Henrik Fisker shared updates on Fisker Ocean reservations, the strong dollar, and China ambitions from the Cowen Investor Conference.
Today, Henrik Fisker participated in a fireside chat at Cowen’s 15th Annual Global Transportation & Sustainable Mobility Conference. There, Henrik provided an update on the company’s overall business strategy and the latest on Fisker Ocean production, which remains on track for November 17th.
The fireside chat was hosted by Cowen equity analyst Jeffrey Osborne, Managing Director of Energy – Sustainability & Mobility Technology. Both Henrik Fisker and Frank Boroch were present from Fisker Inc.
During the 30 minute fireside chat, Henrik shared some new details about Fisker Ocean reservations, the strength of the US Dollar and how it is helping the company, and Fisker’s ambitions for China and India in 2023, and much more.
Below are our notes and takeaways from the Cowen Investor Conference. You can watch the fireside chat in the video above in case you missed it.
Demand for Fisker Ocean Remains High
- Fisker is near 60k reservations for the Fisker Ocean. The company expected 50k reservations by the end of year and have surpassed that number many months ago.
- Fisker Ocean Sport and Ultra sold out quickly thanks to the Inflation Reduction Act (IRA). Double digit firm orders for Sport, Ultra, and Extreme. Sold out of initial 5k Ocean Ones in July.
- Growth beyond 1 million vehicles a year in 2027. Producing this number of vehicles is very doable, they have the brand, right design, and right product to achieve this goal.
- Fisker expects average selling price in 2023 to be north of $60k due to sales of higher-end trims.
- Fisker will be attending both the Norwegian and Paris Auto shows in October 2022 to give customers more chances to see the electric SUV.
Electric SUV Production
- Fisker Ocean is in the final obligation and certification phase. Magna Steyr will begin producing sellable vehicles on November 17th, 2022.
- Fisker has over 1,000 automotive professionals at Magna Steyr ready to assemble the Fisker Ocean.
- Looking at increasing manufacturing capacity at Magna Steyr in 2H 2023 and also in the United States in 2024.
- Fisker talked about the IRA and how US production helps consumers with getting the Federal tax incentive.
- Fisker will be able to accelerate faster than any EV maker due to its relationship with Magna which has an equity stake in the company.
- Magna Steyr production will be mainly for customers in Europe if/when US production starts.
- Henrik said if Fisker can build 40k vehicles in 2023, which he believes is conservative, they will be the fastest growing EV company in history with a brief mention of Tesla.
- Henrik Fisker talked about the strong US Dollar and how it is a tailwind for the company.
- Henrik said most deals for Fisker Ocean were made in Euros when the currency was trading at $1.20 against the US Dollar.
- Now with the Euro trading at parity against the US Dollar, there is a 20% discount on costs associated with the Fisker Ocean.
- Fisker was setup to be agile and can move fast to change macro environment (e.g., Inflation Reduction Act, increasing production capacity).
- The RONIN is being led by Fisker Magic Works out of the United Kingdom.
- Henrik designed the exterior of the electric vehicle and now the U.K. team is designing the interior right now.
- Henrik said, “The Fisker RONIN will be the sexiest car you’ve ever seen.” It will redefine the sports car as an EV. New technology and ideas. Integrated battery pack. Comfortable, spacious, for 4 adults.
- The RONIN supercar will be shown off next year.
PEAR Urban Mobility Device
- The PEAR is not a traditional car program. Henrik wanted to reinvent the automobile.
- PEAR is designed for not only personal use, but additional use cases like food delivery and car sharing due to its unique features.
- The company is exploring ways to get partners and unique business deals based on the many uses cases of the vehicle, which could help with further funding.
- Henrik said the company is on target with the cost of the PEAR, both internal and external design is signed off.
- PEAR suppliers that have seen the program are amazed.
- There will be a drivable prototype by the end of the year for PEAR.
- Henrik said it will be a historical moment when the PEAR is released.
- Henrik confirmed there is component sharing between the PEAR and Ocean. (e.g., using a Fisker Ocean door handle on the PEAR reduce overall costs).
- Outlay of cash is low for the PEAR program.
- Henrik said there is a battery deal in the works to align with the new Inflation Reduction Act legislation. Henrik said it is a battery deal for the US, presumably for the PEAR, and will include the Fisker Ocean for US production.
Flexible Lease & Fisker Finance
- Henrik said the Fisker Flexible Lease will be a real break-through especially for young people.
- Customers will be able to give the car back at any time. It is affordable, it is flexible, gives customers access to mobility. If you don’t need it, can’t afford it, you can turn it in without all the hang ups of a traditional lease.
- Fisker is working with banks on the Flexible Lease program.
- Boroch talked briefly about Fisker Finance, ownership from cradle to grave, end-of-life recycling.
- Fisker Finance will offer retail installment financing, partnering with top tier banks to provide customers the best possible rates.
Expansion in China & India
- Fisker will enter the China market in Q1 2023 by launching website and opening reservations.
- Fisker expects to start deliveries in China during Q4 next year.
- The company is exploring China manufacturing. Both Magna and Foxconn manufacture in China.
- China will be a huge focus for Fisker.
- PEAR will take China by storm, PEAR is a global vehicle, for all areas in the world.
- The company is planning an India launch with vehicles shipping in July 2023.
- Henrik Fisker is flying to India in 3 weeks to look at the engineering center in Hyderabad and take a look at building the Fisker brand right there in India.
Reserve Your Fisker Ocean
Reserve your Fisker Ocean or PEAR at https://fiskerinc.com/reserve using referral code DDK87H.
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