Henrik Fisker gives quick update on homologation this morning and Mad Money Lightning Round caller asks Jim Cramer’s opinion on Fisker shares.
Today, Henrik Fisker provided an update on Fisker Ocean homologation. We talked briefly about this last night on Episode 18 of All-Things Fisker as we get a lot of questions about it. In a social media post earlier today he said, “It was amazing to be inside the flexible Magna paint facility this week, meet with the team, and see OUR 14 tubes with our unique paint colors! & Yes, we are [patiently] waiting for homologation! Will update as soon as I can!”
Last we heard, homologation testing was progressing well. This was only last week when Fisker reported Q4 2022 results. At the time, Fisker said, “We anticipate completion in March, followed by the regulatory approval process.” Once this process is complete, and government certification is received, then Fisker Ocean deliveries to customers will begin. Basically, it’s a waiting game until any Ocean Ones can be sold and delivered to customers.
On CNBC’s latest episode of Mad Money, Jim Cramer was asked about Fisker during the Lightning Round. This segment is where the Mad Money host, Jim Cramer, gives his rapid fire take on stocks from callers. At the 1 minute 24 second mark, Cramer is asked about Fisker Inc. The caller does an excellent job phrasing her question to Cramer. Then, Jim gives his response on shares of the Fisker Ocean electric SUV maker.
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2 thoughts on “Henrik Fisker Waiting Patiently for Homologation, Mad Money Lightning Round”
Anyone notice Cramer is not enunciating his words well… did he have a stroke?
Anyway, there is some good and some less good here.
Cramer did reply to Nicolet saying, “Of these, (Unsaid, “these new EV companies”) – “I am actually one of the…” Did you notice he swallows that thought – mid-sentence he stops. I am guessing his thoughts are, “I am actually one of the… ‘few that would recommend the stock.’
He doesn’t finish that thought… he does say, “…It’s a decent spec.” (speculative buy).
He stopped short of finishing that sentence perhaps because the questioner asked, “is it a decent long-term investment?”
Investment is key here, he’s been criticized a lot recently for not differentiating clearly when going back and forth between purely ‘speculative plays’, less risky (still risky) ‘speculative buys’, and longer term ‘investment’ opportunities. So recapping to her, he swallowed his words again… not wanting to get in front of the “investment” question. He doubled down, “I’m saying it is a decent spec…”
Listen to him again, he left something off the table.
I point this out because you don’t often see Cramer stop his thoughts like that. He likes the company, it’s obvious. I think he is concerned about flashing a “long-term investment” (Nicolet’s words) buy signal on a small start up as we stare into the teeth of a probably recession. As Dana Harvey once said, “that wouldn’t by prudent.”
Cramer is right, though, it is a decent speculative buy here. They don’t have a ton of cash but they don’t need a ship ton of it. They do have low debt. They do have a good board. They do have great manufacturers that are willing to partner with them. And they are offering a vehicle that captures people’s imagination while comparing well with other similar offerings in the marketplace. This last part is key in the cycle now.
Sean, and other pro-Fisker enthusiasts, are on record saying they will be selling their Tesla vehicles and purchasing the Fisker Ocean. They are the canaries in the coal mine. I’ve heard this from others too, Tesla owners are looking for something to replace their vehicles. They are not satisfied with the overall build quality and they are tired of it looking the same as everyone else’s Tesla.
What’s more compelling is that someone like me… (I own two traditional vehicles and recently sold a pickup – not really your typical EV consumer) has put a deposit on one. And I consider myself a little skeptical. But it is clear to me, the Fisker Ocean appeals to car buyers across the spectrum, not just EV centric buyers. We want that car in our driveway because more than most other vehicles in this price range, it appeals to our vanity. It looks blankity cool.
If 3 things can happen in 2023 —
1) Magna ships a quality product
2) We have access to quality maintenance/repair. (timely, convenient, and with warrantee acceptance)
3) Fisker and their product(s) get some media recognition for delivering on their promise.
Then, we will laugh at Cramer as we look back at a stock price of 10 in the review mirror/camera.
It’s that simple. If you own the stock and believe the above three items are probable, and you are not considering purchasing more on the dips (and you have the bandwidth to do so, of course) you will miss out. If you don’t own the stock (and you own other stocks) you should be strongly considering Fisker as a solid add for your ‘speculative funds’. (i.e. don’t sell your JNJ to buy Fisker)
I rate it speculative even as I bought into the story. Here is why –
-I do believe item 1 is likely.
-I will not stake my life on item 2.
Here in the USA, at least, Fisker has not provided enough details (beyond a statement in 2022) to make me feel confident that I can get auto repair service like I am used to. The other firm (Firestone) has not made an announcement confirming they are ramped up to train staff on FISKER EV vehicles.
-If they can and do allay this concern, then item 3 seems like a forgone conclusion. And when that happens, Fisker starts doing what he has struggled to do thus far. He will build a brand. Sales will pick up considerably from current estimates, cars will ship, and the stock owners will be well rewarded.
Item 2 is the whole ball of wax. Fisker needs to give us assurance that someone stands behind the product and has the capability to fix things when the inevitable happens to some of us. Do that, Fisker, then you guys can stop sending me reminders that I can now configure and lock in my Extreme.
Risk statement – I do own shares of Fisker stock. I am not soliciting purchase or sale of the company’s stock or vehicle. I have not yet confirmed/configured my Ocean purchase. I did make an initial deposit.
That was well said Craig.