Fisker confirms Ocean SUV production will start on time

Henrik Fisker stands with the Fisker Ocean electric powered auto soon after it was unveiled at the Manhattan Seaside Pier ahead of the Los Angeles Car Display and AutoMobilityLA on November 16, 2021 in Manhattan Beach front, California.

Patrick T. Fallon | AFP | Getty Photos

Electric powered auto startup Fisker stated Wednesday it is on observe to start production of its to start with product, the Ocean SUV, later on this month as prepared – and that it now has much more than 62,000 reservations for the car or truck, up from around 56,000 as of early August.

CEO Henrik Fisker advised CNBC that the company strategies to manufacture 42,400 Oceans by the close of upcoming 12 months. The Ocean will be designed in Austria by a unit of Magna Intercontinental, with manufacturing ramping up in 4 phases to allow for Fisker’s suppliers to scale their producing in line with Magna’s.

The majority of individuals vehicles will be built in the 2nd 50 % of 2023, Fisker reported.

Fisker stated that his group is exploring the concept of going creation of the Ocean to the United States ahead of 2025, but as of now has no firm programs to do so.

Fisker reported a net reduction of $149.3 million for the 3rd quarter, or 49 cents per share, compared to a decline of $109.8 million or 37 cents per share in the third quarter of 2021. The organization experienced $824.7 million in cash remaining as of September 30, which includes about $116 million raised from an “at-the-current market” stock providing declared before this year.

Fisker mentioned that function on its next design, a low-expense EV identified as the Pear, is progressing forward of routine.

The organization said it now has around 5,000 reservations for the Pear, which will be created by Foxconn Know-how Team in the former Lordstown Motors manufacturing unit in Ohio, starting in 2024.