Fisker hits production milestone and is making progress with Fisker Ocean deliveries to meet strong demand for its electric SUV.
Today, Fisker has officially announced the achievement of a significant production milestone. The company has now produced 5,000 Fisker Oceans with contract manufacturing partner Magna Steyr. Remarkably, within a span of fewer than 20 days since their last production update earlier this month, Fisker and Magna have assembled an impressive 1,877 vehicles. This achievement demonstrates the effectiveness of Fisker’s asset light strategy of teaming up with a contract manufacturer to make their top electric SUV.
Fisker has also achieved substantial progress in delivering the Fisker Ocean, up from 775 earlier this month. The company has announced that it has delivered over 900 Fisker Ocean vehicles to customers. This indicates that Fisker’s revenue for Q3 2023 is expected to surpass $60 million, marking a significant increase compared to the previous quarter. This update coincides with Fisker’s initiation of an accelerated delivery process to meet the strong demand from enthusiastic customers. Fisker is actively striving to achieve a milestone delivery rate of 300 vehicles per day across the United States and Europe.
How Fisker Is Achieving It
Skeptics have already cast doubt on Fisker’s plans. They are questioning the whereabouts of the 5,000 fully built vehicles and how Fisker intends to meet its aggressive delivery schedule, particularly in the United States. Let’s now address these concerns.
First and foremost, Fisker has established experience centers throughout Europe. As we’ve seen, electric SUVs are being shipped daily from the factory in Austria to various locations across the continent. Fisker Oceans are constantly en route to Fisker Center+ locations in each of the company’s launch markets. Fisker’s delivery network in Europe is finely tuned and continually strengthening.
Turning our attention to North America operations, cargo ships are regularly picking up Fisker Oceans at European ports. These electric vehicles frequently traverse the Atlantic Ocean and arrive at United States ports on a consistent basis. Then, Fisker utilizes various car hauler networks to transport its vehicles to various distribution points across the United States.
Fisker’s US Distribution Strategy
As part of Fisker’s asset-light approach, the company aims to maximize efficiency while minimizing its environmental impact. Therefore, Fisker has partnered with ADESA, a subsidiary of Carvana, leveraging their extensive real estate holdings. Carvana acquired ADESA’s wholesale vehicle auction business last year. It consists of 56 locations spanning the United States, encompassing approximately 6.5 million square feet of buildings on over 4,000 acres.
As some Fisker customers may have noticed early on, their pickup location within their Fisker account indicated an ADESA facility. ADESA addresses have been appearing with various locations such as Arizona, Georgia, Indiana, Massachusetts, and more. This signifies that Fisker is harnessing this expansive network, specifically designed for vehicle preparation and delivery.
Once vehicles are ready at these distribution points, Fisker leverages regional car transporters with trailers to promptly deliver electric SUVs to customers. For example, last week we witnessed the first-ever transport of a Fisker Ocean in an enclosed carrier to Colorado. This last mile delivery was followed by another report this morning of additional deliveries in the Rocky Mountain state. With 300 customer deliveries a day on the horizon, Fisker is set to reaching yet another milestone!
“We want to thank our customers for their patience as we have refined our delivery processes. As we complete the third quarter and move into the fourth, we are preparing to significantly increase our pace of deliveries in the US and Europe. We are expanding both our teams and our physical locations, and we are targeting deliveries of 300 vehicle per day to meet strong demand for the Fisker Ocean. I’m tremendously pleased that our company has geared up to achieve these milestones.
Henrik Fisker, Chairman & CEO, Fisker Inc.
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I can’t even get them to respond to any emails, or social media messages. What a mess and **** customer service to not publish a delivery date 5 days before promised delivery. Anyone else dealing with the same? Never again with this bs company… already told 2-3 9f my friends to not order
Didn’t you realise that they were a startup company when you ordered the car?
Isn’t that why customers who ordered a Fisker One got a better price than the people who are going to buy the Extreme?
I have sent them a message and got a detailed email in less than 12 hours I am happy with their fast response
I’m experiencing the same non-response for an open case from September 18th. I have many questions prior to handing over $70k+ to a company that promised at least a service center somewhere in Florida. Really have high hopes for the car I have been waiting years for. However, logistics and service issues are very concerning.
I suspect this milestone number of 5000 vehicles equates to the 5000 early adopters who ordered the limited edition Ocean One. I didn’t have the guts to join the first 5000. And, I’m sure the anticipation, the uncertainty, along with a string of frustrations, as well as the excitement of being part of something brand new… I’m sure it has put some folks on their last nerve. Others will thrilled to be one of the “originals” — one of a small group, worldwide, to own the first Fisker Oceans on the planet.
The learning curve is obviously steep. No joke. Fisker Inc. needs to have learned (A LOT) and needs to be making the right adjustments and taking the right actions as it now begins to bring its vehicles to the rest of us…to people that will certainly have less tolerance for set-backs and slow-downs and screw-ups than the 5000 “originals”.
I’m still waiting for my Fisker ocean one, still no update when it’s going to be delivered! So if it’s been built it’s stuck somewhere🤔 Tim let’s remember this isn’t the first time Fisker as has a go car manufacturer, so a lot of lessons should have been learned then!
Lee. I’m not sure “stuck” is how to describe it.
I do get your point about the past Fisker attempt. He, and Team Fisker, Inc. should have learned and carefully adjusted to mistakes from that past endeavor. It seems they have. They clearly have had even more to learn as they’ve produced and interacted with the 5000 “originals”. Increasingly, excuses by Team Fisker will fall on deaf ears. Skillful execution that establishes a deep trust in the Fisker brand is the only successful way forward. I am expecting them to deliver on this.
My biggest concern is if something happens to Henrik? Has he shared his vision with his team and are they able to execute that vision without him. I’m not wishing anything on Henrik but just trying to understand at this very pivotal moment if anyone else can sustain this company without him. Does anyone else on the team have a successful track record of running a corporation?
Jesse, you can review the leadership team in the latest investor presentation.
Its nice that the first 5000 will get their Ocean Ones soon. Just remember that last year they promised 50,000 vehicles to be delivered by end of 2023. They also promised they had enough supply to hold the prices until the end of 2023. They obviously did not meet the former and the latter is only valid if they can hold pricing until delivery of all promised vehicles. Time will tell. Now they are promising deliveries of Alaska’s and Pears but they have yet to be able to fulfill original targets on the Ocean.
FYI, Fisker has only ever offered production guidance, never delivery guidance. We believe the initial guide last year was 42,400 vehicles to be produced before unforeseen supply issue constraints.