Henrik Fisker led the company’s 2022 Annual Shareholder Meeting providing business updates to over 300,000 individual investors.
The company wants to become a trillion dollar company. The only way it can do that, according to Henrik Fisker, is to deliver over 1 million electric vehicles a year.
Fisker said the company has all the ingredients to go there. The company was built with sustainability in mind.
Fisker is on a mission to build the world’s most sustainable electric vehicles. The company has a vision of a clean future for all. Fisker briefly mentioning their environmental policies.
General Business Update
Fisker’s 2nd annual shareholder meeting started on time. Stockholders approved all items in the proxy. No changes have been made to Board of Director members. General business concluded at 8:07am local time.
Henrik Fisker announced there are now over 300k individual shareholders of Fisker’s stock. He went on to say this is a testament to the brand and the company. Most of the Q&A came from Fisker retail investors. The company answered pre-submitted questions. This made of a large portion of today’s meeting.
Geeta briefly mentioned the $350 equity offering. She said it was part of the existing shelf offering. The company will be opportunistic. The company will need to raise fresh capital in the first half of 2023. Fisker is executing. The company is executing. It is on time for a successful Fisker Ocean launch.
Fisker EV Reservation Update
Fisker will hit 50,000 Fisker Ocean reservations later today. There are 3,000 PEAR EV reservations. Henrik confirmed the company is sold out for all of 2023. The company is working with Magna to increase capacity.
Fisker’s asset-light business model and picking Magna Steyr as a partner is proving to be the correct one. The company is on time for November 17, 2022 start of production. Deliveries will happen in both the USA and Europe in November.
The company still plans to launch four EV models by 2025.
Test Drives and Experience Center Updates
The company will get journalists into the car by the end of the year. He also hopes to give reservation holders a chance to test drive the Fisker Ocean too.
When asked about Experience Centers, Henrik said it is more “difficult” to build an Experience Center than it is to build a car. The company will be using the former Apple Store in The Grove.
The company plans to launch the Fisker Ocean at the Los Angeles Experience Center in November. Fisker will do this instead of attending the 2022 LA Auto Show. This will save the company several million dollars.
The company will open the London Experience Center in 2023. Henrik said the Fisker Ocean will be at the 2022 Goodwood Festival of Speed in England on Thursday, June 23rd.
3D Configurator & Banking Partners
Fisker will releasing a 3D configurator in mid-October. The configurator will allow customers to select packages and feature upgrades. For example, pricing for the winter package, heated seats, etc. It will include pricing of all the packages and possible feature upgrades.
The company is partnering with Chase Bank in the United States for auto loans that will be tied to the configurator. The company has integrated the configurator backend with its banking partner’s technology to provide the best financing rates as possible.
Pre-ordering Fisker Ocean
The company will start contacting reservation holders on July 1st about pre-ordering the Fisker Ocean. Not every Fisker Ocean reservation holder will be contacted on that specific day.
Fisker will contact reservation holders throughout the month. Reservation holders will have 7 days from time of receiving the email to confirm they want to purchase the vehicle. Otherwise, the company will move to the next reservation holder in line.
At the end of October, Fisker will tell us when the next trims will ship after the Ocean One.
Fisker PEAR Updates
Henrik will share more details about Fisker PEAR later this week. Fisker PEAR sales will start in 2024. Start of production will be mid-2024. Two other models, or derivatives, will be on the PEAR platform.
Henrik confirmed the price point will stay below $29,900. He said the PEAR will be packed with tech. People will be surprised, especially at this price point. They can do this by using lessons learned from the Fisker Ocean. The company is applying them to the PEAR project. The company is working with Foxconn to achieve all of these goals.
Project RŌNIN Update
Project RŌNIN will create an entirely new segment. The vehicle will have an integrated battery pack. RŌNIN will start at $200k. It will include all of Fisker’s experiment in-house technology. It will have a hard convertible top. The company will push the limits of what customer’s expect from a high-end luxury sports car. The vehicle can transform to a 4-door luxury sedan.
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Considering Fisker’s past history with luxury cars I personally think they need to tread carefully. I personally think that Fisker’s best chance of success and their most desired vehicle is the Fisker Ocean. They should learn from and focus on that success. While I personally am most excited for the Fisker PEAR I also severely doubt that it will perform as well as the ocean in U.S./N.A. Ad for the Fisker Ronin – that concept brings back some serious Fisker Karma vibes.