Electric vehicle startup Fisker has revealed its Q4 2022 results, reporting that it spent less money than expected and remains on track to begin deliveries of its Ocean SUV in the spring of 2023. The company expects to build over 40,000 vehicles in 2023, and has already built 56 Oceans at its manufacturing partner Magna International’s contract-manufacturing facility in Austria. The company has been refining the manufacturing process and testing additional features, working through regulatory approval processes in the US, Canada, and Europe.
CEO Henrik Fisker said that early testing has shown the Ocean has more range than expected, with about 350 miles of range in top trims. He also said that, “at the time of launch, the Fisker Ocean will have the longest range of any SUV/Crossover priced below $70,000.” The base trim Ocean has around 250 miles of range and a starting price of $37,499, while longer-range versions start at about $50,000.
See also: Fisker Partners with ChargePoint to Provide Seamless Charging for Fisker Ocean EVs in North America
Fisker expects to complete the testing needed for regulatory approval of the Ocean next month and begin ramping up production and deliveries in Q2 2023. The company had approximately 65,000 reservations for the Ocean as of February 24, up from over 62,000 in November 2022.
The company spent $702 million in 2022, below its guidance range of $715 million to $790 million, and had $736.5 million in cash remaining at year-end. Fisker is targeting a positive gross profit margin between 8% and 12% for the year, and said that it may have positive earnings before interest, tax, depreciation, and amortization (EBITDA) for the full year as well.
Fisker also provided updates on its upcoming second model, a lower-cost small EV called the Pear, which is expected to start at $29,900. The Pear will be built by Foxconn Technology Group in the former Lordstown Motors factory in Ohio starting in 2024. Fisker said it now has over 5,600 reservations for the Pear, up from over 5,000 in November 2022.
See also: Fisker Stays Committed to Current Pricing Strategy Despite Price Gap with Tesla
Fisker’s Q4 2022 net loss was $170.1 million, or 54 cents per share, on revenue of about $306,000, falling short of estimates. The company had revenue estimates of $2.5 million, while Wall Street analysts polled by Refinitiv expected a loss of 42 cents per share. Despite this, Fisker remains optimistic about its future and is looking forward to the launch of its Ocean SUV in the coming months.
You can access Fisker Fourth Quarter and Fiscal Year 2022 Financial Results here
