We analyze the playbook for Fisker to achieve a victory next quarter, with a focus on deliveries, service excellence, and strategic partnerships.
Today, we’ve been bombarded with inquiries about Fisker’s latest quarterly results by email, text, and various social media sites. For those of us invested in Fisker shares, this day stands out as one of the most challenging we can recall. It’s been a painful day to own this stock, especially when stock market indices roared higher. The S&P 500 closed the day up 1.91% and the small cap Russell 2000 index soared an unprecedented 5.44%. However, Fisker stock took a significant hit. It closed at $3.34, a decrease of -$0.77 (-18.73%), with a hefty trading volume of 39.5 million shares—approximately 5.5 times the daily average.
Analyzing Fisker’s Stock Performance
Year-to-date, Fisker’s stock has experienced a substantial decline of around 54%. Despite the current decline in share value, it’s important to note that this setback does not signify the demise of Fisker as many will have you believe. With $625 million in cash reserves, a solid production setup at Magna Steyr, and substantial vehicle inventory, the company is far from out of the game. However, given its ambitious plans, evidenced Fisker’s electric vehicle pipeline, including PEAR, Alaska, and Ronin, Fisker will inevitably require additional funding to support these ventures sometime in the future. A low stock price adds pressure.
We view the recent downturn in Fisker shares as a cautionary signal rather than a definitive endpoint. It underscores the imperative for the company to redirect its focus and address underlying business challenges. While the existing financial resources provide a buffer, we believe strategic measures and a reevaluation of business strategies are essential to navigate the company through this period of volatility and propel it towards long-term success. Now, let’s explore the areas we believe the company can focus on in preparation for the next quarter.
Strategic Focus for Fisker’s Comeback
In the current scenario, it seems as if Team Fisker is trailing at halftime, and the current scoreboard isn’t promising. However, as any seasoned sports fan knows, a game can take a dramatic turn in the second half. Fisker may be trailing now, but the final whistle hasn’t blown. To stage a comeback, the team—Fisker, in this case—needs to step up its game in key areas.
Much like a sports team focusing on improving its offense, defense, and teamwork, we believe Fisker must excel in three critical aspects: vehicle deliveries, service and support, and partnerships. Just as a winning team tightens up its strategy during halftime, Fisker has the opportunity to refine its game plan, execute flawlessly, and, with a bit of grit and determination, turn the (ocean) tide in the latter part of the match. It’s not over until the final buzzer, and Fisker has the chance to come back stronger and score big in the next quarter.
Scale Fisker Ocean Deliveries
Yesterday, Fisker provided detailed insights into its delivery figures. For Q3 2023, the company successfully delivered 1,097 vehicles, following the delivery of 11 vehicles in Q2 2023, resulting in a cumulative total of 1,108 vehicles. Notably, Fisker has already surpassed this number by delivering over 1,200 vehicles in October, considered part of Q4 2023. Additionally, the company proudly announced a global delivery milestone of 3,000 vehicles to date.
During the conference call, Fisker expressed confidence in their trajectory, asserting that November’s delivery numbers are poised to exceed those of October. With the available information, it can be inferred that Fisker has delivered nearly 700 vehicles in the month of November alone. While this is good, the company has a lot of work ahead of it to delivery 300 Fisker Oceans per day which it believes it can do by the end of the year.
Fisker attributed challenges to its delivery infrastructure during the conference call. The company admitted underestimating the complexities of transporting vehicles from Europe to the United States and into the eager hands of customers. However, a silver lining emerged as Fisker discovered customers’ willingness to travel to a Fisker location for vehicle pickup. In response, Fisker has laid out plans to establish more Fisker-owned pickup sites for customer convenience.
Currently, 15 Ocean pickup facilities, including locations like Huntington Beach, Long Island (Center+), Tempe, and Owings Mills, are either open or have Letters of Intent signed. The company aims to enlist more transportation partners equipped with enclosed vehicle carriers. Adding a personal touch, Fisker introduced ‘Fisker Direct,’ where a dedicated employee transports the new vehicle from a distribution center to a customer’s home for journeys less than 60 miles, accompanied by an in-person orientation.
World-Class Service & Support
The Fisker Ocean is gaining traction due to robust demand, fueled by real-world advertising such as TV ads, test drives, and retail store openings. The heightened interest in the vehicle is evident in the daily visitors to the Fiskerati site. While meeting demand is crucial, Fisker must prioritize existing customers, ensuring top-notch service for those who’ve received their Fisker Ocean and those in the pipeline. Positive word-of-mouth promotion hinges on exceptional service being the driving force.
To achieve this, Fisker should accelerate the deployment of fleet-wide over-the-air software updates, clearly communicate version information installed on each customer’s vehicle, and intensify efforts in hiring and training mobile service technicians and call center support staff. Currently, the company has approximately 75 mobile service technicians. More are needed. The exact number is unclear, but customers should receive service within a reasonable amount of time after reporting an issue—7 to 10 days seems like a good near-term goal. The same applies to customer service; emails need timely responses, whether sent to a vehicle admin or support staff. We believe Fisker will rise to the challenge to improve wait times for service and support.
Forging and Finalizing Partnerships
For Fisker to excel, we emphasize the significance of forging and finalizing strategic partnerships. A pivotal collaboration centers around the Fisker PEAR, and in May 2021, Fisker and Foxconn inked framework agreements for joint development. Although the intricacies of this agreement are likely complex, its finalization has been a long process. Henrik Fisker expressed optimism yesterday, anticipating that the Foxconn manufacturing agreement would be concluded by the year’s end—undoubtedly a crucial milestone. While this agreement holds paramount importance, we believe that Fisker could benefit from cultivating additional partnerships.
Fisker has come out and said they need to do better with deliveries and supporting customers. Ok, what partnerships could Fisker forge to improve this aspect of its business? Consider, for example, the role of real estate in facilitating deliveries. To address this, a collaboration with a company open to enabling on-site customer deliveries, in contrast to Adesa, could be advantageous. One prospect we’ve explored on the forum involves car rental companies. Perhaps a nationwide car rental entity could provide Fisker with a modest storefront, allowing customers the convenience of on-site deliveries and more customer interaction.
Moreover, Fisker could establish partnerships with an existing nationwide total auto care company in the United States to strengthen its mobile service technicians. Whether partnering with a company that already possesses an established service infrastructure or one with its own mobile service technicians, all that Fisker techs requires are a toolkit and a laptop. Another avenue involves collaborating with universities that train skilled automotive technicians, offering graduates a guaranteed position as a means to bolster its support efforts. We could think up a lot of potential partnerships, and specific companies, for Fisker to enhance operational efficiency and customer engagement.
The Way Forward
In summary, Fisker’s recent stock challenges serve as a cautionary signal, not a definitive endpoint. Despite a significant decline, the company, armed with substantial cash reserves, no production challenges, and a robust vehicle inventory, is poised for a potential Q4 2023 comeback. The analogy of a halftime score emphasizes that the game is not over, far from it.
To stage a successful comeback, Fisker must prioritize improving vehicle deliveries, enhancing service and support, and forging strategic partnerships. Analysis of delivery figures reveals both achievements and areas for improvement, with proactive steps already taken to address delivery infrastructure challenges.
World-class service is pivotal for customer satisfaction, necessitating accelerated software updates, increased mobile service technicians, and improved response times. Strategic partnerships, especially with Foxconn for the Fisker PEAR, are progressing but need to be finalized. Fisker should focus some attention to exploring collaborations to further enhance operational efficiency whatever that looks like.
In essence, we believe Fisker’s challenges are opportunities for growth. With a focused strategy and determined execution, the company has the potential to turn the ocean tide and thrive in the electric vehicle market. The game is not over, and Fisker could still score big in the next quarter. Please share your ideas in the comments below.
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Get HF out of the wheelhouse! HF IS NOT a CEO! He’s a designer. And why is his wife on the board? Nepotism?
The board needs to act and remove the CEO & CFO/COO immediately. Your analogy of a sports team should include firing the head coach.
I am a stockholder and I still believe that you will succeed. Don’t take your eyes off the very important services that you offer – it makes you stand out and make you succeed.
First and foremost is to get the waiting Customer there cars they have been waiting a very long time for. The point was made in the above article about only ( 75 ) mobile technicians to date. Now that is a very low number to cover how Big of what area? And 7-10 days for a service call!! You must be out of your mind. Who wants to wait 7-10 to get there Fisker Ocean fixed!! They must do better than that. My girlfriend and i went to a test drive a few weeks back. And the Fisker Representative could not even answer some of my basic questions. And my girlfriend has a Fisker Ocean Extreme on Order and they can’t tell her where her order is!! Now that is not a very organized Company. Simple Question but No Answer
Fisker has a long way to go, and I have NO doubt they will hit it out of the park. CUSTOMER service needs big improvement, and I believe they will get there. I wonder what happened to their potential partnership with Firestone Service Centers… Lets get the ship corrected before vectoring into other markets and concentrate on what’s at stake.
Kevin McKinnon… “The Optimist”
Thought the whole idea of Magna was to alleviate any production issues but that doesn’t seem to be the case. Doubt the Foxconn deal ever comes to fruition. The word “conn” isn’t in their name by accident, just ask Wisconsin. HF built up a lot of the hype and then under delivered, the complete opposite of what to do. If he really believes in the company perhaps he should step up and put some real skin in the game, take some of the money he cashed in before and buy a few million shares at this level. Why let the individual investor who wanted to believe in the company take the fall by themselves. FSR had a great opportunity but seem to be blowing it.
I own a Fisker Ocean One. My path from payment to delivery was not seamless, to say the least. Post delivery, I have been pleased with some personal contact but it came only after very frustrating tries at following Fisker’s recommended avenues of communication-read virtual. Until someone alive actually talked to me, nothing good was happening. I now appreciate the role a dealer plays in the auto industry. In my opinion, Fisker needs to staff up to handle current owner’s issues. Each vehicle they deliver now is becoming a public relations liability. Fisker needs champions, not unsatisfied owners. Take care of us and we will be your best advertising. For now, my car is plugged in to a trickle charger in my garage, not driven since my fateful delivery, awaiting OTAs that will make me feel that the car is reliable enough to drive. That’s not good for me and it’s not good for Fisker.
Same situation with me as you explained. No fix for any of the issues from last three weeks.
Paul and Anil, I’m right there with you. In what world is this “world class service” happening? As an Ocean One owner I’m getting no answers and no help. After being dumped in my driveway without me being home to accept it, let alone authorize a delivery date, and unable to inspect it upon delivery – the vehicle sits there without a bill of sale, and none of the accessories that I already purchased. My vehicle admin went MIA weeks before. Oh, and the title seems lost too.
First and foremost Fisker needs to streamline the Ocean manufacturing, delivery, sales and service before jumping all over the place and lose focus with PEAR, Alaska, Ronin etc etc. If premium Ocean ONE can’t be managed, with limited resources how does management have confidence in mass market PEAR? Consistency bragging by HF and under delivering is killing the company slowly.
Well written and completely on point. I only wish this clarity of focus and need was being acknowledged by Fisker instead of Fiskerati but hopefully they get the message. Fisker has created an amazing vehicle, now they just need to establish a logistics system and customer service department that also speaks to the potential greatness of the brand.
Having had a variety of plug-ins, a Nissan Leaf and 5 Teslas I’m “EV experienced enough” to say that the Ocean One delivery process is bad. And while we are all cheering Henrik on most are secretly hoping Apple buys Fisker and fixes production and distribution!
I’d be fine with that, as the stock would go through the ROOF!!!
This article makes perfect sense. The strategy recommended is basically what Fisker already has signalled to be their intention. The underlying postive dynamics for the company like cash reserves, lack of production barriers, and inventory to sell are not something uniquely apparent to the author, it’s the headline for any investor to read. So, what is it that owners and enthusiasts seem to understand that Wall St. does not?
One hypothesis is that suggesting Fisker is losing a game at halftime puts an unneccessary time limit on Fisker that pushes down likelihood of coming back. I think a better analogy for investors is more like war where the stronger side absorbed some losses early but eventually their underlying advantages will prevail. By comparing it to a game, investors unneccessarily make Fisker “fight the clock” not just the “opponent” and that’s a drag.
Good job on this. Yes, you are correct and they can do it.
Sean, your own business depends on the existence of Fisker Inc. When Fisker Inc dies, then fiskerati.com is dead too. So you’re trying hard to give a positive outlook. Yes you’re right, Fisker is not at the “definitive endpoint” yet, but the current situation is definitely not just a “cautionary signal”. We were at that point a half year ago, when homologation was delayed, when production targets were cut, and so on. That were cautionary signals. Now it’s worse. Much worse.
I would like to pick up on your half-time analogy: If you are 4-0 down at half-time in a soccer match, the chances of a comeback are extremely slim. The chances of a comeback would increase considerably if you can take the players off the pitch at half-time who failed so badly in the first half and substitute them with world-class players instead. You won’t write this for obvious reasons, but it’s clear to everyone: Henrik and Geeta Fisker are not capable to lead the company into a bright future. They have so far failed in all areas: supply chain, communications, deliveries, services, software, finances. Henrik Fisker is a great car designer, but as CEO and COO/CFO Henrik and Geeta Fisker are just amateurs without the needed knowledge and experience.
If you want to deliver 5000 cars to the doorsteps of the new owners, then you have to organize the capacity to deliver 5000 cars to the doorsteps of the new owners in good time. If you want to feed 5000 people with preordered hotdogs, then you can’t begin ordering buns and sausages when there are already 3000 people in a queue in front of your stall. But that’s what Fisker does, even though they’ve known for more than a year that they have to deliver 5000 cars a month.
What we see is not bad luck. It’s structural failure at Fisker, because of an incapable top management. Without a change at the top of the company, Fisker will hit the wall in the second half of 2024. When everybody thinks, that you are a waffler, a serial liar, then business will be impossible. That’s where Fisker is with the current management. Fisker badly needs new faces in top management to regain trust.
So in my view: If there is no change in top management, then the chances of a turnaround, of a surprisingly successful second half are less than 1 percent.
This is exactly right. Henrik and Geeta need experienced help and should step aside. Fisker needs a CEO with serious ops experience, and given the finance IC problems under Geeta, a new CFO is overdue. Henrik could serve in chairman type role driving product vision and promoting the brand. I hope Henrik will rise above ego and do the right thing to save the company.
It has been a significant achievement for Fisker to get this far already, partner with Magna, and to produce such a great looking car as the Ocean. They do need to get up to speed re deliveries and service.. a robust strategy, efficiency, organisation (e.g. Lean 6 Sigma). There are many car companies moving cars ….. there are obviously tried and trusted methods working well for other established car companies. Delivery and service issues are fixable and much less rocket science than making the car / the car battery. Trusting the next few weeks / months will bring big improvements… and still optimistic for Fisker.
The analysis is good but the big problem is that the management is not up to par. Mr Fisker has an oversized ego, he should step aside and put in an experienced team even if it comes at a price. This society is in its home stretch and without radical change it will be the end. There will be no second chance and there are 1 and a half months left.
Decisions must be made here, the credibility of management is at its lowest.
For my part, I do not believe in Foxconn, they must only focus on the manufacturing and deliveries of Ocean for 2024 and at least give reservation figures because saying that interest is growing adds nothing.
Sean. I appreciate this article. The start of this ballgame is frustrating, because it would seem as though the Fisker’s forgot what game they are playing. The Car Game. It’s hard not to be bit sarcastic at this point.
Beautiful, high-quality cars need to be designed and manufactured to the highest standards, of which computer hardware and software (in the 21st century) are vital. These beautiful, high-quality vehicles need to be made available and delivered into the hands of eager customers. Service should be minimal as the vehicles should be arriving as gleaming, high-quality, well-built sculptures of transportation technology. Customer engagement should be uplifting and exciting as new customers embark on a years-long journey with their new vehicles. Absolutely none of this should be a surprise to the Fisker’s! Henrik has been down this road before. So, why such a botched beginning? Afterall, we’ve been talking about many of the things in your article for quite some time. Maybe they’ve spent too much time distracted by the promotional phase of the game, as opposed to the vital computer, logistics, engagement phases of the game that get a team off to a competitive start. Afterall, they already had a large backlog.
Quick side-note. I’m intrigued by the creative concept of partnering with colleges around the country! And, an agreement with Foxconn just doesn’t seem like the best Fisker can/should do. Not sure folks trust Foxconn to build a quality car.
This is a long note…and Team Fisker may not want to hear it…and probably won’t. But, the Fisker’s, like excellent coaches, need to take ownership and responsibility and fess-up for the Team’s early failures and make very, very clear that what will come WILL be much brighter. The Car Game, like a lot of sports, takes a great deal of grit, as well as smarts, to succeed. The Fisker’s, like never before, need to demonstrate that they have it. Otherwise, we’ll see the failure of Fisker, version 2.0.
Let’s roll!
😎🌊🍐🏔️
yes, i agree with tim, needs to look towards the past and not make the same mistakes
Contact with the customer from the beginning always!!
Fisker needs to do the same thing visionary Steve Jobs did with asset light Apple. Go out and hire the best operations manager he can find as Jobs did in hiring Tim Cook. Very solvable problems and one reason start up companies usually work through these type issues before going public, at least until recent years.
I am very optimistic with Fisker despite recent reports in stock prices.
Yes, Apple would be an excellent avenue to peruse as a partner. They have the capital, same philosophy about environmental concerns and a passion in transport.
Tim Cook would be an excellent person to have on Fisker’s board and the stock with triple in value.
At this point the stock has taken such a beating that it is hard to say how any structural changes can positively affect the stock price in the short term. Wall Street and the media have look at Fisker negatively because of this botch launch. I still believe that even if the delivery process had been handled more efficiently and the Q3 ER figures had been more favorable, the stock price still would still be under $10 only because of the uncertainty surrounding the EV sector as a whole and Fisker finally reporting meaningful numbers for the first time. But IMHO, this nose dive in the stock price is self inflicted. HF failed when he failed to recognized that Geepta should not be wearing the COO and CFO hat at the same time. Fisker’s supply chain and delivery mechanism failures are indicative of a COO thinking too much like a CFO or strategically, rather than employing tactical solutions that give you the ability to employ immediate and short term actions to attain certain goals. And finally, there is no consensus process or real accountability when the CFO is making supply chain and logistics decisions.
HAVE BEEN WAITING SINCE SEPT 2020 , FOR PRODUCTION OF THE FISKER OCEAN TO START.
i HAVE ALSO BEEN WAITING FOR A REPLY FROM Fisker for about a month as to my spec,s costs,
and when i can order my fisker ultra ocean ?
No one has tried to contact me?
Yes your system needs to be adjusted towards your customer, because if you guys dont fix the communications with your customers you will not have as many as you need the survive to move your company forward, i am beginning to look else where for reliable support from other suppliers.
Mike Wells
Good analogy with the football game. After listening to the call on Tuesday, I knew that the one point that everyone was going to key in on was the slowing of production because of the hiccups that are being experienced with the delivery process. That ignores the fact that Fisker is aware of the problem and is actively addressing it as we speak and all of the other positives that were revealed about Q3. Thanks for the continued optimism!
Unfortunately Fisker over promised one of my friends cancelled her order because of all the snafu’s you are having. It’s really important to have people in service centers or at least be able to come to your house. Why Did Fisker over promise and why are you bothering to advertise the vehicle when it’s probably not available. It may be a beautiful car but if they’re not being delivered and working properly it’s definitely going to put people off too little to soon
Israel. I think you make some relevant points. I do, however, think it’s much less about “uncertainty” in the EV sector. I believe the marketplace is actively looking for an alternative they can trust to move-on from the leading brand. That’s why at this moment it is so crucial for Fisker to seize the moment.
The self-infliction issue must be addressed immediately…and probably by the board of directors. Geeta may be a nice person (I don’t know), but the operational missteps on the supplier-side of the equation and the delivery and customer-side of the equation tells us someone else needs to take on the operational reigns. Too much on the plate is too much. The overloaded plate has even caused a delay in the financial filings. I try to imagine working with my own wife on a major endeavor such as this. It would be very awkward. We both tend to think we can do it all. We are both wrong about that. The board should step-in and remove operations from her plate, at the very least. Henrik probably isn’t going to convince her to hand-over the COO reigns when they’re having breakfast in the mornings. He might not even want to broach the subject with her. Human nature. Marriage nature.
Henrik, for his part, needs to break-away from the shadow of the first Fisker failure. This is his chance to crash through those barriers and power his new company forward. Time is of the essence. And the time is NOW.
Let’s roll!
🌊🍐🏔️
Tim, I think most investors know that a BOD intervention is needed ASAP. I think you will see a rebound in the SP if there is some sort of management shake up. But the bigger question is will long term investors continue to stick around and sustain their loses if nothing happens and the operational problems persist.
Let’s see. Fisker doesn’t know if I have a reservation or an order when I log in, because it tells me to convert my reservation to an order at the top of the screen but says I have an order below. See, I did the covert-to-order thing last year because of the tax credit change. But the system is so messed up I’m in limbo. Support, when I said I wanted a refund, told me I had a “pre-order” which isn’t a thing on the site but apparently enough to refuse my request. Meanwhile, Fisker now wants a $750 order deposit from me for a car that it thinks I’ve already look ordered. Even though it has no idea when it might deliver it to me. And also thinks I already own a One because it emailed me a One “owner” about getting even more benefits for the car I didn’t order and definitely don’t have. Meanwhile, CarPlay, yeah, keep wishing. To me, the company is treading water trying to get me and others to “lock in” pricing really to get enough money it seems to need to keep going. It’s sad. I love the idea of the Ocean, as I wrote about in my blog post linked below. But I have no faith to give the company more money based on my experiences so far. I’m pretty sure I’ll never see my deposit back unless it goes bankrupt and there’s some settlement of assets
Sean, by reading and taking part in this forum. I can see there is alot of dissatisfied customers with Fisker. The last comment really hit the nail on the head. The woman received her Ocean One while she wasn’t home and No appointment to drop it off. No inspection with No accessories she order and customer Representative MIA. With Fiskers lack of commitment to Customer Satisfaction. I think it would be a very poor business decision for Fisker to push forward with introducing the Pear and Alaska model’s
at the pivotal point.
There are various reports from customers in the forums with similar experiences. Fisker needs to up its delivery game and provide a world-class customer experience.
Yeah it’s very puzzling to me that customers are being neglected like this. I could understand lack of demand but for nobody to be home for buying customers that seems very strange. Some kind of simple database with more or less automatic update of waiting times such that customers can check on their own and then a few people to handle inquiries. I could also understand if they fumbled that in the very beginning of production but we are many months into it. They managed to make a decent car which is a pretty big task and then to fumble it on customer service of so relatively few customers…
They just unfortunately don’t know what customer service means.
Yes, no Pear or Alaska distractions until the Ocean is rolling out successfully. At the current stock price I’m unsure how they can fund any new models.
Sean: Unless Fisker and its Team, and i mean from the Top tier down. Come Out in a Hurry to make a announcement and i don’t mean just talk but Action!! There Company is collapsing around them. Just look at the stock market again today.
Time for a hell Mary!!
I’m a very frustrated Ocean One customer and I wish I had never heard of this company so I could have rather bought a vehicle that simply works! This is such a bad show Fisker is letting the customers of their flagship product go through that I cannot even imagine how will they treat the ones outside The first 5,000 units! Just look elsewhere! Save yourself the headache and use your hard earned money wisely. Expensive lesson learned.
Now there is a New Article that just broke, a class action lawsuit on behalf of Fisker stock holders!!
This is not good news for Fisker
Israel. ASAP seems appropriate to me. And yet it’s Friday now. And the doom and gloom of the past two weeks continues. It’s astonishing. I’ve said it so many times here over the past several months that you cannot have the most “emotional” and sustainable cars on earth without TRUST. There simply cannot be any lasting emotional connection without TRUST. So, ASAP means yesterday or the day before in the minds of the marketplace. It’s hard to imagine, but Team Fisker almost seems to have contempt for the early stakeholders in this company. Sean tried to put focus on the shorts, and I agreed. But, as you say, Fisker needs to take quantum steps forward and heal their self-inflicted wounds, as long-term investors are in a world of hurt. And today marks the one-year birthday/anniversary of the Ocean coming off the production line at Magna. Not a very celebratory situation right now.
🌊🎂
This January it will be 3 years since we reserved our Ocean Sport. Based on reports here, we are considering dropping our reservation, actually converted to an order, for which we are in the hole $1250. This is gut wrenching.
The SPORT was always going tfo be one of the last ones made, after fulfilling the ONES… Patience is a virtue. Don’t give up…trust me, it’ll be worth the wait.
Did I read this correct. You have decided to go forward and buy an Ocean Sport.
Are you employed by Fisker? If not, what is the basis of your “trust me” advice?
I am NOT employed by Fisker, but my FOO is an exceptional vehicle. Yes, they are having a few issues, but just like eating out at a restaurant, people tend to post negatives and not so much positives…. I have all the faith in them and what is in the pipeline.