We’ve officially passed the halfway mark for fiscal year 2022, and those quarterly reports are starting to come in. Fisker’s Q2 update came this morning, showing a good appetite for its flagship Ocean SUV, along with some updates to progress in the next two releases. Fisker models to follow.
Despite generic magnifying glass at every step Fisker Inc. Thanks to a turbulent past, the American automaker continues to move forward with the delivery of its flagship electric vehicle, the Ocean. Although production is not scheduled to begin with With the help of Magna International Until November, Fisker was already teasing two more models as appearances.
Next will be PEAR, which will be built by Foxconn in Its newly acquired facility in Lordstown, Ohio. Founder and CEO Henrik Fisker recently teased his latest PEAR photo on Instagramwith the mention of “wrap around the windshield” (see below).
The automaker is also planning a GT sports car called ronin project, which is being developed at Fisker Magic Works in the UK. This third model remains the most secretive, but Fisker gave us some updates for all three electric vehicles in his Q2 2022 report.
Fisker Ocean and Q2 Financial Updates
Share Fisker Inc. press release On the heels of second-quarter financial results, he called investors this morning, providing his latest updates on electric vehicle progress, as well as cash figures on hand. First things first — as of the end of the second quarter, Fisker reported more than 56,000 reservations for its Ocean SUV.
This isn’t a big jump from 50,000 reservations that were Promotes in early June, But she has come a long way reported 31k in February. Of those current reservations, 5,000 include “dibs” in the Ocean One launch edition, even with Fisker’s latest order. Advance payment of $5,000 non-refundable.
So the Ocean One sold out entirely and according to Fisker, represents $350 million in revenue — if and when the SUVs are delivered. Fisker also reported that all 55 test and validation prototypes of the vehicles were completed in the ocean, and two were recently delivered to its headquarters in Manhattan Beach, California.
They will continue testing before the scheduled start of production in November. Fisker explained SUV progress during the second quarter:
I am proud of the seamless collaboration between Fisker and all of our partners and suppliers, ensuring that production begins on November 17, 2022. After driving the test cars on the high-speed track in Italy and on the roads in Los Angeles, I am excited about all the features we will offer in Fisker Ocean and how great it will drive in Fisker Ocean. . The quality of the prototype still needs to be improved before we get to serial production, as many of the parts are early released prototype parts, but it gives us time to do more improvement. I want the Fisker Ocean to be a quality product when it reaches our first paying customers, which means fine-tuning until the first production SUV goes off on November 17th. With strong demand for our vehicles, we look forward to the next phase of our exciting growth plan.
Here are some other internal and financial updates from Fisker after the second quarter of 2022:
- Fisker is currently developing an interactive configuration tool that will be launched in late October along with a new website that will include EV delivery timeframes.
- Ocean Extreme pre-orders will begin on November 18, the day after standard operating procedures
- Pre-orders for the Ocean Ultra and Sport models will begin in the first quarter of 2023
- Fisker has renamed its Experience Centers “Fisker Lounges,” which will first arrive in Los Angeles and Munich later this year.
- It expects 50 showrooms and Fisker Lounge service facilities across North America and Europe by the end of 2023
- Fisker reported cash and cash equivalents of $851.9 million as of June 30, 2022
- Reflects approx. $14.2 million raised from $350 million in stock market program during the second quarter of 2022
- Losses from operations totaled $88.7 million, including $1.2 million in stock-based compensation expense
- Net loss was $106 million and loss was $0.36 per share.
- The weighted average shares outstanding amounted to 298.3 million shares for the three months of the second quarter
PEAR and Project Ronin Updates
While the majority of the focus of the Fisker Q2 call was on the periphery, the automaker did share a pair of noteworthy tidbits about its two other upcoming EVs. PEAR has over 4,000 reservations, although it hasn’t been officially revealed yet.
It will be mounted on top of the Fisker SLV1 platform when it is built by Foxconn in Ohio, in 2024. Once production ramps up in Lordstown, the two companies expect to produce at least 250,000 PEAR EVs annually. The MSRP is still expected to be under $30,000, and a drivable prototype is expected before the end of 2022.
Not much new to report on Project Ronin, we’re afraid. The Grand Tourer EV will have a battery pack built into its chassis to allow for increased battery size. Fisker shared that he is designing and engineering the third EV in order to “deliver a class-leading combination and redefine the luxury sports car segment.” We should expect to see Project Ronin for the first time next summer – that’s it for now.
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