Fisker Q3 results: 62k reservations, 42k units coming in 2023, and a drivable PEAR Prototype

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2 years ago

November 2, 2022

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According to its financial results report for Q3 2022 released today, Fisker remains on schedule to begin production of its flagship Ocean SUV two weeks from now. The American EV automaker is also reporting over 62,000 combined reservations and orders ahead of a four phase production plan that’s expected to produce 42,400 units by the end of 2023. Outside of the Ocean, Fisker also shared a progress report of its second EV – the PEAR.

If you’re interested in Fisker’s financials and the progress of the Ocean SUV, you’re probably well aware of the company’s history and the journey it’s been on to get to this point – a pivotal moment in which the second iteration of the American automaker is mere weeks away from scaled production of its first EV. Exciting indeed.

We will spare you the history lesson this time around and get straight into the report, if that’s okay with you. If you’d like to recap, these previous posts should help:

Fisker ends Q3 with over $824M in cash and cash equivalents

Fisker shared its Q3 2022 financial results in a press release today, led by another affirmation that it remains on track to begin Ocean production in Austria through Magna Steyr on November 17 as originally promised.

The automaker also shared plans for a four-phase production ramp up of the Ocean beginning this month through the end of 2023, which is anticipated to produce 42,400 units. Fisker stated this strategy was spaced out to ensure its suppliers can parallel its expansion of volume. Here’s the current plan:

Q1 2023: 300+ units
Q2: 8,000+ units
Q3: 15,000+ units
Q4: Remainder to reach 42,400 unit goal

Production and delivery will focus on orders for the limited edition Ocean One to start, which should occupy Fisker’s time until Q2 next year, when Ocean Extreme production joins the fold. Fisker said it will begin selling the Ocean in select global markets beginning in January 2023 with the Extreme trim.

If Fisker can hit its 2023 production target, it just may sell out its entire first year’s output. According to the automaker, it had over 62,000 combined reservations and orders as of October 31, 2022. How those reservations and orders break down individually is unclear, but we’d suspect a decent amount of early reservations solidified over the summer in order to qualify for federal tax credits before revised terms in the recently signed Inflation Reduction Act kick in on January 1, 2023.

Fisker shared that through those binding customer contracts, it has sold out its US allotment of the 2023 Ocean Sport and Ultra trim levels. Additionally, it will deliver 15 Ocean SUVs purchased by Magna in December as a commercial fleet . Here are some other highlights from the report:

Fisker’s Q3 2022 operating results remain consistent with company expectations: full-year total spending guidance at the low end of the $715 million to $790 million range.
In September, the automaker announced that Wallbox will be its global partner for home EV charging solutions. We got to see those Fisker chargers up close the other day.
Fisker cash and cash equivalents were $824.7 million at end of Q3, 2022, which reflects approximately $116 million raised from its $350 million at-the-market (ATM) equity program.
Loss from operations totaled $140.0 million, including $11.2 million of stock-based compensation expense.
Net loss totaled $149.3 million and $0.49 loss per share, including an unrealized $7.3 million foreign currency loss and net of realized gains upon settlement of Euro-denominated payments.
The company is reporting close to 2,000 reservations and orders in Norway.
3D configurator, updated app, and website are scheduled to launch in multiple languages on November 17.
Fisker has begun preliminary discussions with global OEMs to explore sharing both Ocean and PEAR platforms, joint US manufacturing, and future sales of emissions credits.

Fisker PEAR update

As we approach the start of production of Fisker’s first EV, the automaker is already prepping to move its team right over to the development of its second, more affordable model – the PEAR.

Fisker has reportedly signed off on the first concept phase and is expecting to see a drivable prototype ahead of schedule. As of October 31, 2022, Fisker had over 5,000 reservations for the PEAR, despite not sharing it publicly yet. No updates on Project Ronin for this quarter.

That’s all for now, but you can view Fisker’s press release for a complete breakdown of its financials for Q3. First customer deliveries of the Ocean are expected to begin in February 2023. Hopefully we can get behind the wheel of one before then.

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What makes a Honda a Honda? Prologue engineers help us find out!

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2 hours ago

November 16, 2024

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What makes a Honda a Honda? Prologue engineers help us find out!

On today’s informative episode of Quick Charge, we’ve got Honda engineers Jason Hwang and Emilio Sanchez to talk us through some of the things that make the GM Ultium-based Honda Prologue EV feel like a real Honda, and why that matters.

Jason and Emilio talk about some of the choices they made to make the Honda Prologue and Acura ZDX feel different from its GM-branded cousins, and explain why this was much more than a case of badge-engineering. Give it a listen, then let us know what you think of the Prologue and ZDX in the comments.

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Learn more by clicking here.

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The Eastern US’s first CFI-funded EV charging hub comes online

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5 hours ago

November 15, 2024

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The Eastern US's first CFI-funded EV charging hub comes online

CF EV charging — Photo: Joint Office of Energy and Transportation

The first EV charging hub funded by the Charging and Fueling Infrastructure (CFI) Program in the Eastern US is now online in Deerfield, Massachusetts.

The town installed the region’s first DC fast chargers (four ports), along with four Level 2 chargers, at 59 North Main Street in South Deerfield.

These new charging stations, funded with $2.46 million from the CFI program, are conveniently located near Interstate 91 in Franklin County, the most rural county in Massachusetts, which serves drivers from Connecticut up to the Canadian border.

The hub also features local and regional bus stops and designated bike lanes with secure onsite bike racks. The chargers are meant to cater to everyone: from local residents and visitors to municipal EVs and commercial vehicles that service the region’s businesses, like those in food and beverage manufacturing.

Gabe Klein, executive director of the Joint Office of Energy and Transportation, sees this as a model for future projects:

Multi-modal charging hubs in communities are key to giving more people the choice to ride and drive electric. The Town of Deerfield is showing leadership in building out convenient charging infrastructure that brings new transportation choices to rural and disadvantaged communities while supporting local commerce.

In recent years, Deerfield has experienced increased climate change-driven flooding from nearby rivers, including the Deerfield River, the Connecticut River, and the Bloody Brook. The project incorporates environmental engineering designed to mitigate and adapt to the effects of flooding and climate, including the installation of permeable asphalt and rain gardens, planting of native trees, grasses, and shrubs, and the creation of new greenspace in the center of Deerfield.

The Biden-Harris administration’s CFI Grant Program is expanding EV infrastructure nationwide. It offers grants for projects that complement and expand upon the initiatives of the NEVI program in urban, rural, and disadvantaged and low-income communities. So far, the CFI Grant Program has allocated over $1 billion to nearly 100 projects across the US, encouraging private investments and expanding the EV charging network to make EV ownership more practical and convenient.

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Kia’s new low-cost EV4 was just spotted in the US for the first time

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5 hours ago

November 15, 2024

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Kia's new low-cost EV4 was just spotted in the US for the first time

Kia’s upcoming EV4 electric sedan was just spotted testing in the US for the first time. The low-cost EV is expected to make its big debut by the end of the year. Here’s a look at the new model.

The EV4 will round out Kia’s new “EVs for all” master plan launched last year. Kia showcased three new models, the EV3, EV4, and EV5, during its first annual EV Day in October 2023.

During the event, Kia outlined its new global strategy to “lead and accelerate the EV revolution” with a wide range of models priced from $30,000 to $80,000.

Kia plans to rapidly expand its lineup with a series of smaller, lower-priced models. It launched the EV9, its first three-row electric SUV, which is already proving to be a hot seller in the US. Starting at under $55,000, the EV9 is still a great deal compared to others in its class, but Kia plans to go even lower.

The EV3 and EV4 are expected to be among the most affordable electric vehicles when they arrive in the US.

Kia’s new EV4 is now testing in the US

Ahead of its official debut, Kia’s new EV4 sedan was recently caught driving on US streets for the first time.

The latest image from KindelAuto doesn’t reveal much more than what’s been shown in the past, but the fact that it’s now testing in the US is significant.

Kia EV4 caught on US streets for the first time (Source: KindelAuto)

Kia’s EV3 is already on sale in Korea, starting at around $30,000 (42.08 million won). Earlier this week, the company said its new compact SUV is now available across Europe, starting at around $38,000 (36,000 euros) with a “segment-leading range” of up to 375 miles (WLTP).

Next up will be the EV4. Kia is expected to officially reveal the new EV by the end of the year, with deliveries starting in 2025. It could be as soon as next week at the 2024 LA Auto Show.

The interior will feature Kia’s advanced new ccNC infotainment system with dual 12.3″ navigation and driver display screens. An otherwise minalimalistic design is expected inside.

Kia’s EV4 will also be available in a hatchback variant. Although the hatch is likely aimed at European buyers, it was also recently spotted testing in the US for the first time.