Fisker attended an industry auto conference today and revealed new info about the Fisker Ocean, reservation numbers, the PEAR, and more. Here are all of the takeaways from the Deutsche Bank 2022 Global Auto Industry Conference.
Today, Henrik Fisker revealed a lot of new information during a fireside chat at an industry conference. Henrik said the plan is firm for production in November 2022. Henrik confirmed the company is in the process of building out Fisker Experience Centers right now. He went on to say the company is in the process of setting up its service, logistics network, and a low-cost way to get vehicles to customers. Fisker shared a lot more updates including new reservation numbers, how to increase production, new details about the Fisker PEAR, and more. We found a copy of the video and posted it below and to our YouTube channel for you to view.
Increasing Production to Meet Demand
Fisker said it’s going to take Magna Steyr six months to ramp production, which starts on November 17th. Fisker initially planned to produce 40k to 50k units next year. The company has ongoing discussions with Magna and its suppliers to figure out how they can increase production further in the second half of 2023. That way, the company can fulfill all of the reservations it has for the Fisker Ocean.
As of today, there are 51,000 Fisker Ocean reservations. Fisker has added 1k reservations in a week. The company expects to increase this number to 80,000 before the end of the year. Fisker said Magna can increase volume to 150,000 units per year. However, they need to get the other suppliers on board to reach that level of production. Fisker believes his company will produce 100k to 150k Fisker Oceans in 2024.
Working with great suppliers
There have not been any delays in the start of production, especially with suppliers. Fisker believes we are at the end of the supply chain crisis.
Magna, who is Fisker’s contract manufacturer, is the world’s 4th largest auto supplier in the world. They hold a 6% share in Fisker ($FSR). Interests between the two companies are aligned.
Fisker had some issues with getting displays from China, but they’ve caught up and have all the parts they need. Fisker is proving that it is agile when issues due arise. For example, the company worked with suppliers to re-design a chip that wasn’t in short supply.
Keeping Costs Low and EV Prices Steady
Fisker said the company will not raise prices for the first 40,000 reservation holders. Fisker said the company will produce their most desired vehicle first, which is the Ocean Extreme. It happens to be the highest priced EV offered by Fisker. The Ocean Sport will start production in fall of 2023.
The company remains steadfast in keeping prices for the Ocean steady. Fisker thinks battery prices are high right now, but prices will come down. Fisker’s asset light approach allows them to keep costs low. It is also what separates Fisker from other EV startups. For instance, Fisker said the company’s burn rate is extremely low compared to its competitors. Fisker is creating an organization that is focused around cost.
Computer on Wheels
The Fisker PEAR program is going extremely well. Fisker is in the development phase of the program. They are taking lessons learned from the Fisker Ocean.
This program will revolutionize the way a car is made by keeping costs low. The company’s goal is to design a car that is low cost without feeling cheap, ugly, or boring. Fisker said the PEAR will be a very affordable electric vehicle.
Henrik described it as a crossover, but said it doesn’t really fit into a segment. The five seater Electric vehicle is just over 4.5 meters in length. It is smaller than the Fisker Ocean. The company has come up some very innovative ideas. It will have an extreme amount of interior space and storage.
The PEAR EV will have level-3 autonomous driving features. It essentially will be a super advanced computer on wheels that has a sexy design. They started with user scenarios to design the car. It will support various use cases including ride hailing, food delivery to keep food hot and cold, and many other others.
Fisker expects a prototype by the end of the year. He won’t fully reveal it until 2024 to not give away secrets to competitors. There are so many innovative things they don’t want to give them away to competition too early.
The Flexible Lease will allow Fisker to build their own fleet of vehicles that they own and lease out. It will create recurring revenue for the company. Fisker said cash is king. The company will focus on selling to cash buyers in the first 6 months of 2023. Then, it will deploy the Flexible Lease in the second half of 2023 in certain markets. The company has seen a lot of interest in the Flexible Lease.
Fisker was asked about ADAS. He said the car will have the first digital imaging radar and a first mover advantage here. The company has the Fisker Intelligent Pilot for safety. He talked briefly about the “never scratch your wheels guarantee” when you park your car. The company is looking at LIDAR for the PEAR. He things over time autonomous driving technology will be a commodity. Lastly, Fisker said the company now has 500 people in the company.
Here you can watch the fireside chat of Henrik Fisker, Frank Boroch, and Emmanuel Rosner at the Deutsche Bank’s 2022 Global Auto Industry Conference. Best laugh was at the 4:18 mark, “I don’t think we get a lot of credit in the stock market for this at this point in time.” Kudos to the entire Fisker team for all of the achievements accomplished to date. Let us know what you think in the comments.
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