Fisker to become the fastest growing EV company in history, even faster than Tesla, during its first full-year of production.
Today, we continue to see Fisker Ocean electric SUVs on the high volume assembly line at Magna Steyr. Henrik shared new photos of the Fisker Ocean in Night Drive moving through the Magna factory. It’s exactly what Elon Musk did when Tesla built its factory, began operations, and started production.
On social media earlier this morning, Henrik said, “MAX manufacturing efficiency on 2 levels! This automatic turntable on 2nd floor, is adjusting the direction of the Ocean towards the red gate where the car goes through to a lift, that will bring the Ocean to the ground floor to the entrance is for Trim & final! THE MACHINE is running…!”
Fastest Growing EV Company In History
All of these photos from Magna got us thinking about something Henrik said during the fireside chat at the Cowen Investor Conference. Speaking with Cowen’s Jeffrey Osborne at the fireside chat, Henrik made reference to Fisker Ocean production in 2023. What Henrik said was pretty astounding, and few people seem to have taken notice of it. Analysts don’t seem to appreciate the capabilities of Magna Steyr, which owns an equity stake in Fisker. Not to mention, the faster Magna scales Fisker Ocean production the more money they make as a contract manufacturer.
Take a listen to the YouTube video clip below where Henrik states, “Next year we have said we’re going to produce between 40 to 50,000 vehicles. That, I think it’s very reasonable and conservative. It’s not exaggerated, but if you put that into perspective, if we produce just 40,000 vehicles next year, we will be the fastest growing EV company in history in terms of first year production including Tesla. So Tesla produced, I believe, about 20 something thousand in the first year of the Model S in 2013. And I think that’s truly doable, because we’re working with Magna…”
Henrik is correct, in the first full year of production, Tesla produced 22,477 vehicles. Tesla spent a lot of time and money building out its own factories and learning how to scale production. It’s quite impressive what Tesla has done helping build an EV industry for players like Fisker and others. However, Fisker is taking an asset light approach. They’re not investing in building their own factories to produce the Fisker Ocean.
Fisker has partnered with Magna, an industry leader in terms of contracting manufacturing and the world’s fourth largest automotive parts supplier. This is the big difference between EV companies like Tesla and Fisker. Fisker, together with Magna, has the production capacity of building 50,000 electric vehicles in 2023. During the Morgan Stanley Investor Conference last week, Henrik said Fisker could scale to 70,000 vehicles by simply having Magna add another shift to the production line.
Earlier in the year, during the Q4 2021 earnings call, Henrik said Magna could conservatively produce 5,000 EVs/month. He went on to say the company could scale to 7,500 electric vehicles in the second half of 2023. Fisker has previously said it has ambitions to produce 1,000,000 electric vehicles a year by 2027, which is only five years from now. It took Tesla nearly 10 years to grow to that scale. Fisker says it will scale based on customer demand.
Demand for the Fisker Ocean is strong. Last week, Henrik mentioned the company had a goal of hitting 50,000 reservations for Fisker Ocean by the end of 2022. Fisker is on track for 80,000 reservations by the end of the year. Currently, Fisker has 60,000 reservations, 5,000 pre-orders the Ocean One, and thousands of additional pre-orders of the Ocean Sport, Ultra, and Extreme from US customers. The company will add to these numbers on November 18th, when it opens pre-orders for the Ocean Extreme trim outside the United States.
At the moment, Fisker appears to be doing everything right. In order to grow faster than Tesla, Fisker will need to continue executing on all fronts if it wants to set world records. Time will tell whether or not if Fisker will become the fastest growing EV company in history. One thing is for certain, we will be watching the company close with official start of production now 59 days away.
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