Fisker Ocean Progress Report

Fisker Ocean One

We’re about get a progress report on the Ocean Program, reservation numbers, Ocean One pre-orders, and financial health of the company.

Today, we are 10 days away from Q2 2022 earnings and 116 days from start of Fisker Ocean production. This means all stakeholders will get an update on August 3rd. This includes Fisker investors, reservation holders, future Fisker Ocean One owners, employees, and suppliers. We expect to get a progress report across the board from the company. Below are some areas we want and expect Henrik Fisker to talk about or address on the company’s earnings call.

Ocean Program Update

Fisker Ocean Production Line
Fisker Ocean Production Line at Magna Steyr.

We expect Henrik will start off the conference call with a lot of energy. He will be excited and enthusiastic about the progress of the company. And for good reason. The company has made a lot of progress in the last three months, especially around fine-tuning the Fisker Ocean. We expect Henrik will tell us about his experience driving the Fisker Ocean test vehicle he gets tomorrow.

Henrik will share with us that the company is on track to start production of the Fisker Ocean on November 17, 2022.

Fisker will provide us with updates surrounding the Magna relationship. For example, we expect the company to talk about Magna gearing up for production of the Fisker Ocean.

We want to get a read on supply chain constraints. For instance, we want to find out whether or not Fisker was able to work with its suppliers to increase capacity of the Fisker Ocean in the second half of 2023. It may tell us why Fisker pulled forward the production date of the Ocean Sport.

Fisker Ocean and PEAR Reservations

Fisker Ocean
We expect Fisker Ocean reservations to continue growing.

Fisker will provide us with an update on reservation numbers. On June 7th, the company told us Fisker Ocean reservations crossed 50,000. At this time, the $29,900 PEAR accumulated 3,200 reservations. However, on June 14th Henrik attended the Deutsche Bank Auto Industry Conference. He stated Fisker Ocean reservations surpassed 51,000.

The company has been growing reservations for the Fisker Ocean at a pace of about 1,000 reservations per week. We expect to see 58,000 Fisker Ocean net reservations, which includes cancellations. This would be an add of 7,000 new reservations.

PEAR reservations are tougher to calculate due to infrequent updates from the company. However, we expect them to grow at a pace of 100 per week. That would put us around 4,000 PEAR reservations. We think Fisker could surprise us here, because we laid out our reasons why you should reserve your Fisker PEAR now.

Ocean One Pre-Orders

Fisker Ocean One
Fisker Ocean One.

We expect to get an update on Fisker Ocean One pre-orders. We haven’t heard much from the company since the official start date on July 1st. The company hasn’t issued any press releases or made any statements about its progress. We even reached out to the company to invite Henrik to talk with us about the Fisker Ocean One.

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All we know, the company continues to try to sell out of the 5,000 pre-orders. We were wrong here in the amount of time it would take to sell out. However, when we made our prediction, we didn’t know Fisker would require a $5,000 non-refundable deposit. Nevertheless, we pre-ordered our Ocean One anyways. We expect to hear about the pre-ordering progress good or bad.

Financials

We expect to hear a progress report on employee growth and company spending. The company currently has 216 jobs posted. Fisker will share with us how much money the company spent during the past quarter. We will get an update on the company’s cash position, which will have fallen below $1 billion. On average, Wall Street analysts expect the company to lose -$0.41/share. We want to hear that the cash burn remains controlled. We expect the company to touch on the need to raise capital in early 2023.

General Updates

Fisker Ocean on Hwy 101 with Catalina Island in background
Fisker Ocean driving on Hwy 101 in California.

Expect the company to provide us some details about Fisker Finance and the future Fisker Insurance offering. These programs were announced earlier this month. Also, we expect the company to provide an update on Experience Centers opening in November.

We want the company to give us a status update on trade-ins. It would be nice to hear about their plan for this and how it will work in the Fisker Flexee app. We also want the company to share more info about service and maintenance partners here in the United States. Getting a quick update on test drives, the UI, or next generation Fisker Ocean configurator would be a bonus.

Fisker will touch on a lot more topics, but this is what is most important to us. Reservation holders may even want them to address some of these unanswered questions. However, let us know in the comments below what updates you expect or want to hear the company address on the upcoming earnings call. We will submit the best questions below to the company.


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7 thoughts on “Fisker Ocean Progress Report

  1. Hi Sean,
    From time to time there is an information update regarding the US, but no any info regarding Canada business…
    We never head who is the delivery, service and maintenance partners for for Canada, or about the plans to open Fisker Experience Centers in Canada.
    Also, for my opinion the PR Department in Fisker Inc. is not exist or just doing nothing. If you could pass this opinion to Henrik, it would be great.
    Best Regards,
    Michael

  2. Sean,
    Another note to pass on to Fisker regarding Canada is the financing terms from Chase. The car cost is 35%+ here in Canada and a 72 and 84 month term is necessary. Tesla offers these terms through Canadian institutions and will be VERY tough to break into Canada without keeping this in mind. With that said, I have reserved the Ocean Ultra and will likely organize my own funding through my bank. If that fails. I will buy a Tesla. But if Fisker truly want to make the buying experience easier…..follow Tesla.

    Joseph

    1. Good to know Joseph. Fisker hasn’t revealed any terms around financing rates yet for the USA or Canada. Here in San Diego, credit unions have the best car loan rates. We will have to wait and see if Chase is any different through Fisker. I bet the only advantage will be is that it is all integrated into one app (i.e., Fisker Flexee App). I’d rather opt for a better rate even if that means I need to login to a different website to make an auto loan payment each month.

  3. As a fisker one reservation holder, I’d love to see all the exterior colors available to us. I have no idea why certain colors, will only be available in 23. Also, if that’s not possible, atleast open up the paint finishes to us. I ordered a blue planet and would love to have it in matte,but only the big sur is in matte. What’s irritating is that almost every single pic I’ve seen of the ocean shows a matte finish on the vehicle and now when it’s time, nope only in one color. The other issue is the available wheels. There’s one wheel type that pops up in alot of pics and even in the apps photo gallery but for some reason isn’t available in the build and ofcourse that’s my favorite one. Looks like a bunch of P’s in a circle. These things may seem trivial to some but 69k for a car no one has ever driven, with a 5k non refundable deposit, then I want the car as I expected to get it. If they’re skimping on what we can get and not even allowing us what was advertised this whole time, it makes me seriously question, what else won’t we get that we expected to have and is even more important than just the appearance.

  4. What locations in the United States will be able to receive service for a Fisker vehicle when the Ocean One debuts in November?

    One thing that kept me from claiming my One preorder offer was the lack of concrete details around what locations will be able to receive service. If this information is available, I couldn’t find it.

    A support representative said to me “…app to schedule service and maintenance subject to location.” That “subject to location” is what gives me pause.

  5. Hi Sean,
    Thank you for your reply. I just received an email invitation to purchase the Ocean One. I believe that around the 43000 mark on reservations and I’m in Canada. I would have jumped on it if they had the financing worked out over longer terms. Unfortunately, I will pass and stick with the Ultra.

  6. I’m in Austria, where the Ocean will be built and I have reserved, which sounds easy and it all looks wonderful but… I’m not buying blind, I want to get my hands on one and test drive it, like any normal car purchase. I haven’t seen a word about this, from either Fisker or any proposed buyer, so I asked their ‘support’ and got the vaguest possible reply:

    “We are aiming to give reservation holders, subject to location, the opportunity to experience the Fisker Ocean. Details on test drive locations will be released via the Fisker app ( Android and iOS ), email, newsletter, and Fisker’s social media channels over the next year.  We look forward to sharing more information soon!”

    So they don’t know the answer, but might sometime “over the next year”. In that case I won’t be buying one any time soon. If you know anything I (or they) don’t know, please share it.

What are your thoughts?