Fisker Will Produce Over 10,000 Oceans per Month in 2024

Fisker Ocean Start of Production

Fisker’s contract manufacturing partner Magna Steyr can scale production if demand is there.

Fisker’s contract manufacturing partnership with Magna is under-appreciated. Magna provides market-leading innovative solutions combined with vehicle assembly capabilities. As a matter of fact, Magna has produced more than 3.7 million vehicles from 30 different models for some of the biggest automotive companies in the world. Magna’s customers include Toyota, BMW, Jaguar, and Mercedes.

Magna has the ability to scale production for Fisker. Henrik confirmed this during the latest Fisker Q4 2021 earnings call. The Fisker team responded to a few pre-submitted questions from investors. There was one question Henrik responded to that piqued our interest. An investor wanted to know the capacity of Magna’s factory to ramp and scale production of the Fisker Ocean.

In Fisker’s words…

So with Magna, we laid out I think a very conservative plan originally about 5,000 per month. However of course, Magna is a experienced contract manufacturer. And we are going into I believe the biggest hole that they have in the plant. Super modern, modern equipment and it would allow us to next year easily get over 7,500 units per month in the second half, if we have the demand.

In 2024, I think it’s open to well over 10,000. It’s going to really come down to if you want to invest a little bit extra to really get the demand — or sorry the monthly rate way over 10,000. But I don’t — I think with Magna the good news is that they have such a smooth running facility gigantic that I think — I wouldn’t say anything is possible. We probably couldn’t make million vehicles there, but we can make a lot of vehicles. They have extra land. They have a lot of capabilities to expand. So I think we’ll be fine with Magna in terms of being able to expand if demand is there.

Henrik Fisker, Co-Founder & CEO, Fisker, Inc.

In other words, Fisker estimates 5,000 units/month of the Fisker Ocean to roll off the Magna Steyr production line by the end of this year. The company will begin ramping production to 7,500 units/month by mid-2023. Fisker said the Magna factory has the ability to well beyond 10,000 units/month, doubling production from the company’s conservative plan of 5,000 units/month.

Revenue scales as fast as Magna can produce the Fisker Ocean

If demand is there, revenue can scale as quickly as Magna can produce the Fisker Ocean. At 5,000 units/month Fisker will have a run rate of $3.3 billion annually. Revenue will top out at $6.6 billion without expanding production capacity. Fisker has double the capacity if sales exceed the company’s expectations of 5,000 units/month. With Magna’s experience, we believe Fisker will begin producing 10,000 units/month by Q2 2024 as demand for electric vehicles continues to grow.

TimeframeUnits/MonthMonthly RevenueQuarterly RevenueAnnual Revenue
Q4 20225,000$275,000,000$825,000,000$3,300,000,000
Q3 20237,500$412,500,000$1,237,500,000$4,950,000,000
Q2 202410,000$550,000,000$1,650,000,000$6,600,000,000
Figures above use an average selling price of $55k for all Fisker Ocean models (i.e., Sport, Ultra, Extreme).

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2 thoughts on “Fisker Will Produce Over 10,000 Oceans per Month in 2024

  1. Sean: so if henrick is saying they will produce 5k units in 4th quarter, does that mean we all get our ocean one in jan’23.

What are your thoughts?