Fisker

Fisker’s flagship Fisker Ocean SUV model has a range of 360+ miles and is offered at a base price of USD 38,999. Customers can also lease the vehicle at USD 379 per month with the option to return it at any point. Additionally, Fisker has partnered with Foxconn to develop a second EV model (Personal Electric Automotive Revolution or PEAR). The two companies are expected to set up a manufacturing base in India to produce around one million units by 2025. 

The Fisker Ocean is equipped with a built-in solar panel for range extension, while vegan and upcycled materials have been used for the interior. The EVs also have PowerHouse technology which enables the EV battery to be used as an emergency power source for homes. 

Fisker has outsourced the production of the SUV to Magna Steyr, an Austrian contract manufacturer. As of January 2024, the company had received more than 70,000 pre-orders for the Fisker Ocean model. Fisker commenced production of the Fisker Ocean in November 2022 , following which deliveries were sent out to European customers (May 2023) and US customers ( June 2023 ). Furthermore, in July 2023 , the company reported that it will be producing 100 Fisker Extreme Vigyan Edition electric SUVs for the Indian market, with deliveries taking place in Q4 2023.

In January 2024 , Fisker reported plans to launch a Dealer Partnership Model in the US and Canada, starting with ~50 distributors. In Europe, the company expects to combine direct sales and dealer arrangements for ~50 partners.

Key customers and partnerships

In May 2022, Fisker partnered with Foxconn to manufacture and assemble Fisker PEAR EVs at a manufacturing facility in Ohio from 2025 onwards. In September 2022, Fisker selected Wallbox as its global partner for home EV charging solutions. 

Following this, in March 2023, the company selected ChargePoint as its US partner for EV public charging solutions. During the same month, Fisker partnered with Deftpower to offer Fisker Ocean owners access to Deftpower’s European EV public charging network. In May 2023, Fisker partnered with Ample to incorporate swappable batteries into Fisker EVs. In August 2023 , Fisker formed an agreement with Tesla to provide its customers with access to the Tesla Supercharger network.

 Funding and financials

In March 2024 , Fisker reported a USD 150 million financial commitment from an existing investor. The company did not disclose what it intended to use the funds for.

In September 2023 , Fisker raised USD 170 million in convertible notes due in 2025 from an existing institutional investor. The company expects to use the funds to advance its EV programs and accelerate the delivery of products. Prior to this in July 2023 , Fisker raised USD 340 million in convertible notes which was to be used for general corporate purposes. The company also intended to use the funds to support the development of an additional battery pack line from 2024 onwards.

Fisker was listed on the NYSE through a SPAC merger in October 2020. The deal raised around USD 1 billion at a valuation of USD 2.9 billion. The company generated USD 272.9 million in revenue and had an operating loss of USD 417.1 million in FY2023. However, in March 2024 , the company was suspended from trading and the company was delisted from the NYSE due to abnormally low share prices.