Fisker ramps up production of an all-electric Ocean SUV • TechCrunch

Fisker ramps up production of an all-electric Ocean SUV • TechCrunch

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Fisker is raising its manufacturing forecast two weeks before its first electric vehicle, the Ocean SUV, goes into production.

The automaker plans to produce 42,400 Ocean SUVs by the end of 2023, against an initial forecast of 40,000, due to strong demand in the United States and Europe.

The company said it has received 62,000 reservations for the $37,499 Ocean and expects 80,000 orders by the end of the year, against an initial target of 50,000.

This means that not everyone who has booked an Ocean will receive one in 2023.

“For us, I don’t see that as a bad thing because it means we’re complete, which is great,” CEO Henrik Fisker told TechCrunch..

Many of those reservations came in August, shortly before the passage of the Cut Inflation Act, which eliminates the $7,500 federal tax credit for foreign-built electric vehicles.

“It was a Friday when it looked like Congress was going to pass the bill, and I immediately got together with three executives and we said, ‘Hey, what can we do? ‘” Fisker said.

The company rushed to launch a redesigned website on Monday afternoon and issued a press release telling customers they had a week to reserve the ocean before losing their tax credit eligibility.

“We acted rapidly and activated Ocean reservation holders at Walk in in a obligatory Contract at potentially retain eligibility for the former federal electric vehicle tax credit,” Fisker said. “In less that a the week, we sold out our WE. attribution by Ocean Sport and Ultra trim levels.”

The Ocean will go into production in Graz, Austria on November 17, the same day scheduled for the launch of its 3D configurator as well as updates to its mobile phone app and website. Fisker will deliver a fleet of 15 SUVs to partner Magna in December.

Fisker said it was in talks with potential partners to increase capacity in mid-2024 by adding a production site in the United States.

The automaker, which went public through a SPAC deal in 2020, reported a growing net loss of $149.3 million, or a loss of 0.49 per share, for the quarter ended September 30. . That compares to a net loss of $109.8 million, or one. 37 loss per share, for the same quarter a year ago.

Third-quarter revenue was $14 million, down slightly from the $15 million recorded for the same period last year.

During its quarterly earnings call on Wednesday, the automaker outlined its quarterly production plan for 2023. Fisker expects to build “more than 300” Ocean units by the end of the first quarter, 8,000 units in the second quarter, 15 000 in the third and the balance of the remaining 42,400 units in the fourth.

Fisker also said it is on track to start production of its second vehicle, the Fisker PEAR crossover, in 2024 with partner Foxconn at the former Lordstown Motors plant in Ohio. Foxconn bought the site, originally a General Motors factory, from struggling electric vehicle startup Lordstown Motors in May.

The company said it received more than 5,000 reservations for the PEAR under $30,000, an acronym for “Personal Electric Automotive Revolution.”

A third model, a luxury GT sports car known internally as Project Ronin, is still in development, Fisker said.

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