Fisker on track to begin production of its Ocean electric SUV this year, now has 56,000 reservations

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Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California.

Patrick T Fallon | TBEN | Getty Images

California-based EV startup Fisker said on Wednesday it now has more than 56,000 reservations for its Ocean electric SUV, confirming it is still on track to begin production in mid-November.

The announcements were part of Fisker’s second quarter results report. Here are the main numbers:

  • Loss per share: 36 cents vs. 41 expected according to Refinitiv . consensus estimates
  • Net Loss: $106 million versus $122.1 million reported in the first quarter of 2022.
  • Reservations: More than 56,000, up from more than 45,000 when it reported its first quarter results in May.
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CEO Henrik Fisker confirmed that the company and its manufacturing partner, global auto supplier Magna International, are on track to begin production of the Ocean later this year at a Magna plant in Austria.

Fisker and Magna have completed 55 Ocean prototypes as planned. They are all currently undergoing final quality testing in preparation for launch in November, Fisker said.

The company had $851.9 million in cash left at the end of the second quarter, down from about $1 billion at the end of March, but enough to complete development of the Ocean and fund its operations through at least the end of 2022. it said.

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Fisker also confirmed that its second vehicle, a lower-cost model called the PEAR, will be built by Taiwan’s Foxconn Technology Group from 2024 at the former Lordstown Motors plant in Ohio.

Fisker plans to launch a third model at the end of 2024, a sports car called Ronin. It plans to show a prototype of the Ronin in mid-2023.

This is a story in development. Come back for updates.