Fisker Eyes Chinese Market as Next Growth Opportunity

Henrik Fisker shares progress on upcoming vehicle production at Magna while laying the foundation for Fisker’s future endeavors in Shanghai, China.

Henrik Fisker sitting in a Fisker Ocean at Magna Steyr (Graz, Austria).

Today, Henrik Fisker provided a brief update on the production of Fisker Ocean. Having just returned from his trip to China, he went back to Graz, Austria to personally inspect vehicles being manufactured on the assembly line. The CEO of Fisker stated, “Just reviewed next batch of cars bound for customers at Magna! & good to see the reservations keep growing!” In the accompanying photo, a line of Fisker Oceans appear on the Magna Steyr assembly line. These vehicles have a Silver Lining exterior and are likely Ocean One trims. The photo reveals two types of wheels, 22″ F5 AirGlider and F3a SlipStreams. Additionally, the interior of one Fisker Ocean seems to feature a MaliBlu design. While the news of Fisker’s increasing production is undoubtedly promising, there is another development that caught our attention today.

Fisker Increases Visibility of its Plans for China

This morning, Fisker unveiled specific details about its intention to enter the Chinese market. Although the company had previously mentioned this during its 2023 Annual Meeting earlier this week, Fisker provided some additional details. In 2022, Fisker had already established an office in China. However, later this year, the company plans to establish a Center+ location in China and begin deliveries of the Fisker Ocean SUV in Q1 2024. During the latest visit to Shanghai, Fisker’s leadership had productive discussions with officials and business leaders. Fisker discussed automotive supply chains, logistics, warehousing, and future production development.

Excitement fills Fisker as they prepare to venture into the Chinese market later this year, following the start of deliveries to European and US customers later this month. The company foresees China as a crucial growth market for its future. However, entering this market requires meticulous planning and cannot be accomplished overnight. Alongside the existing office, Fisker intends to open a Center+ location later this year. They aim to initiate production in China as early as next year, potentially increasing the capacity to produce 75,000 Fisker Oceans annually. Although Fisker did not disclose the exact location for the production of electric SUVs, it is likely to be done through the Magna joint venture.

Fisker’s Next Growth Opportunity

Fisker says that China accounts for a third of global vehicle sales, with approximately 26 million cars sold in 2022, and electric vehicles make up 6-7 million of those, representing around a 25% share. In 2023 year-to-date, the share has grown to around 27%. Furthermore, the premium and affordable luxury segment is experiencing faster growth compared to the general segments. Fisker believes it fits perfectly into this segment with its unique history, features, and design.

According to Fisker, high-quality traditional international automotive brands have always been highly accepted in China. Both government policies and consumer behavior have rapidly shifted towards electrification. Fisker, along with one other EV-only international company, presents a viable alternative to traditional brands. This positions Fisker to be among the top choices for consumers, offering a product with richer features. As a new international EV brand, this represents a tremendous opportunity for Fisker in China.

“After beginning deliveries in Europe and with first vehicles coming to our US customers on June 23, we are excited to move into the Chinese market later this year. We expect China to be an important growth market for EVs in the future and believe our vehicles will be very appealing. That is why we established an office there and intend to open a delivery center this year. I believe we can get production up and running in China as early as next year, potentially adding capacity of 75,000 Fisker Oceans annually.”

Henrik Fisker, Chairman & CEO, Fisker Inc.

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