On the same day that announced its third EV model, 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”.
“There will be two other variations of the PEAR coming out of course, after we launched the PEAR in 2024. And they will come later in 2025 and 2026. But ultimately, the three derivatives, we believe it’ll enable us to sell a million PEARs a year sometime in 2027. So, fairly soon, and we think this is going to be a really important story — the growth story of Fisker in the future globally, Fisker CEO said.”
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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.
Overall, I’m really optimistic about Fisker‘s future despite uncertainty that’s going on in the world and I think it’s really to do with our incredible strong partners, Magna for our Ocean program, and Foxconn for our PEAR program. Being with such large global companies, is obviously something that clearly has helped us weather the storms of supply chain issues, chip issues, et cetera, and so far, I can only relay again, we are on target to start production 17th of November this year, he added.
Fisker Updates unveiled during Q1 2022 Presentation
- Affirming the expected timing plan for Fisker Ocean start-of-production on November 17, 2022.
- Continued progress on the development of Fisker PEAR. Beginning to transition engineering and purchasing teams to PEAR.
- Fisker Ocean reservations are over 45,000 as of May 2, 2022 (net of cancellations), including 1,600 fleet reservations, representing up to $2.5 billion in potential revenue. This compares to 31,000 as of our Q4 2021 earnings call and 18,600 as of our Q3 2021 earnings call. The net daily retail reservation rate has continued at an accelerated rate compared to FY2021 and is on an annualized pace of over 68,000. Fisker PEAR reservations are over 2,500.
- As Fisker Ocean is entering into pre-production, we have intensified our “hyper” product plan development. PEAR design concept has been signed off and consists of at least three derivatives to be able to reach 1 million units a year by 2027.
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.