Will Fisker Face Supply Chain Issues?

Fisker Ocean Supply Chain Issues

It doesn’t seem like any auto manufacturer is immune to supply chain challenges, but maybe Fisker can bridge the gap with its supply chain.

The auto industry has been severely impacted by supply chain woes during the COVID-19 pandemic. Semiconductor chip shortages in particular have challenged automotive giants the most. For example, companies like Ford, GM, and Toyota have recently shut down factories cutting back production due to chip shortages. Last week, Toyota’s CEO mentioned supply chain as the biggest headwind for his company.

Tesla isn’t even immune to chip shortages

Tonight, EV car maker Tesla warned stakeholders about supply chain issues despite record earnings. However, Tesla said supply chain challenges remain persistent and will continue into 2023. Even EV manufacturer Rivian talked about their supply chain issues earlier this week. And then there is Lucid Motors. This company has been having a lot of issues as of late. Last month, the Lucid Motors slashed 2022 EV production numbers at the end of February citing problems with glass and carpet.

Will Fisker face supply chain issues?

Fisker has talked up the power of its supply chain several times over the past year. Fisker has partnered with Magna International for more than its high-speed test track. Magna has deep knowledge and expertise in the area of supply chain management. Magna only makes money if they assemble cars. Expect them to have all the Fisker Ocean parts necessary to build cars on November 17, 2022.

Furthermore, the company partnered with Foxconn to develop the Fisker PEAR, which may prove invaluable for the EV car maker. Foxconn is one of Apple’s biggest supply chain partners. Thus, Foxconn may be able to deliver for Fisker during chip shortage hell plaguing other auto manufacturers.

“Amid global semiconductor and other supply constraints, we work regularly in collaboration with key partners to identify and mitigate any issues.”

Henrik Fisker, Chairman and CEO of Fisker, INC.

The Fisker Ocean will be on time

Fisker has been working with key suppliers to shore up any supply chain issues. The company has said it will continuously monitor potential shortages of components. Fisker will make tradeoffs where necessary. It did not say what tradeoffs it would make. For instance, these tradeoffs could be swapping out one supplier for another or potentially eliminating a feature if parts aren’t ready. Henrik Fisker has said time and again the Fisker Ocean One will be delivered on time. The least likely scenario would be a delay in production.

The company recently published their environmental policy. Fisker wants to create a climate neutral vehicle by 2027. Fisker said it is setting performance standards for itself and its supply chain. This environmental policy will have a major impact on Fisker’s supply chain. However, Henrik’s commitment to people and planet is more of a crawl, walk, run approach. The Fisker Ocean is going to be the world’s most sustainable electric vehicle. This electric vehicle will become more and more sustainable over time.

Also, ahead of last year’s Los Angeles Auto Show, Fisker partnered with battery supplier CATL. CATL is the world’s largest battery manufacture. While battery supply chain issues have plagued other companies, its unlikely Fisker will have any trouble here.

“As CATL expands its global footprint to help create clean mobility for all, we are delighted to reach long term collaboration with Fisker and provide battery technology that is unique to Fisker’s product rollout. We are excited to support Fisker to reach its sustainability, performance and growth targets.”

CATL President, Zhou Jia

Demand is off the charts for Fisker Ocean

Earlier this month, Fisker announced 40,000 Fisker Ocean reservations. At this point, the self-imposed goal of 50k reservations is highly-likely by November 17, 2022 (start of production). The company will begin contacting reservation holders in July to firm up and pre-order their Fisker Ocean One. Fisker plans to produce 50,000 or more vehicles in 2023. According to Fisker, it will begin to explore logistics and supply-chain options to increase deliveries. All signs are pointing to not having any chip shortages or supply chain issues.

Getting a supply chain update

Fisker’s Q1 2022 earnings call is less than 3-weeks away. The company will report earnings and hold an earnings call on May 4th. At that time, Fisker will provide a supply chain update for stakeholders and auto equity analysts. Based on everything we know to date, we believe Fisker will successfully navigate its supply chain. Nevertheless, later this year is where the rubber meets the road. Time will tell when the company starts production of the Fisker Ocean and begins to scale in 2023.

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