We have all the highlights for you from Fisker’s third annual meeting of shareholders where Fisker shared numerous updates, including the latest on customer deliveries, plans to enter the Chinese market, and details about revealing prototypes of its EV lineup later this year.
Today, Fisker conducted its 2023 Annual Meeting of Shareholders via a live webcast. We attentively followed the entire meeting and have compiled the key highlights for you. Stockholders predictably approved all items in the proxy during Fisker’s third annual shareholder meeting. Fisker’s shareholder base has now grown to approximately 400,000, indicating a significant increase of 100,000 shareholders compared to last year. A copy of the live stream is available above and conveniently on our YouTube channel, where you can also watch a group discussion that took place afterwards. Now let’s dive into the highlights!
Focus on Upcoming Deliveries
The main spotlight of the meeting was on…
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Oh look, China. Oh look, Pear, Alaska and Ronin. Oh look, credits. What about the Grove not opening in May? What about only delivering two Oceans since SOP? Demonstrable milestones are always around the corner or over the next hill. It’s like a mirage, never immediately, good news is always weeks, months or years away.
Make the Ocean available for independent reviews. Build and deliver 25,000 solid cars to Europe, UK, Canada and US in 2023. Be clear about how you will fund these plans.
And put a rear wiper/washer on the Ocean. Read the disgruntled comments on IONIQ 5 forums for this gross omission.
There have been many positive updates. It’s fine to focus on missed milestones like the opening date of the flagship Fisker Lounge in Los Angeles. If you aren’t aware, we regularly discuss missed dates on All-Things Fisker like we did last week. Did you miss the recent announcements about EPA certification and the estimated range of 360 miles for the Fisker Ocean? And what about Fisker starting volume deliveries this month in both Europe and the USA? By the way, when a digital rear view mirror comes standard, not all customers want or need a rear wiper.
So happy to hear Mr. Fisker address the maintenance and repair topic. In my mind, this exceeded concerns about mileage. He really put my mind at ease.
While acknowledging he expects some new-car-hiccups, he went on record stating the quality product that partner Magna has and is producing, and he sees the same level of diligence in their work to ramp up production of the Ocean. Suggesting (my take on this) that he expects the vehicle to be mechanically sound and will be, perhaps, the best driving experience many of us have experienced. He noted that he made a point to personally put miles on his Ocean and this is his early observation.
Furthermore, he acknowledged that maintenance and repair will be done differently than legacy manufacturers. You will order service on the Fisker app, you will get a reply, and someone will come and provide white glove (my words/interpretation) service… towing it to a service center if necessary and returning the vehicle when complete. Uber credits or an auto rental will be provided, depending on the expected length of time to service the vehicle; or, perhaps, your occupational needs. He noted that he has great faith in the quality of the vehicles to be delivered, that minimal maintenance will be necessary, and that he expects owners will rarely need to utilize repair services… but when they do, they can count on “the best vehicle warrantee in the marketplace.” He said that with conviction and sold me on the fact that the company is prepared to stand behind that statement.
To my thinking, he told me (us) that I will own one of the best built vehicles in the marketplace. As a reservation holder, this is great news. As a shareholder, I’m further encouraged. I know it is unlikely that I will be reading social media posts from people saying they, ‘can’t get repair issues resolved for days or weeks…’ hurting the brand and negatively impacting sales.
Like James, on this topic at least, I have been a ‘Debbie Downer’ as the company has been quiet about this topic in the US market. Now, I expect this vehicle will see sales greatly expand as we take delivery and get out on the road and sell their car for them.
I purchased more shares today… and I (finally) configured my Ocean Ex.
own the stock, and have for some time. disappointed that getting real deliveries has taken longer than expected. all comments are merely just talk. time will be in the delivery of a high-quality vehicle(s) over the next few years. this will either be a 40x+ stock or zero. if fsr does 1m cars by ’27 at avg of $40,000 per that is $40b in revs (if i can still do basic bath). use a 2x multiple equals $80b market cap. currently $2b market cap so that means approx. $240/sh (40x$6). whether they can deliver remains to be seen but all the current talk is just that.