Fisker in negotiations with five traditional car companies to increase production capacity for upcoming electric vehicles.
Today, Henrik Fisker announced ongoing discussions with five carmakers for a production capacity partnership, as reported by Reuters from Berlin. The U.S. electric vehicle startup is actively negotiating with these carmakers to secure additional production capacity for its nearly-ready vehicles. The company pipeline of electric vehicles includes the Fisker PEAR compact crossover SUV, Alaska pickup truck, and RŌNIN convertible GT supercar.
Henrik Fisker, the CEO, expressed the urgency, stating, “We have two cars that are almost ready. We can bring them to market fast – we just need the capacity.” Fisker also revealed that, in May, the company explored partnerships with various entities, including suppliers and tech companies, to scale up production. On Thursday, he disclosed ongoing negotiations with five “traditional car companies” and anticipated finalizing a partnership in the coming months. However, he didn’t mention any car companies by name.
Reuters also reported Henrik Fisker’s confidence in Fisker’s path to profitability. The Chairman & CEO shared that his company is expected to report a double-digit margin this year. This aligns with Fisker’s annual forecast of an 8-12% gross margin for 2023. This announcement follows a delay in the company’s quarterly earnings report, attributed to the finalization of financial statements and associated disclosures for Q3 2023, coinciding with a planned departure of the company’s Chief Accounting Officer. We’ve offered an earnings preview for Q3 2023. Now, we wait for quarterly results to be released on Monday after the market close.
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The market sees this as desperation. Anything Henrik does or doesn’t do sends the stock price the wrong way. We need C-level change.
C-level change? Does that mean CEO, KSunday?
I am wondering if this means if the deal with Fox Conn was dropped or does it mean he doesn’t want to wait for 2025 to launch PEAR, Alaska and Ronin.
I don’t mind Fisker using a contract manufacturer like Magna or even a tech company like Fox Conn but to have a competitor build the car for you is where I feel kind of hesitant. The companies he likely spoke with are most likely Union Free in the US: Toyota/Lexus, Nissan/Infiniti, Subaru, Hyundai, Volvo, Rivian, LUCID, BMW, Mercedes, Tesla, VW. Out of that list I would narrow it down to Volvo, VW or an Asian OEM.
I have a bad feeling about this…
Speculating on who the five could be; “traditional” would be the key word. I’m of the mind that Team Fisker and Team Magna have traveled some of the toughest miles together. I would like to see them continue, and now boost output together. The price of a PEAR doesn’t really need the Uncle Sam giveaway, not immediately. It’s priced nearly $20,000 below the average price of a car sold in the U.S. And, besides, Fisker is establishing a WORLDWIDE brand.
There has been so much talk lately about declining EV demand. I suspect the demand is declining for the obvious leader who has owned most of the market for some time now. But I believe people are simply hungry for new and different and better options, without the “drama” of a CEO who cannot seem to live without the limelight. A certain fatigue has set in. It certainly has for me. Kind of like people like me who have grown tired of the amazon or facebook way of doing life. I believe Fisker needs to capitalize on this fatigue. I hope Team Fisker does so by building on their history of working with Team Magna. My 2.5 cents, for whatever it’s worth.
Completely agree with your take on the potential collaboration between Team Fisker and Team Magna. Expanding with Magna International could indeed be a game-changer, leveraging their experience and capabilities to boost production for Fisker’s electric vehicles. While the idea of a traditional automaker is interesting, the key is accelerating Fisker’s portfolio without compromising quality. Let’s hope Team Fisker makes a strategic move that not only addresses the evolving market demands but also sets them apart from the “drama” you mentioned. Here’s to exciting and fatigue-free electric options!
I agree. I’ve mentioned a month or so ago that if the Foxconn deal doesn’t go through that Fisker should look for a 2nd hand factory to build there cars with Magna. It would be best that the ‘shop around’ for a site in a union free zone. The Big 3 had to increase prices of their cars due to strike agreements and I think Fisker being a start up shouldn’t place itself in an uncompromising position. Even Mexico has been a safe haven against UAW measures with good quality in return. BMW makes some models there.
I don’t know which plant Fisker will go with if they have an OEM build models for them. As mentioned before Magna and Fisker should simply increasing their stake together as a partnership.
For the sake of the stock, either they should select someone from BMW or a tech company or even have Getta Fisker take over.
Although they have scored a bit of an own goal with the delay of the earnings release. I think long term the stock will recover.
Henrik has indicated that they are ramping up to 300 oceans per day and his search for additional production capacity would back this up.
The Ocean looks like a well designed car, sure there maybe a few software glitches on the delay models but they will soon be ironed out with updates. I think it could sell well, as it has some nice features, good range and is at a good price point. They apparently have £60k reserved orders, and if that is true then demand is not the issue. They just need to ramp up production.
I would like their stock to go up in the $300-400 range as they have some very nice designed vehicles with good range. They need to hire more well know names in the industry in order to get their. This company has a lot of potential.
Mr. Brooker. I suspect you understand that their are powerful forces itching to see headlines of Fisker Inc’s demise — ‘Ocean One and Done’.
There are others of us itching to be part of a new kind of EV movement and company. The ball is in Team Fisker’s court. What are they going to do with the ball? Drop it? Or push the ball forward and score?
🌊⏩
Could this open the door to a partnership with a ‘traditional car company’ that could also become a contract service vendor in established dealerships? This could grow Fisker sales, removing buyers’ hesitance to purchase without regional service and repair.
This article featured on Autoblog states that Fisker will continue with operations at Magna(Ocean) while operating at Foxconn(Pear)in 2025. However, it states that Fisker would like “additional capacity” to meet demand while relying on an OEM for additional output. Read the article and let me know what you think…