Credit: Fisker

Fisker sells out Ocean’s Ultra, Sport trims in the U.S., plans more units next year

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

The EV maker Fisker announced Friday that sold out the 2023 planned production of Fisker Ocean Sport and Ultra trims for the U.S. market. The company added that it is “exploring US manufacturing sites”, as well as considering an increase of Ocean’s production in late 2023.

The Ultra version starts at £48,900 and features a battery with a 379 miles range and”Hyper” as an additional Driving mode while the Sport version (£34,900) has 273 miles of range and only two driving modes: Earth and Fun.

The company said is in discussions with its production partner Magna to increase the production of the Fisker Ocean in the second half of 2023 aiming to release more Fisker Ocean Ultra and Sport trims for the US market toward the end of 2023.

“We moved quickly to preserve the opportunity of our qualifying US reservation holders to remain eligible for the current federal tax credit,” Fisker chairman and CEO Henrik Fisker said. “We’re very happy that, in addition to global Fisker Ocean One customers securing their vehicles, those reservation holders in the US who wanted a Fisker Ocean could lock in their purchase commitment.

“Our customers are giving us a huge vote of confidence ahead of our start of production on November 17. As for 2024, we are already exploring US-based manufacturing with the goal of making some models eligible for the EV tax credit within the new proposed requirements,” Henrik added.

On Wednesday, the company published 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.

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.

Last week, 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 | info@claudio-afonso.com | LinkedIn | Twitter

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