Fisker has announced financial results for the third quarter of 2022 and updated the number of reservations for the Ocean and PEAR production models.
In its third-quarter financial report, the EV startup said it had more than $824 million in cash as of September 30, 2022. The financial performance, according to the company, reflects “wise liquidity management and positions Fisker Ocean for a successful launch.”
Fisker does not produce Ocean itself but is carried out by Austria-based contract manufacturer Magna Steyr. Fisker will start mass production of the Ocean electric SUV at its Magna Steyr plant in Austria on November 17 with a production target from start to end of 2023 to reach 42,400 units.
For 2023, Fisker plans to build 300 Ocean EVs in Q1, over 8,000 in Q2, over 15,000 in Q3, and over 19,000 in Q4.
Production optimism is also supported by a detailed four-stage supplier increase. This will ensure parts suppliers will keep up with the company’s anticipated increased production volume.
“Fisker is delivering on our SOP commitment despite a challenging environment due to our focused collaboration with all of our partners and suppliers. We are making deliberate choices on how to best deploy capital and structure our assembly volumes for a successful ramp.” Henrik Fisker, Chairman and Chief Executive Officer of Fisker
In Fisker’s third-quarter financial report the increase in bookings and net bookings for the Ocean electric SUV totaled more than 62,000 as of October 31, 2022, compared with 58,000 bookings in August.
Fisker has also planned to go global by starting to take confirmed orders for the Ocean in select markets from mid-January 2023 with the Extreme trim. Retail customer deliveries are expected to begin in February 2023 following European and US homologation.
Fisker said Ocean saw double-digit improvements in premium trim configurations in recent months. That’s not too surprising given the base Fisker Ocean Sport and mid-range Fisker Ocean Ultra trim level sold out in the US for 2023.
Initially, the company will focus on production and delivery of orders for the limited edition Ocean One, which will be the only model built until Q2 2023. After that, production of the Ocean Extreme will also begin. But before that, Fisker will deliver a small commercial fleet of 15 Samudras to Magna by December 2022.
Fisker also has a few updates to share about the entry-level PEAR EV. Development is progressing well, with the first draft stage signed off. Interestingly, the company expects to have a prototype that can be ridden “earlier,” without providing a timeline.
The company says it is now focused on execution and is in the process of transitioning its engineering and purchasing teams to PEAR. As for reservations, Fisker claims to have more than 5,000 of them as of October 31, compared to 4,000 in August.
