Fisker announces 31,000 reservations for Ocean Model, production starting next November

KeyPoints

Q4 2021 and year end 2021 operating results in-line with expectations, further establishing Fisker’s track-record of spending visibility and discipline.
Fisker Ocean unveil in November 2021 illustrated multiple class-leading, customer-facing features, which forms a platform for brand-building and demand-generation activities that are showing significant traction.
Ocean reservations total more than 30,000 as of February 14, 2022, including 1,600 fleet reservations. 2022YTD retail reservation pace has increased more than 400% versus FY2021.
Fisker opened this week reservations for its second product, the PEAR, the Personal Electric Automotive Revolution. It has a starting price of $29,900 in the US before taxes and incentives for the five-passenger, starting deliveries in 2024.

Fisker announced its Earnings last Wednesday after-close and revealed some important data on its products, inclusive about its new Model — Fisker Pear. The company will showcase Fisker Ocean with advanced driver-assistance systems (“ADAS”) features at CES, offering state-of-the-art safety to drivers and passengers. Called Fisker Intelligent Pilot, the ADAS platform integrates four types of sensors: an industry-leading surround-view camera suite, a camera-based driver-monitoring system, ultrasonic technology, and a Digital-Imaging Radar System that Fisker expects to be first to market when the Fisker Ocean begins production in November 2022.

2022 has kicked off at an amazing pace, with continued laser focus on delivery of the Fisker Ocean as priority one. We are now into the next-level prototype build phase and progressing through our vehicle testing and certification plan. Our extremely dedicated and focused team is working closely with all our suppliers to stay on track to deliver the first Fisker Oceans this year in November. Amid global semiconductor and other supply constraints, we work regularly in collaboration with key partners to identify and mitigate any issues.
Henrik Fisker, Chairman and Chief Executive Officer of Fisker

Fisker Ocean reservations are over 30,000 as of February 14, 2022 (net of cancellations), including 1,600 fleet reservations (we recently received an incremental 200 unit order from ServiceNow). This compares to 18,600 (including 1,400 fleet) as of our Q3 2021 earnings call in November 2021. The net daily retail reservation rate in 2022 year-to-date has increased more than 400% compared to FY2021 and is on an annualized pace of over 55,000.

The all-electric Fisker PEAR blends sustainability, technology, and design into a digitally connected, compact, five-passenger urban EV. Featuring intuitive controls, sporty driving, clever storage, and a focus on industry firsts, the Fisker PEAR will start at $29,900 before taxes and incentives in the US. Fisker’s first vehicle, the all-electric Fisker Ocean SUV, will start production in November 2022. Fisker has partnered with Foxconn to produce this innovative EV.

Fourth Quarter 2021 Financial Highlights:

Cash and cash equivalents of $1.20 billion as of December 31, 2021.
Loss from operations totaled $133.4 million, including $1.5 million of stock-based compensation expense.
Net loss totaled $138.4 million and $0.47 loss per share.
Net cash used in operating activities totaled $140.9 million and cash paid for capital expenditures totaled $52.6 million.
Weighted average shares outstanding totaled 296.7 million for the three months ended December 31, 2021.

“PEAR will feature the very latest technology in a beautifully designed, affordable urban mobility device,” he added. “It’s an exciting vehicle and an exciting time for the company as we expand our lineup.”

Consumers can reserve the Fisker PEAR for $250 for the first reservation and $100 for the second reservation. Deliveries will begin in 2024. The Fisker PEAR will be produced in Ohio with a minimum initial production of 250,000 units per year.

“It’s going to look good but it’s going to look ultra, ultra modern,” says Henrik. “It definitely looks completely different from anything else that you have seen. My aim was to create a vehicle that really could be recognizable easily and stand out from any other vehicles in the segment.”

Fisker will stage the European debut of its all-electric Fisker Ocean SUV at Mobile World Congress in Barcelona later this month.

The Fisker Ocean Model will start deliveries in certain European countries and North America following the vehicle’s start of production in November 2022.  Fisker recently opened a European office in Munich and is building a brand experience centre in Germany, with other European countries to follow.  Fisker recently announced a comprehensive plan to deliver high-quality service, including Fisker Mobile Service, at multiple locations in European launch countries. 

Mobile World Congress runs from 28 February–3 March 2022 and attendees are welcome to visit the show stand to see the Fisker Ocean in person. 

“I couldn’t be more excited to unveil the Fisker Ocean in Spain and present its unique combination of performance, value and technology to the European media and prospective owners. I’m particularly thrilled to announce segment-leading range for the Fisker Ocean”.
CEO Henrik Fisker

“Europe is essential to our company as we work towards the start of production in November at a carbon-neutral factory in Austria”, he added. “We aim to make the world’s most sustainable vehicle and to start deliveries in Europe this year. Ultimately, we expect to sell 60,000 units annually in the region”.

Fisker is developing a comprehensive and well-integrated European strategy. In 2021, the Manhattan Beach, California-based startup established an office in Munich and is rapidly adding staff to serve a fast-growing electric vehicle market.