Fisker releases its first ESG Report, CEO enhances EV Tax Incentive in the U.S.

Written by Cláudio Afonso | | LinkedIn | Twitter

The EV maker Fisker posted on Wednesday its Environmental, Social and Governance (ESG) impacts report, the first for the company before production begins in November 2022 at the Magna plant in Austria.

In the report, the company claims that 50% of the suppliers prioritize EV and non-fossil fuel transport and that its SolarSky, a rooftop solar panel supplementing battery power, can add up to 1,500 miles of range annually, enhancing the Ocean’s 250-350 mile per charge range.

Fisker added that, during the first day of onboarding, every employee, regardless of function, is educated on Fisker’s foundational ESG purpose and how it is integrated into decision-making.

Geeta Gupta-Fisker, Fisker’s CFO said, “Our corporate culture is forward-thinking and pushes boundaries while delivering class-leading performance. Our systems are built for speed and efficiency. It’s a pivotal time for Fisker. We are fully focused on our vision for the future, offering a quality, innovative, and sustainable personal transportation experience.

On Instagram, CEO Henrik Fisker said, “This week the Fisker team created our ESG report, as one of the first companies to do so before we launch our EV”.

“We are the first auto company to find a solution and proactively offer our US customers the opportunity to get the $7500 tax rebate on their Fisker Ocean when delivered next year! So proud of our amazing hard working teams and glad we could inspire other automakers to try & do the same,” he added.

Regarding Fisker merchandise, the company says it “provides a look into our deeply embedded sustainability practices” enhancing that 83% of suppliers have efficient energy practices and that 83% of materials are sourced within a 1000-mile radius.

Fisker named quality, recyclability, expense, contribution to carbon footprint, performance, and appearance as a criteria to choose the material.

Fisker Ocean, the company’s first model, will start production in Graz, Austria in November 2022 through collaboration with Magna in a carbon-neutral facility powered by electricity sourced from 100% renewable energy.

On August 5, Morgan Stanley analyst Adam Jonas lowered the firm’s price target on Fisker shares from $15 to $10 while downgrading the rating from Overweight to Equalweight.

On Wednesday, Fisker CEO posted a screenshot from Fisker’s Q2 Financial results asking the analyst for a correction in his latest report regarding “modeling error & assumptions” about the company.

On August 3, Fisker reported its second quarter earnings results where it confirmed the sold-out of the 5,000 units special units for the Ocean model amid a non-refundable $5,000 reservation.

The company said it has over $850 million of cash and cash equivalents reflecting its “prudent liquidity management and is sufficient to fund the production launch of the Fisker Ocean in November 2022 and for additional vehicle development throughout 2022”.

Written by Cláudio Afonso | | LinkedIn | Twitter