Fisker (FSR) Q4, full 2022 results: 56 Ocean EVs built, 0 customer deliveries, new PEAR images
Fisker Inc. shared its Q4 and full 2022 results with investors this morning, detailing the progress of its flagship Ocean SUV; an update on its second EV model, the PEAR; and a report of operational results that were “better than expectations.” While the American automaker continues its work to deliver its first EV to customers, it is projecting positive growth numbers in 2023. More below.
Fisker Inc. ($FSR) is relaying optimism as the American start-up continues its bold strategy of attempting to homologate on two separate continents simultaneously. This past fall, the company was reporting over 62,000 reservations for its flagship Ocean SUV with production output projections surpassing 42,000 units in 2023.
That chase began a few weeks after Fisker’s Q3 report when it officially kicked off Ocean production on time in Austria, with the help of contract manufacturer Magna Steyr. Since then, Fisker has shared a behind-the-scenes look at its SUVs being built and recently announced a partnership with ChargePoint in North America.
In terms of production output, Fisker has been a tad slow to start but predicted as much coming into today’s Q4 2022 report. Where does the start-up stand overall following a busy year? Let’s break down the key factors to note.
Fisker ends Q4 2022 with over $735 million in cash
According to Fisker, it saw better than expected operational costs in 2022, despite costs for its start of Ocean production in Q4. Total 2022 spending was $702 million, well below its anticipated range between $715 and $790 million.
As of December 31, 2022, Fisker’s cash and cash equivalents totaled $736.5 million (excluding about $28M of VAT receivables that have been delayed to 2023). Fisker says its cash balance includes roughly $57 million raised from its $350 at-the-market (ATM) program in Q4 2022.
Net losses were $170.1 million, equating to $0.54 per share. Weighted outstanding average shares totaled nearly $315 million in Q4 as well. For 2023, Fisker is now projecting non-GAAP operating expenses and capital spends to be between $535 and $610 million, targeting a gross margin range between 8-12%, resulting in potentially positive earnings before interest, taxes, depreciation, and amortization (EBITDA).
In terms of Ocean production, Fisker reported that it has built 56 EVs to date, including 15 fleet vehicles delivered to Magna in December, which are being used for testing, data collection, and additional validation for “future features.”
The company relayed that it remains on track to produce (up to) 42,400 EVs in 2023, provided its supply chain pulls through and it receives homologation “in a timely manner.” That testing is expected to be completed in the US and Europe in March, followed by regulatory approval processes. Chair and CEO Henrik Fisker spoke:
We are the first startup to homologate two continents simultaneously. We have completed over 250 various tests and the teams are submitting these results continuously to regulatory authorities. The ability to initially sell the Ocean in the US and seven European launch markets is unprecedented and a major de-risking strategy that we implemented from the outset. This approach offers the opportunity to increase sales and shift vehicles to whichever market has the strongest growth.
Launching a high-quality Fisker Ocean with class-leading range, innovations, and features is our number one priority. We have finalized our EPA and WLTP testing and our internal findings show longer range for the Fisker Ocean than we initially projected. These results reinforce our expectation that, at the time of launch, the Fisker Ocean will have the longest range of any SUV/Crossover priced below $70,000. We are excited to get the Ocean in the hands of our loyal customers shortly after the homologation process is complete.
Previously, Fisker has promised the Ocean will have an estimated range of up to 350 miles, so it will be interesting to see where those official EPA numbers land and if they are in fact greater. The company says it has already secured long-lead parts in its supply chain and expects to have everything it needs to produce to first 300 EVs for customers in March – that’s also its previously shared output target for Q1 2023, but it better get moving as we approach the bookend of the quarter.
Production is still expected to ramp up in Q2 as output is targeted at 8,000 units. Ocean reservations were over 65,000 as of February 24, 2023, joined by over 5,600 PEAR reservations. Speaking of the Fisker PEAR, the company shared its latest image of its exterior (seen above), showcasing the compact EV’s high-mounted brake light.
Fisker says the working PEAR prototype has already undergone aero testing and is expected to deliver “well over” 300 miles of range using its E/E architecture that utilizes what the start-up calls its Blade Computer. It still anticipates it will be able to launch the PEAR at a base MSRP of $29,900.
Fisker continues its world tour of the Ocean SUV to consumers and OEMs as it works to implement after-sales service centers throughout the US and Europe ahead of first deliveries. The next milestone we will keep an eye out for is the official start of Ocean deliveries as Fisker continues to try and prove the naysayers wrong and head into a promising 2023.
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National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrek reported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
- Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
- Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
- Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
Last month, Hyundai opened its first overseas digital R&D center in China to help kick off its return to the region.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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