Citi analyst Itay Michaeli lowered on Thursday Fisker‘s price target to $27 from $29 while keeping a Buy rating. Fisker released its Q1 2022 Financial Results on Wednesday evening followed by a Conference Call. Henrik Fisker unveiled high ambitions for the upcoming PEAR model saying that the three derivatives will enable the company to sell “a million PEARs a year sometime in 2027”.
Michaeli commented that the EV maker reported “no major surprises (which is a good thing)” and enhanced that Q1 update “demonstrated good execution under a challenging macro backdrop.” The analyst affirmed key launch timelines and its 2022 financial outlook, while reporting another encouraging Ocean reservation update (45,000 units).
“Our original goal was to have 50,000, orders or reservation, by the start of production. So on November 17, we already have 45,000. And it’s clear that when we get to start production it will be closer to, like I said 65,000 to 75,000.
So, I think it’s very important to mention, that with the high gas prices and everything we see, I believe that the demand for an affordable SUV is going to grow tremendously. And we don’t have a lot of competitors in this segment.
And specifically, as now as we also see Europe is picking up with reservations, we think we’re going to have a really strong stance in Europe as well, with our vehicles over there,” Fisker’s CEO said.
Fisker CEO, Henrik Fisker, unveiled via his Instagram account that the model announced on Wednesday Project RONIN is a 4 door convertible targeting 600 mile range. Henrik also disclosed that the model will feature 3 motors and reach 0-60mph “close to 2 seconds”.
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On Wednesday, Fisker CEO commented on his the announcement of the new model: Project Ronin that will be unveiled in August 2023. The GT will feature unique doors for better ingress and egress and a luxurious, sustainable vegan interior that plots a new, advanced design direction.
“Fisker RONIN, an innovative, high-tech electric GT Sports Car. Battery pack integrated into the structure for more efficiency and lower weight. Range over 550 miles. Expected pricing; starting just under $200k . Showing prototype august next year!”, Henrik said.
Fisker announced on Wednesday morning the Project Ronin, an innovative, high-tech electric GT sports car, which will come with a long charge range and high performance. The company plans to reveal Project Ronin in August 2023, with production starting in the second half of 2024.