Fisker’s Longest Range Super Sports Ronin Coming + Ocean, PEAR & Truck?
In the Fisker Inc. first quarter earnings report released today there some interesting news. Fisker’s third vehicle is codenamed “Project Ronin” will have a new radical integrated battery pack technology, expecting to deliver the world’s longest range in a production vehicle. In the back of the product plan rendering is something that looks like a truck with railings and a bed…….!
“We aim for this vehicle to redefine the luxury sports car segment, with a new concept that currently does not exist. We expect to show the “Project Ronin” in August 2023 with production to follow in the second half of 2024,” reports the news release. “We continued to make rapid progress in Q1 toward on-schedule Fisker Ocean start of production on November 17, 2022. I would like to thank our Fisker team members, suppliers, and partners for collaboratively helping us advance both the Fisker Ocean and PEAR platforms while navigating the volatile supply chain environment,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.
“As customers discover more about the upcoming Fisker Ocean, demand continues to accelerate. Early indications suggest many customers want the premium trim levels, which highlights the vehicle’s compelling features. I just returned from Europe where I had the opportunity to put the latest Fisker Ocean prototype through its paces, and it delivered amazing handling and performance with just over six months until start of production,” Fisker added. First Quarter 2022 Business Highlights:
- Rapid progress moving from simulated to physical testing and validation across multiple workstreams.
23 out of 55 Fisker Ocean complete prototypes built in Magna’s production facility. Completed extensive winter testing in Sweden in March, durability testing in highspeed/high-load conditions in April, and ongoing IIHS crash testing.
- Fisker made its European debut of the Fisker Ocean at Mobile World Congress (MWC) in February and confirmed estimates for EU range and indicative European pricing. Following MWC, Fisker kicked off European marketing efforts: the Fisker Ocean has been on display at the Hamburg Airport in Germany and Scandinavia’s premier luxury destination Illums Bolighus in Copenhagen and expects to open its first European experience center in Munich later this year.
- On March 31st, Fisker announced that reservations had exceeded 40,000 for the Fisker Ocean SUV.
Fisker does not expect to raise prices because of inflationary or commodity-cost pressures through 2023, but cannot guarantee pricing will remain static for vehicle orders received after the 40,000-reservation number or vehicles produced from 2024 onwards. Throughout 2023, Fisker will prioritize and manufacture all Fisker Ocean One and
Extreme orders, with any additional capacity being then allocated to Fisker Ocean Ultra and Sport.
- Fisker expects to begin contacting reservation holders later in May to prepare for the Fisker Ocean One launch edition pre-orders opening on July 1st. The Fisker Ocean One will be limited to 5,000 vehicles and will be fully loaded with all the features of the Fisker Ocean Extreme plus some signature features to stand out even further.
- Fisker published its Environmental Policy well in advance of November 2022 start of production date, keeping with its commitment to sustainability.
Fisker intends to publish its first annual ESG report this summer.
- More than £1 billion of cash and cash equivalents at quarter-end was in line with internal expectations and is sufficient to fund the production launch of the Fisker Ocean in November 2022.
- Affirming the expected timing plan for Fisker Ocean start-of-production on November 17, 2022.
- Continued progress on the development of Fisker PEAR. Beginning to transition engineering and purchasing teams to PEAR.
- Fisker Ocean reservations are over 45,000 as of May 2, 2022 (net of cancellations), including 1,600 fleet reservations, representing up to £2.5 billion in potential revenue. This compares to 31,000 as of our Q4 2021 earnings call and 18,600 as of our Q3 2021 earnings call.
The net daily retail reservation rate has continued at an accelerated rate compared to FY2021 and is on an annualized pace of over 68,000. Fisker PEAR reservations are over 2,500.
- As Fisker Ocean is entering into pre-production, we have intensified our “hyper” product plan development. PEAR design concept has been signed off and consists of at least three derivatives to be able to reach 1 million units a year by 2027.
- Fisker and Magna Steyr created a supply chain task force to ensure each supplier’s launch and ramp plans are aligned with Magna Steyr’s and to proactively address any supply chain challenges.
- Established India headquarters in the southern city of Hyderabad, Telangana State.
Fisker’s expansion into India represents both a strategic market opportunity and a significant boost to global engineering capabilities, specifically software development and embedded electronics, virtual vehicle development support functions, data analytics, and machine learning. The Hyderabad office will work alongside the Fisker engineering and product development facilities in California. Fisker expects to hire 200 employees in the India headquarters by year-end, which is already up and running with initial staff hired.
- Fisker continues to expand its global footprint with 15 subsidiaries formed or in progress.
Building on our existing presence in Germany, Austria, and the U.K., we have formed subsidiaries in India, China, France, Denmark and Canada in recent months with an additional half dozen countries currently underway.
- Recruitment continues at a strong pace.
Fisker currently has a global team of 455 as of May 2, 2022, with new hiring in US, Europe, and India projected to boost that number to over 800 by the end of 2022.
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