We have all the highlights for you from Fisker’s third annual meeting of shareholders where Fisker shared numerous updates, including the latest on customer deliveries, plans to enter the Chinese market, and details about revealing prototypes of its EV lineup later this year.
Today, Fisker conducted its 2023 Annual Meeting of Shareholders via a live webcast. We attentively followed the entire meeting and have compiled the key highlights for you. Stockholders predictably approved all items in the proxy during Fisker’s third annual shareholder meeting. Fisker’s shareholder base has now grown to approximately 400,000, indicating a significant increase of 100,000 shareholders compared to last year. A copy of the live stream is available above and conveniently on our YouTube channel, where you can also watch a group discussion that took place afterwards. Now let’s dive into the highlights!
Focus on Upcoming Deliveries
The main spotlight of the meeting was on upcoming deliveries in Europe and the US. Henrik Fisker, Chairman & CEO of Fisker Inc, said deliveries are scheduled for later this month, specifically on June 15th in Europe and June 23rd in the USA. The top priority for the company is the successful launch and ramping up of high-quality Fisker Oceans.
Strengthening Supplier Relationships and Expansion Plans in China
Henrik provided updates on his current business trip to China, where the team met with key suppliers such as CATL, the board member Daniel Foa, and the General Manager in China. During his visit, he also discussed the Shanghai Fisker Lounge and the Magna JV plant in China. The aim of Henrik’s visit was to strengthen relationships with suppliers and explore opportunities for higher sales in China. The company plans to deliver vehicles in China during the first quarter of 2024. Daniel Foa provided an introduction of the total addressable market (TAM) in China, emphasizing its importance for the company’s growth. This was the first time we’ve heard from him. Fisker plans to build a dedicated website for customers in China and will start taking reservations later this year.
Updates on Lounges, Test Drives, and Customer Reservations
Henrik then gave a recap of recent developments, including the opening of Lounges and Center+ locations. This is where customers can experience test drives and access service centers. Fisker didn’t provide a timeframe, but they plan to eventually establish a Fisker Lounge and Center+ location in every state within the US. The company plans to organize highly anticipated journalist test drives in July to generate further awareness and excitement. Henrik also shared that there are currently 65,000 reservations for the Fisker Ocean. He emphasized the company’s priority to produce Extreme trims and mentioned that they have already manufactured Ultra and Sports trims.
Future Product Strategy: Prototypes, Investor Event, and EV Lineup
In terms of future product strategy, Henrik revealed that the company is currently building drivable prototypes. This includes the special edition Ocean called Force E, which will be available by the end of the year. He announced an upcoming investor event on August 3rd. During this event Fisker will showcase its products. The company will preview the final design of the PEAR. They will show off the RŌNIN supercar (with the world’s longest range) and the Alaska pickup truck. Each vehicle will feature four unique differentiating factors. Henrik reiterated the company’s goal to launch four vehicles by 2026 (2025?) and achieve a target of 1 million vehicles by 2027.
Production, Pricing, Partnerships, and More
During the Q&A session, shareholders raised various questions. Some shareholders inquired about the total production and deliveries to date. The response from Fisker management clarified that the company has produced over 300 Oceans thus far. Fisker expects to produce 75 units/day beginning next week. Deliveries are scheduled to commence in the coming weeks. Henrik reassured shareholders that the company maintains a commitment to competitive pricing and did not raise prices despite market trends. Geeta, Fisker’s COO & CFO, provided additional information about the ramp-up of production, aiming for 6,000 units per month by September.
Shareholders also raised questions about the company’s partnerships. Henrik confirmed that the company is currently engaging in discussions with multiple partners. However, no formal announcements are ready to be made yet. The company is exploring partnerships that can lower costs, increase production capacity, and improve logistics and service center availability.
Touchscreen System, Battery Suppliers, and Expansion Efforts
Other topics discussed included the performance of software on the Fisker Ocean’s touchscreen, battery suppliers (CATL), the expansion of Fisker Experience Centers and lounges, macroeconomic headwinds and interest rates, marketing efforts, and plans for maintenance and repairs. Henrik Fisker concluded the meeting by expressing his optimism for the future and looking forward to the next year’s meeting.
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Oh look, China. Oh look, Pear, Alaska and Ronin. Oh look, credits. What about the Grove not opening in May? What about only delivering two Oceans since SOP? Demonstrable milestones are always around the corner or over the next hill. It’s like a mirage, never immediately, good news is always weeks, months or years away.
Make the Ocean available for independent reviews. Build and deliver 25,000 solid cars to Europe, UK, Canada and US in 2023. Be clear about how you will fund these plans.
And put a rear wiper/washer on the Ocean. Read the disgruntled comments on IONIQ 5 forums for this gross omission.
There have been many positive updates. It’s fine to focus on missed milestones like the opening date of the flagship Fisker Lounge in Los Angeles. If you aren’t aware, we regularly discuss missed dates on All-Things Fisker like we did last week. Did you miss the recent announcements about EPA certification and the estimated range of 360 miles for the Fisker Ocean? And what about Fisker starting volume deliveries this month in both Europe and the USA? By the way, when a digital rear view mirror comes standard, not all customers want or need a rear wiper.
So happy to hear Mr. Fisker address the maintenance and repair topic. In my mind, this exceeded concerns about mileage. He really put my mind at ease.
While acknowledging he expects some new-car-hiccups, he went on record stating the quality product that partner Magna has and is producing, and he sees the same level of diligence in their work to ramp up production of the Ocean. Suggesting (my take on this) that he expects the vehicle to be mechanically sound and will be, perhaps, the best driving experience many of us have experienced. He noted that he made a point to personally put miles on his Ocean and this is his early observation.
Furthermore, he acknowledged that maintenance and repair will be done differently than legacy manufacturers. You will order service on the Fisker app, you will get a reply, and someone will come and provide white glove (my words/interpretation) service… towing it to a service center if necessary and returning the vehicle when complete. Uber credits or an auto rental will be provided, depending on the expected length of time to service the vehicle; or, perhaps, your occupational needs. He noted that he has great faith in the quality of the vehicles to be delivered, that minimal maintenance will be necessary, and that he expects owners will rarely need to utilize repair services… but when they do, they can count on “the best vehicle warrantee in the marketplace.” He said that with conviction and sold me on the fact that the company is prepared to stand behind that statement.
To my thinking, he told me (us) that I will own one of the best built vehicles in the marketplace. As a reservation holder, this is great news. As a shareholder, I’m further encouraged. I know it is unlikely that I will be reading social media posts from people saying they, ‘can’t get repair issues resolved for days or weeks…’ hurting the brand and negatively impacting sales.
Like James, on this topic at least, I have been a ‘Debbie Downer’ as the company has been quiet about this topic in the US market. Now, I expect this vehicle will see sales greatly expand as we take delivery and get out on the road and sell their car for them.
I purchased more shares today… and I (finally) configured my Ocean Ex.
own the stock, and have for some time. disappointed that getting real deliveries has taken longer than expected. all comments are merely just talk. time will be in the delivery of a high-quality vehicle(s) over the next few years. this will either be a 40x+ stock or zero. if fsr does 1m cars by ’27 at avg of $40,000 per that is $40b in revs (if i can still do basic bath). use a 2x multiple equals $80b market cap. currently $2b market cap so that means approx. $240/sh (40x$6). whether they can deliver remains to be seen but all the current talk is just that.