Fisker, a California-based electric vehicle (EV) manufacturer, released its second-quarter production figures on Friday, revealing that they had built over 1,000 Ocean electric SUVs in the past three months. While this number represents a significant increase from the first quarter, it falls short of Fisker’s initial projections due to challenges faced by their suppliers.
Fisker began production of the Ocean SUV model in November last year and achieved a major milestone by delivering its first unit in May.
Despite these achievements, the company continues to struggle in meeting its production targets. During the first quarter, Fisker only produced 55 Ocean SUVs, well below their goal of 300 units by the end of March.
Following the first-quarter report, Fisker had anticipated manufacturing between 1,400 and 1,700 EVs in the second quarter. However, the recently released production figures show that the company failed to meet its targets once again. In Q2, Fisker produced 1,022 Ocean electric SUVs, falling short of the expected range of 1,400 to 1,700.
Fisker attributed this shortfall to challenges faced by certain suppliers in achieving the targeted production levels due to delays in receiving components from sub-suppliers.
Despite these setbacks, Fisker did achieve its goal of exceeding an assembly rate of 80 units per day by the end of June. They are now expecting to produce over 1,400 EVs in early July.
To address the production challenges, Fisker is actively working on improving its relationships with suppliers in order to meet the increasing demand. The company is also exploring additional battery pack capacity options to support higher volumes than initially anticipated for next year and meet their 2023 manufacturing timeline.
Fisker will release its second-quarter financial results on Friday, August 4, 2023, followed by an earnings call. Similar to other EV startups, Fisker is currently facing rising costs and limited funding options as it ramps up production.
At the end of the first quarter, Fisker had $625.5 million in cash and equivalents but reported a net loss of $120.6 million.
In recent weeks, Fisker made progress by delivering its first Ocean electric SUV in the United States and has plans for further expansion. The company also announced that its all-electric Fisker Ocean Extreme model achieved an EPA estimated total range of 360 miles, the highest among new electric SUVs priced under $200,000 in the US. Additionally, with a range of 707 WLTP km or 440 UK miles, the Ocean Extreme holds the title of the electric SUV with the longest range currently available in Europe, according to Fisker.
