The company released its Q1 2022 financial report after the market close today and provided updates on the business including Fisker Ocean program.
Today, Fisker released their Q1 2022 earnings results. We are live blogging the Fisker Fisker Q1 2022 Earnings Call. We are listening to the Fisker executive team. Henrik Fisker, Dr. Burkhard J. Huhnke, and Geeta Fisker discuss Q1 2022 earnings call. They elaborate on plans as they drive down the road to Fisker Ocean start of production. The company took Q&A from equity analysts and even retail investors. Retail investors asked about an Apple partnership. Read below to see Henrik’s answer!
Highlights from Henrik Fisker on Q1 2022 Earnings Call
- Abbie Eaton will join Fisker in May to test drive the Fisker Ocean at Bridgestone’s test track for more fine tuning.
- Henrik expects 65,000 – 75,000 Fisker Ocean reservations by the end of the year with incredible demand.
- Triple production in 2024 up to 150,000 units; requires suppliers to get on board; working with Magna and Fister supply chain task force to make sure there are no issues.
- Strong balance sheet with over $1 billion in case.
- Company now has over 450 employees throughout the company.
- Fisker will continue to only develop car and technology not focused on production.
- Fisker is in hyper product development mode; this approach shows they can bring a car to market within 2-years.
- Fisker will have three derivatives on the Fisker PEAR platform.
- Plan to sell 1 million PEARs by 2027, the growth story of Fisker in the future.
- Announced Project RŌNIN this morning and is a technology testing program for PEAR.
- RŌNIN is being built at Magic Works in the U.K. will have a target of 600 mile battery range.
- On target to start production on November 17, 2022.
Updates from Fisker CTO (Dr. Burkhard J. Huhnke)
- Fisker Ocean has moved from simulated to physical testing.
- Cold weather testing has been performed.
- Henrik, Geeta, and Burkhard all tested the Fisker Ocean in Graz, Austria.
- Fisker PEAR engineering is ramping; resources will transition from Fisker Ocean to PEAR closer to SOP (start of production).
- Fisker PEAR will have next generation connectivity, ADAS, and all the latest tech; it will becomes smarter and safer over time.
- RŌNIN will be the test ground for new tech.
Updates from CFO (Dr. Geeta Gupta-Fisker)
- All suppliers for Fisker Ocean have been onboarded into supply chain; using global supply chain management.
- Created executive task force to critically review supply chain; monitor daily and find part alternatives; dedicated team manages semiconductor chip supplies.
- Working with suppliers to increase capacity beyond the 45,000 Fisker Ocean reservation holders.
- Continue to invest in the Fisker Cloud to provide a fresh engaging experience on the web, in the electric vehicle and on the phone.
- Fisker does not plan to increase prices for the first 40,000 Fisker Ocean units.
- Fisker will take prudent approach to evaluating materials and commodity prices to adjust pricing as Fisker Ocean production ramps.
- Demo for Fisker Ocean Brand Experience Center in Los Angeles will begin this month and open by August.
- Fisker Ocean and PEAR will share parts for cost savings.
- Foxconn received approval to close on the Lordstown factory and plan to close in the next few months.
- Net cash used in operating activities totaled $106.0 million and cash paid for capital expenditures totaled $45.8 million.
- Fisker invested $10 million into the Allego PIPE and working to a seamless software integration.
Equity Analysis Q&A Highlights
- Re: Adam Jonas (Morgan Stanley): Fisker seeing the same problems everyone else is seeing with the supply chain. They are managing supply chain daily to find solutions where there is risk. They do have problems, but finding better ways to solve them. Fisker has funding capital for Fisker Ocean SOP and beyond. Fisker has interest with another OEM to invest in platform. They have filed a shelf to bolster balance sheet whether it is equity or debt when time is right. Fisker will take any effort to consolidate balance sheet.
- Re: Bank of America: RŌNIN is not built on the Fisker Ocean platform. It will be on its own platform, but using certain Ocean components. Fisker Ocean will have another model on its platform. Will make 40k to 50k Fisker Ocean vehicles next year. Plan to increase prices after 2023 to stay true to customers.
- Re: unknown equity analyst: Fisker has clear priority for capacity at Foxconn’s Lordstown factory; not all 1 million vehicles will be developed in Lordstown, Ohio but rather abroad. Fisker is not marketing PEAR at this time, but did open reservations.
- Re: RBC Capital Markets: Asked about using all LFP batteries on more than just the lower trim levels to increase margins. Fisker said that it is because the margin on a $69k Fisker Ocean Extreme trim is a lot more than the $37.5k Ocean Sport trim. Customers want the top of the line everything in the premium trim. The company chose LFP batteries, because they are cheaper and offer faster charging. Fisker believes the Fisker Ocean may be the second EV consumers purchase for driving around the city.
Retail Investors Q&A
- Re: Retail questions: European Ocean fleet orders slowed down due to Ukraine War. Fisker cancelled MOU with a car rental company. He said they can’t make more money from consumers with OTA updates. Fisker Apple partnership, people reading too much into this one. The project was named PEAR for fun due to Foxconn relationship with Apple. There are no talks or deals with Apple at this time.
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