAR. As for reservations, Fisker claims it has over 5,000 of them as of October 31, compared to 4,000 in August.
