Fisker Business Updates: Strong Dealer Momentum, Financials, Leadership Additions and More

FISKER -  Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, is providing an update on recent business activities.

Dealer Partner Model Update

On January 4, Fisker announced a change in its vehicle distribution strategy toward an innovative Dealer Partnership model in North America and hybrid model in Europe that will continue to include direct sales to consumers and dealer arrangements. Since this announcement, Fisker has seen substantial interest from potential partner dealers across the United States, Canada, and Europe. The company is currently engaged with over 100 dealers. Enthusiasm has been driven by the fact that Fisker is the only American brand available to dealers that manufactures exclusively electric vehicles that have class leading features (for example, the Fisker Ocean has the longest range in its segment). Fisker is scheduled to host dealers at its headquarters in Manhattan Beach during the week of January 29. In addition, Chairman and CEO Henrik Fisker and several Fisker executives are scheduled to attend the National Automobile Dealers Association (NADA) show in early February to meet with prospective dealers and promote the company’s new dealership model. Fisker expects the first Oceans to be available in dealer showrooms in February.

 

Many of Fisker’s potential dealer partners already support multiple brands of vehicles, have existing EV infrastructure and the ability to service vehicles. The company anticipates that dealers will be able to purchase vehicles for their inventory shortly after finalizing the partner agreements. Fisker believes this strategy is consistent with its asset-light business model and will allow the company to build a strong distribution network capable of servicing its customers in a more cost-efficient way. Initial dealer agreements will likely cover California, Illinois, New York, New Jersey, Massachusetts, Florida, Maryland, and Canada.

 

Anticipated Positive Impact to Cash Flow

Fisker expects that the Dealer Partnership model will enhance its ability to turn new vehicles into cash by reducing the time vehicles are retained on its balance sheet. Similar to the traditional automotive OEM/dealer model, Fisker will recognize revenue when a vehicle is sold to a dealer. Fisker anticipates that it will sell most of the vehicles it currently has in inventory before the end of this year’s first quarter and expects to provide a delivery update in February.

 

During the first half of 2024, the company expects to generate cash from the sale of existing 2023 production vehicle as well as a consumption of raw materials, including batteries, in producing cars in first half of 2024 that are currently on its balance sheet. The carrying value of completed vehicles in Fisker’s inventory at the end of 2023 was approximately $290 million. Since Fisker has been selling vehicles through its direct to customer model and will pivot to a dealership model during Q1. We expect to sell the balance of our 2023 vehicle inventory before end of the quarter, releasing almost $290 million on the balance sheet that can be used for working capital. In addition, Fisker has approximately $260 million of parts, including batteries, which will support the production of Ocean vehicles in 2024. As a result, Fisker expects to achieve a higher contribution to cash flow from Oceans produced and sold in early 2024.

 

Amendment to 2025 Convertible Notes

As previously announced, on January 21, Fisker entered into a second amendment and waiver agreement with the holder of its 2025 senior convertible notes. Pursuant to this waiver, among other items, the company no longer is required to maintain a minimum cash balance. In addition, the company has obtained a release from the investor of certain intellectual property belonging to Fisker upon the company entering into certain commercial agreements with an automotive original equipment manufacturer (OEM). Fisker believes this waiver provides increased flexibility to pursue strategic collaborations. Reflecting a series of conversions by the senior convertible notes holder, the company’s overall debt level has been reduced. As of January 19, 2024, the principal balance outstanding on the 2025 notes has been reduced by approximately $185.5 million to $324.5 million.

 

NHTSA Preliminary Evaluation

Fisker issued the following statement on the National Highway Traffic Safety Administration (NHTSA) Office of Defects Investigation’s (ODI) Preliminary Evaluation of reported braking issues with the 2023 Fisker Ocean:

 

The Fisker Ocean brake system uses both friction braking and regenerative braking. In December 2023, Fisker responded to customer feedback and issued an Over-the-Air update (Version 1.10) to the regenerative system that improved the customer experience when traveling over bumps and uneven surfaces, resolving the issue. The Fisker Ocean brake system meets or exceeds all US and international performance requirements.

 

Key Executive Leadership Updates

As previously announced, Fisker has strengthened its leadership team with the addition of seasoned and experienced executives across departments including finance, accounting, marketing, and sales.

 

These leaders include Angel Salinas as Chief Accounting Officer; Eric Goldstein as Head of Investor Relations; Beverly Lively as VP, Internal Controls & Audit; and Dan Quirk as EVP, of Finance and Accounting. Wolfgang Hoffman has also joined as Country Manager for Canada as well as Amira Aly as VP, Marketing, Sales & Financial Service US.

 

Fisker also held the largest meetup in company history, with approximately 2,500 owners and prospective owners gathering in 24 US locations and at six locations in Europe.

Fisker introduces new dealer partnership model in strategic transformation for company

FISKER INC. -  Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, today announced that the company is developing an innovative Dealer Partnership model in North America. In Europe, Fisker intends to pursue a hybrid of direct sales and dealer arrangements.

Henrik Fisker, Chairman and CEO, said:

 

“As we saw throughout 2023, the EV market has changed dramatically. As a high-growth startup, Fisker is transforming its strategic efforts by putting in place the brand accessibility and sales channels required to satisfy increasing demand for the Fisker Ocean and to prepare for launch of additional future models. As a result, we are evolving our business model and intend to add as many as 50 dealer partners in the US and Canada and a similar number of dealer locations in Europe this year. In keeping with our asset light strategy, I expect the Dealer Partnership model should enable Fisker to expand its sales and delivery network at a faster pace.”

 

Large dealer territories, no-haggle pricing, and vehicles to first dealers by end of Q1 2024

 

The Dealer Partnership model combines the goal of offering our customers no-haggle pricing on Fisker vehicles (where permitted) while also providing our dealer partners with larger market territories, so they can maintain pricing without concern for local competition. The company has been in discussions with numerous potential dealers since late November 2023.

 

The company is implementing this approach to expedite the expansion of its sales, delivery, and test drive network. Fisker expects that its first dealers will start receiving vehicles by the end of Q1 2024, and that it will have all its initial dealer partners in place when higher-volume vehicle models arrive in the marketplace in the future.

 

Sustainable dealerships and streamlined customer support

 

In keeping with its sustainability mission, Fisker does not plan to require its dealer partners to make extensive, time-consuming, or costly changes to their existing facilities. The company has developed corporate identity features that it can quickly provide to its dealer partners so that they can commence sales and service as soon as possible. Fisker will continue to maintain its own Fisker Lounges in global markets so that customers may experience the brand and contribute sales leads that the company can send to its dealers.

 

Fisker will be working with dealer partners who place a high emphasis on delivering excellent customer satisfaction, providing streamlined customer support and service, as well as expanded test-drive opportunities as the range of Fisker models and trim levels expands. Dealers will also facilitate financing and insurance arrangements and assist customers with matters related to Fisker’s warranty.

 

Hybrid business model in Europe

 

Following the agency model, Fisker plans to sign up sales and distribution partners in its European markets, while the company continues direct sales in the region.

 

Fisker Adopts NACS Charging Standard, Opening Supercharger Access; Ocean Delivers Double-Digit Profitability

FISKER INC. - Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, will provide customers with access to Tesla’s Supercharger network.

The company announces that it has signed an agreement with Tesla to adopt the North American Charging Standard (NACS) on its first vehicles in 2025. The move will provide Fisker owners with additional charging options, taking advantage of Tesla’s 12,000 Supercharger stations in the United States and Canada. All current and future Fisker vehicles will be covered by the agreement.

 

Fisker customers will utilize a NACS adapter to plug in at Superchargers starting in Q1 2025. Fisker will later update vehicle engineering to include an NACS inlet. A CCS adapter will be provided so that customers can continue to charge using that standard.

Fisker Ocean Has Lowest Carbon Footprint of Any Electric SUV

FISKER INC. -  Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, today released its Life Cycle Assessment (LCA) report – a cradle-to-grave analysis that details the carbon footprint of the Fisker Ocean all-electric SUV. With the lowest published carbon footprint of any electric SUV in its market segment, the “world’s most sustainable vehicle” lives up to its ambitious promise, from raw material extraction to beyond “end of use.”

“Since we founded Fisker Inc., building the most sustainable electric vehicles is not just a marketing slogan; it’s core to our culture,” Chairman and CEO Henrik Fisker said. “It means shifting antiquated thought processes from across a 100-year-old industry, challenging the supply chain down to the most minute details, working with partners to improve the way cars are assembled, the energy they are charged with, and working on the way our vehicles are recycled after they come off the road. Our LCA confirms that climate neutrality has been a priority, since well before we started building vehicles.”

 

Unique in the industry, Fisker built sustainability into its strategy well before becoming a publicly traded company. Fisker prioritizes using the lowest possible amount of virgin materials, delivering the most energy-efficient vehicles possible, evaluating how to ensure the least amount of material goes to landfill at end of use, and developing methods for full vehicle and battery reuse and recycling. The company’s emphasis on supporting a “circular economy” includes prioritizing how battery materials may be pushed back into upstream sourcing.

 

“The results are clear: The carbon saved by choosing a Fisker Ocean over an average gasoline vehicle equals the carbon sequestered from 39 acres of US forests,” added Fisker. “We challenge every partner and find like-minded suppliers that strive to do better. It’s no accident the Fisker Ocean is made in a factory powered by renewable energy. This is only the beginning. We will strive to improve every step of the way as we move toward the upcoming Fisker Alaska, PEAR, and Ronin vehicles.”

 

Fisker’s LCA is unique in the industry in that it utilizes mostly primary data rather than estimates. Tier 1 suppliers are pushed to provide accurate carbon accounting, while the company’s processes, measurement, and the impact of the earth and the atmosphere are transparent at unprecedented levels. It can be read here.

 

Fisker has commenced vehicle deliveries in both the United States and Europe, following a unique dual-market certification strategy as it launched simultaneously. The Fisker Ocean One is a launch edition model of the $68,999[1] Fisker Ocean Extreme, with a 113 kWh battery pack (106 kWh usable) and an EPA range of 360 miles[2] on standard 20” wheels and tires, which is the longest range of any new electric SUV in its class[3]. In Europe, the Fisker Ocean Extreme has a WLTP range of 707km/440 UK miles[4] on standard 20” wheels and tires, which is the longest range of any electric SUV sold in Europe today. The all-electric SUV starts at $37,499² for the Fisker Ocean Sport trim level in the US.

[1] Estimated pricing shown applies to the continental US and excludes delivery, finance, tax, title, registration, and other government fees. Maintenance is not included. Pricing is subject to change and will be based on your final vehicle configuration.  Pricing does not include government incentives you may be entitled to. 

 

[2] EPA estimated range.  Actual results may vary for many reasons, including driving conditions, wheel size, state of battery charge, and how the vehicle is driven and maintained.

 

[3] Mid-size SUVs with an MSRP under $200,000 

 

[4] This WLTP range number applies to Fisker’s European markets. WLTP measurements conducted on Fisker Ocean Extreme with standard 20” and optional 22” wheels. Actual range will vary with conditions such as external environment, vehicle configuration, wheel size and vehicle use.

 

Fisker Delivers First Ocean Vehicles to U.S. Customers in LA - Longest Range of Any New Electric SUV In Its Class

2024 Fisker Ocean One

FISKER INC. - Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, will today begin making its first deliveries of the Fisker Ocean SUV to customers in the US.

 

“We have been waiting for this moment ever since we started the development of the Fisker Ocean in October 2020,” Chairman and CEO Henrik Fisker said. “As a California-based company, we are thrilled that our first US customers are finally getting behind the wheel of the Fisker Ocean and will experience its innovative features, class-leading 360-mile range, and highest levels of sustainability. We’re grateful our customers have been patient with us as we dealt with a longer-than-expected certification period earlier this year, and we’re happy their patience is now starting to be rewarded.”

 

Fisker will commence deliveries of 22 vehicles at 11:30 a.m. Pacific Time, at a company facility in the Los Angeles area where product specialists can familiarize customers with their Fisker Ocean One launch edition SUVs. This initial group of vehicles was shipped to the US from Austria on an expedited basis. Additional deliveries will continue through the summer.

 

The company has already delivered vehicles in Europe, following a unique dual-market certification strategy as it launched simultaneously in Europe and the US.

 

The Fisker Ocean One is a launch edition model of the $68,999[2] Fisker Ocean Extreme, with a 113 kWh battery pack (106 kWh usable) and an EPA range of 360 miles[3] on standard 20” wheels and tires, which is the longest range of any new electric SUV in its class[4]. In Europe, the Fisker Ocean Extreme has a WLTP range of 707km/440 UK miles[5] on standard 20” wheels and tires, which is the longest range of any electric SUV sold in Europe today. The all-electric SUV starts at $37,499² for the Fisker Ocean Sport trim level in the US.

[2] Estimated pricing shown applies to the continental US and excludes delivery, finance, tax, title, registration, and other government fees. Maintenance is not included. Pricing is subject to change and will be based on your final vehicle configuration.  Pricing does not include government incentives you may be entitled to. 

 

[3] EPA estimated range.  Actual results may vary for many reasons, including driving conditions, wheel size, state of battery charge, and how the vehicle is driven and maintained.

 

[4] Mid-size SUVs with an MSRP under $200,000 

 

[5] This WLTP range number applies to Fisker’s European markets. WLTP measurements conducted on Fisker Ocean Extreme with standard 20” and optional 22” wheels. Actual range will vary with conditions such as external environment, vehicle configuration, wheel size and vehicle use.

 

Fisker to Open China Delivery Center in 2023, Start of Deliveries Projected for Q1 2024

FISKER INC. -   Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, today announced its plans to open a delivery center in China in 2023 and commence deliveries of the Fisker Ocean SUV in Q1 2024.

 

“After beginning deliveries in Europe and with first vehicles coming to our US customers on June 23, we are excited to move into the Chinese market later this year,” Chairman and CEO Henrik Fisker said. “We expect China to be an important growth market for EVs in the future and believe our vehicles will be very appealing. That is why we established an office there and intend to open a delivery center this year. I believe we can get production up and running in China as early as next year, potentially adding capacity of 75,000 Fisker Oceans annually.”

 

At Fisker’s annual shareholder meeting, held June 6, China board member Daniel Foa outlined the company’s advantages in the country.

 

“Firstly, China represents a third of global vehicles sales, which is roughly 26 million cars in 2022, of which electric vehicles represent 6-7 million, around a 25% share,” he said. “In 2023 year-to-date, that has grown to around 27%. Secondly, the premium and affordable luxury segment is growing faster than general segments. Fisker fits right in that segment with its unique history, features, and design.”

 

“China has always had a high acceptance of high-quality traditional international automotive brands.” Foa added. “There has been a rapid shift to electrification both from government policies and consumer behavior. Fisker is one of only two EV only international companies which are viable alternatives to traditional brands. This will enable us to be on the short list for consumer purchase decisions but with a more feature rich product. As a new international EV brand, this presents a vast opportunity for Fisker in China.”

 

Fisker’s leadership team recently visited China and met with officials and business leaders in Shanghai to discuss collaborations and opportunities in the region. The conversations focused on automotive supply chains, logistics, warehousing, and future production development.

 

With a 113 kWh battery pack (106 kWh usable) the $68,999 Fisker Ocean Extreme has an EPA-estimated range of 360 miles[1] on standard 20” wheels and tires; in Europe the Fisker Ocean Extreme has a WLTP range of 707km/440 UK miles[2] on standard 20” wheels and tires, which is the longest range of any electric SUV sold in Europe today. The all-electric SUV starts at $37,499 for the Fisker Ocean Sport trim level.

[1] EPA estimated range.  Actual results may vary for many reasons, including driving conditions, wheel size, state of battery charge, and how the vehicle is driven and maintained.

 

[2] This WLTP range number applies to Fisker’s European markets. WLTP measurements conducted on Fisker Ocean Extreme with standard 20” and optional 22” wheels. Actual range will vary with conditions such as external environment, vehicle configuration, wheel size and vehicle use.

Meet the Fisker Ocean in Monterey, CA

2023 Fisker Ocean One

FISKER INC. - Pebble Beach Concours is the world’s premier celebration of the automobile. The Fisker Ocean will be on display at Concours Village from 9am-6pm PT, August 18th through August 21st. Concours Village is located at 3250 Stevenson Drive, Pebble Beach, CA right in the heart of the action at Pebble Beach.

The public and media are invited to visit the show stand at Concours Village. If you're in the area, please stop by and say hello. The Fisker Ocean is on schedule to start production on November 17. Reserve yours today! 

Fisker Q2 Results Announced

2023 Fisker Ocean One

FISKER - Fisker Inc. (NYSE: FSR) (“Fisker”) -- passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions -- announced its financial results for the second quarter ended June 30, 2022.  

“We are delighted to announce that the 5,000 limited edition Fisker Ocean One pre-order units are completely sold out, thanks to pioneering customers in all nine launch markets: Austria, Canada, Denmark, France, Germany, Norway, Sweden, United Kingdom, and the United States,” Henrik Fisker, Chairman and CEO of Fisker Inc. stated. “This is a historic moment, where thousands of customers committed $5,000 for a vehicle many have only seen in pictures, demonstrating our customers’ excitement for the Fisker Ocean vehicle and the value proposition of our brand and product. It’s clear Fisker’s approach to price positioning and design, plus our unwavering commitment to sustainability, is the right one for the future!” 

Henrik added, “We look forward to taking our 5,000 Fisker Ocean One stakeholders on a once-ina-lifetime journey with us as we approach the start of production on November 17, 2022. These 5,000 pre-orders for the Fisker Ocean One represent approximately $350 million of potential revenue for Fisker once all vehicles are delivered.” 1Or approximate local currency equivalent

The Manhattan Beach headquarters recently took delivery of a prototype of the Fisker Ocean, allowing employees to see the vehicle up close and for Henrik to drive on some familiar local LA roads. On August 2nd, we received a second test car. 

“I am proud of the seamless collaboration between Fisker and all of our partners and suppliers, ensuring our November 17, 2022, start-ofproduction,” Henrik continued. “After driving test cars on the high-speed track in Italy and on the roads in LA, I am excited about all the features we will offer in the Fisker Ocean and how superbly the Fisker Ocean will drive. The prototype quality still needs improvement before we hit serial production, as several parts are early released prototype parts, but it gives us the time to do even more refinement. I want the Fisker Ocean to be a top-quality product when it reaches our first paying customers, which means diligent fine-tuning until the first production SUVs run off the line on November 17. With strong demand for our vehicles, we look forward to the next phase of our exciting growth plan.” 

Here is a quick recap:

• All 5,000 pre-orders for the launch edition Fisker Ocean One are fully subscribed. Due to increased demand, a waitlist will open on August 15th.
• Fisker Ocean reservations totaled more than 56,000 as of August 1, 2022, including 5,000 Ocean One pre-orders.
• Vehicle testing and validation phase progressing well; all 55 complete Fisker Ocean prototypes built.
• Two prototype vehicles were recently delivered to Fisker’s Manhattan Beach HQ.
• Debuted the Fisker Ocean in France and the United Kingdom in June 2022.

We will be opening up pre-orders for Fisker Ocean Extreme trim on November 18, 2022 and Ultra and Sport trims in Q1 2023. Reserve your Fisker Ocean now.

1 Or approximate local currency equivalent

The Launch Edition Fisker Ocean One is Coming

FISKER - Introducing the Fisker Ocean One. Only 5,000 exclusive Launch Edition vehicles will be made world-wide, each numbered in series from #1 – #5,000. Individual vehicle numbers will be assigned once vehicles are scheduled for production. More information regarding vehicle production scheduling will be provided later this year. Vehicle delivery timing will be based upon our regional rollout and is not dependent upon your assigned vehicle number.

This uncompromised luxury edition of our all-electric SUV debuts with rarities standard only on the Fisker Ocean One:

• A Digital Signature, authenticating the vehicle’s place amongst the first 5,000 vehicles.
• An exclusive Ocean One Badge.
• A choice of either the 22” F3 SlipStream alloy wheels or the 22” F5 AirGlider alloy wheels, in either black or silver.
• Indigo EcoSuede MaliBlu color interior.

A journey of a thousand miles begins with a single step.

We will invite our earliest Fisker reservation holders to take a history-making first step: to be the first to own the Fisker Ocean One.

We thank those visionaries, change-makers and fans who were first to join us.

We will soon be extending invitations to early reservation holders in our launch markets: Austria, Canada, Denmark, France, Germany, Norway, Sweden, The United Kingdom, and The United States. More information coming soon.

Learn more here!