{"id":49257,"date":"2023-05-09T11:50:00","date_gmt":"2023-05-09T15:50:00","guid":{"rendered":"https:\/\/autosector.com\/?p=49257"},"modified":"2023-05-09T11:50:00","modified_gmt":"2023-05-09T15:50:00","slug":"fisker-fsr-q1-2023-report-ocean-suvs-built-delivered-production-guidance","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=49257","title":{"rendered":"Fisker (FSR) Q1 2023 report: 55 Ocean SUVs built, two delivered, guidance drops, PEAR delayed"},"content":{"rendered":"
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Fisker Inc. has released its Q1 financial report for 2023, and although there is some room for celebration as early deliveries of its flagship SUV (sort of) roll out, there is much work to be done on the production side to come close to previously announced output guidance. Today also brought a progress update of the Fisker<\/a> PEAR, a new version of the Ocean, and plans for more EVs.<\/p>\n

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Fisker Inc. ($FSR)<\/a> continues to stay in the news this month with its Q1 2023 financial report we\u2019ve been anticipating for a few weeks now. After beginning production on schedule this past November, Fisker finally delivered its first Ocean SUV<\/a> to a customer in Denmark last week.<\/p>\n

Yesterday, the Fisker team was in Germany celebrating the opening of three new footprints<\/a> around Munich \u2013 a large Fisker Lounge in the city\u2019s center, as well as a new showroom in the same building as its new European headquarters, located in Munich\u2019s Motorworld complex.<\/p>\n

Additionally, registrations in Germany opened up as CEO Henrik Fisker received the second ever delivery of an Ocean EV. Hopefully the founder of the company has more luck with his vehicle, since the first delivery in Denmark is reportedly on its way back to Magna Steyr where it was built, citing software issues affecting its operability<\/a>.<\/p>\n

These are the growing pains that come with not only producing a flagship model, but trying to scale simultaneously (and quickly). In admirable Fisker Inc. fashion, the second iteration of the EV automaker announced ambitious production guidance for this year. However, following a less productive Q1, Fisker has adjusted its output goals and shared how much funding it has to try and get there.<\/p>\n

\"Fisker
Credit: Fisker Inc.<\/figcaption><\/figure>\n

Fisker lags in Q1, has catching up to do in 2023<\/h2>\n

According to the Q1 2023 financial results released by Fisker Inc. this morning, the automaker (and contract manufacturer Magna) produced 55 OCean SUVs<\/a> \u2013 a mix of engineering, marketing, and customer vehicles. That\u2019s actually one less than it produced in Q4 of 2022, and well short of its previously announced target of 300 vehicles by the end of March.<\/p>\n

Still, the automaker states production is expected to ramp up beginning next week and it expects to produce between 1,400-1,700 Oceans in Q2 before reach a running rate of 6,000 units monthly by the end of Q3 2023 \u2013 as long as \u201call its partners deliver.\u201d <\/p>\n

As a result of the slower start in Q1 2023, Fisker has adjusted its annual production guidance from (up to) 42,400 units to between 32,000-36,000. As of May 8, 2023, Fisker is still reporting 65,000 reservations for the Ocean SUV.<\/p>\n

Financially, Fisker Inc. reported cash and cash equivalents of $652.5 million (excluding $22M in VAT receivables that continue to be delayed into 2023) as of March 31, 2023 (end of Q1). That\u2019s about $80 million less than it had at the end of 2022.<\/p>\n

Fisker also relayed it has about a $47 million cash balance raised from its its $350 at-the-market (ATM) program during Q1. Net cash used in operations totaled $83.7 million, while capital expenditures were $45.7 million.<\/p>\n

Due to higher R&D expenses this past quarter, Fisker reported a $121.6 million loss from operations and a total net loss of $120.6 million ($0.38 loss per share). Looking at key non-GAAP operating expenses and capital expenditures for the rest of 2023, Fisker Inc. expects to stay within a range of $535-$610 million \u2013 the same annual estimate it relayed entering the year.<\/p>\n

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A rendering of Fisker\u2019s \u201cForce E\u201d edition Ocean \/ Credit: Fisker Inc.<\/figcaption><\/figure>\n

Other Q1 updates<\/h2>\n

During this morning\u2019s call with investors, Henrik Fisker shared some additional updates regarding the automaker\u2019s progress in additional EV models. For example, Fisker mentioned a new \u201chardcore off-road package\u201d for the Ocean SUV called Force E (not to be confused with Nissan\u2019s e-4ORCE technology<\/a>).<\/p>\n

The package (seen in the rendering above) can be implemented on any AWD version of the Ocean SUV after purchase and is expected to become available in Q4 of this year. Per Fisker:<\/p>\n

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The off-road category is currently dominated by internal combustion vehicles, but Fisker wants to change that. Force E will perform superbly off road, with substantial ground clearance and ramp angles, 33-inch all-terrain tires on 20-inch reinforced wheels, specialized dampers, plus an estimated 550 horsepower. A full-length titanium underbody plate protects the Fisker Ocean\u2019s battery, and the vehicle has structurally mounted front and rear skid plates. The package can even be retrofitted on all-wheel-drive Fisker Ocean Extremes and Fisker Ocean Ultras, giving future customers the option of transforming their vehicles. The Ocean\u2019s outstanding utility is further enhanced with an optional interior package of rubber floor coverings, additional grab handles, and tie-downs. The unique, lightweight roof basket is a further option.<\/p>\n<\/blockquote>\n

Lastly, Fisker shared a couple quick updates regarding the PEAR<\/a> \u2013 its second EV model. As of May 8, 2023 the automaker has over 6,000 PEAR reservations as development continues. By using a new process it calls \u201csteel ++,\u201d Fisker says it has been able to reduce the PEAR\u2019s parts count by 25%, which should help the automaker to try and achieve its lofty goal of delivering the EV for under $30,000.<\/p>\n

As Fisker Inc. looks to finalize its battery partners for the PEAR, it shared that is now pushing its 2024 start of production into 2025. <\/p>\n

There was no mention of the Project Ronin GT <\/a>\u2013 Fisker\u2019s third EV model previously teased, but we may learn more this summer. The automaker said that it is planning an inaugural Investor Product Day, where it intends to \u201cshowcase several new models that will be part of Fisker\u2019s goal to produce 1 million vehicles in 2027.\u201d <\/p>\n

Love it, but let\u2019s get those Oceans out and running correctly first, folks\u2026 baby steps. You can check out the full Q1 2023 webcast from Fisker here<\/a>. We\u2019ll check back following Q2.<\/p>\n

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FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Fisker Inc. has released its Q1 financial report for 2023, and although there is some room for celebration as early deliveries of its flagship SUV (sort of) roll out, there is much work to be done on the production side to come close to previously announced output guidance. Today also brought a progress update of […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-49257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/49257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49257"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/49257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49257"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}