Fisker Produces Over 1,000 Electric SUVs in Q2 2023

Fisker falls short of Q2 production targets due to supplier issues, expects to produce 1,400 vehicles in early July, and releases date for next quarterly earnings results.

Row of Fisker Oceans ready for customer delivery.

Today, Fisker announced that it produced 1,022 Fisker Ocean SUVs in Austria at Magna Steyr during the second quarter of this year. Production numbers include vehicles made for customers as well as marketing and engineering purposes. However, this falls short of the 1,400 to 1,700 range provided by the company during the last earnings call.

Fisker attributes this shortfall to challenges faced by a few suppliers in ramping up to the targeted levels for the second quarter. Some parts suppliers experienced delays in receiving components from sub-suppliers. The company is actively working with all suppliers to increase production to meet the required volumes.

Fisker Aims for Production of 1,400 Vehicles in July

On a positive note, Fisker exceeded its targeted assembly rate of 80 units per day by the end of June and anticipates producing over 1,400 vehicles in early July. Going forward, Fisker is making investments in additional battery pack capacity to ensure a compressed manufacturing timeline this year and support higher volumes than originally planned for next year.

No Surprises Here, Fisker Customers Informed

None of this should come as a surprise to Fisker customers. If you’ve been following along, Fisker sent us updates for our Fisker Ocean One last month citing issues with suppliers. The company has been tackling issues quickly as they arise to continue to achieve 2023 annual production targets of 32,000 -36,000 vehicles. Fisker anticipates a steep ramp-up in the third quarter of this year. This will be followed by a monthly run rate of approximately 6,000 vehicles for the remainder of the year.

In Fisker’s Words…

Hello Sean,

We have started customer deliveries of the all-electric Fisker Ocean in the US, Denmark and Germany. We have been experiencing some supply chain issues in the launch phase, which have impacted our delivery timings. For the next deliveries that were planned in June, we are now working towards fulfilling in July.

We are working closely with our supply chain partners to ramp up production as quickly as possible. We have and will continue to be in regular contact with our customers to keep them informed and to schedule the delivery of their vehicle when it is available, rather than estimating delivery timeframes. We look forward to getting the Fisker Ocean in the hands of our customers as fast as possible.

Fisker Releases Date for Q2 2023 Earnings Results

Fisker also announced the timing of its Q2 2023 results and conference call. The company will be releasing their latest quarterly results before the market opens on Friday, August 4, 2023. Following the release of Fisker’s quarterly results, the company will hold a conference call at 6:00 AM Pacific Time (9:00 AM Eastern Time). In addition, shareholders may submit and upvote questions to management through Fisker’s Q&A platform. We will provide details to the conference call and Q&A site when they become available.