Fisker

Fisker planned to bring four passenger EVs to the market by 2025, including its flagship Fisker Ocean SUV model. The SUV 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 2024–2025. 

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 September 2023, the company had received more than 60,000 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 plans to begin deliveries in Q4 2023.

In November 2023 , the company reduced its annual production target for the year from 20,000–23,000 to 13,000–17,000, citing inventory and working capital management as the reason.

Key customers and partnerships

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. In August 2023 , Fisker formed an agreement with Tesla to provide its customers with access to the Tesla Supercharger network.

 Funding and financials

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 intends 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 proceeds were expected to fund Fisker’s operations and the development of the Fisker Ocean SUV through the planned start of production. Fisker’s operating loss guidance for 2022 was USD 435 million–USD 500 million.