Henrik Fisker poses with the Fisker Ocean electric vehicle after its unveiling at the Manhattan Beach pier prior to the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California.
Patrick T Fallon | AFP | Getty Images
Starting the electric car Fisker She said Monday that she spent less money in 2022 than she expected, and that she remains on track to begin deliveries of her Ocean SUV this spring and build more than 40,000 vehicles in 2023.
Fisker shares closed up more than 30% on Monday.
So far, 56 oceans have been built in partner manufacturing, Fisker said Magna International Contract manufacturing facility in Austria. Fifteen of them are completed before the end of the year and are being used for testing by both Fisker and Magna, as the companies improve the manufacturing process, test additional features, and work through regulatory approval processes in the United States, Canada, and Europe.
The report comes less than a week after the electric vehicles went live Lucid And Nicholas Does not fall short of production and delivery results.
Fisker previously said that the Ocean would have a range of about 350 miles in upper trims, but CEO Henrik Fisker said Monday that early tests showed the Ocean had more range than expected.
“These results reinforce our expectation that, at launch time, the Fisker Ocean will have the longest range of any SUV/crossover priced under $70,000,” he said.
In the base, it has an ocean range of about 250 miles and a starting price of $37,499; Long-term versions start at around $50,000.
Fisker expects to complete testing required for ocean regulatory approval next month, and ramp up production — and begin deliveries — in the second quarter. The company reiterated previous production guidance — “up to” 42,400 vehicles in 2023 — provided the supply chain delivers according to our expectations and we receive [regulatory approval] right on time “.
Fisker had “nearly 65,000” bookings for the ocean as of February 3. 24, up slightly from “over 62,000” as of its third-quarter earnings report in early November. Because it will be built in Austria, the Ocean will not be eligible for new electric vehicle incentives offered by the US government.
Fisker spent a total of $702 million in 2022, which is just under its guidance range of $715 million to $790 million. The company had $736.5 million in cash remaining at the end of the year, including $57 million it raised from its ongoing market share in the fourth quarter of 2022. It currently expects to spend between $535 million and $610 million in 2023.
Fisker is targeting a positive gross profit margin of 8% to 12% for the year and said it could have positive earnings before interest, tax, depreciation and amortization, or EBITDA, for the full year as well.
Fisker’s net loss in the fourth quarter was $170.1 million, or 54 cents per share, on revenue of about $306,000. Both fell short of estimates: Wall Street analysts polled by Refinitiv had forecast a loss of 42 cents per share on revenue of $2.5 million.
Fisker also said it’s made progress on its upcoming second model, a low-cost electric minivan called the Pear, and remains on track to begin production next year.
The company said it now has “more than 5,600” reservations for the pear, compared to “more than 5,000” reservations in early November. The Pears is expected to start at $29,900 and will be built by Foxconn Technology Group at the former Lordstown Motors plant in Ohio starting in 2024.