Henrik appears on Yahoo Finance to discuss Fisker Ocean, PEAR, production, supply chain issues, asset-light strategy, and EV Tax Credit.
Today, Henrik Fisker appeared on Yahoo Finance to talk about Q2 2022 earnings, Fisker Ocean, PEAR, reservations, production, EV tax credit legislation, and more.
Henrik talks about 55 prototypes that Magna has already built. The host asked about just starting production on the Fisker Ocean.
Henrik stressed the company has been building the Ocean with Magna for over a year. He said Fisker isn’t just starting production, rather working with an existing contract manufacturer like Magna.
The host asked about the test vehicles arriving in Los Angeles. Henrik says he is impressed with the Fisker test cars. He said having 30 years of experience in the automotive industry the vehicles are great, but he wants perfection. Henrik went on to say he is working with race car driver Abbie Eaton and engineers within the company to fine tune the vehicles. Henrik said the test vehicles get a lot of attention when driven throughout Los Angeles.
Demand is strong
Henrik discusses the Ocean One selling out in the month of July with $5,000 non-refundable deposits. He said this proves there is high demand for their vehicles.
Also, Henrik said demand is strong for Extreme, but the company will allocate some production for the base vehicles with a starting price of $37,500.
Henrik was asked about working with Foxconn on the PEAR, which will be available for the masses in 2024. He thinks the PEAR is going to have huge demand with this vehicle under $30,000.
EV Tax Credit
The host asks Henrik about the newly proposed EV tax credit legislation. Henrik said that the proposed legislation hurts the consumer. He said it shouldn’t impact Fisker because the company will eventually make the Ocean in the US like the PEAR. Henrik said the proposed EV tax credit legislation can be improved. He said it could slow down adoption, because customers won’t get a credit on the EVs they want. He said it could have an impact on demand, which would stifle companies building factories in the US.
Asset-Light and Rapid Development
Henrik discussed Fisker’s asset-light strategy. Henrik said that the company’s asset light strategy has proved to be correct so far.
He said their strategy right now has paid off. Henrik has seen vehicles come off the production line at Magna. Fisker doesn’t need to build its own factory just so he can walk around it.
Henrik talked about the rapid development process, the internal development process from sketch on paper to production in 2.5 years. It takes cost out and allows Fisker to put in newer technology into the vehicle.
PEAR and technology
As far as PEAR goes, Henrik said the company is reinventing how a car should be thought about to reduce costs. Henrik said the company will remove functionality and replace it with technology. The company has already filed 70 patents so far at Fisker. Henrik says the PEAR vehicle is totally unique from design to functionality. He said even getting into the vehicle will be different. He didn’t want to reveal too much right now to prevent the competition from learning about their innovative process.
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