Fisker confirms Ocean EV deliveries will begin this spring, on track to build over 40,000 in 2023

Electric conveyance startup Fisker said Monday that it spent little wealth successful 2022 than expected, and that it remains connected way to statesman deliveries of its Ocean SUV this outpouring and to physique much than 40,000 vehicles successful 2023.

Shares were up astir 9% successful premarket trading pursuing the news.

Fisker said that to date, 56 Oceans person been built astatine manufacturing spouse Magna International's contract-manufacturing installation successful Austria. Fifteen of those were completed earlier year-end and are being utilized for investigating by some Fisker and Magna, arsenic the 2 companies refine the manufacturing process, trial further features, and enactment done regulatory support processes successful the U.S., Canada and Europe.

The study comes little than a week aft EV startups Lucid and Nikola underwhelmed with their production and delivery results.

Fisker said antecedently that the Ocean would person astir 350 miles of scope successful apical trims, but CEO Henrik Fisker said Monday that aboriginal investigating has shown the Ocean has much scope than expected.

"These results reenforce our anticipation that, astatine the clip of launch, the Fisker Ocean volition person the longest scope of immoderate SUV/Crossover priced beneath $70,000," helium said.

In basal trim, the Ocean has astir 250 miles of scope and a starting terms of $37,499; longer-range versions commencement astatine astir $50,000.

Fisker expects to implicit the investigating needed for regulatory support of the Ocean adjacent month, and to ramp up accumulation – and statesman deliveries -- successful the 2nd quarter. The institution reiterated its erstwhile accumulation guidance – "up to" 42,400 vehicles successful 2023 – "provided the proviso concatenation delivers per our forecast and we person [regulatory approval] successful a timely manner."

Fisker had "approximately 65,000" reservations for the Ocean arsenic of Feb. 24, up somewhat from "over 62,000" arsenic of its third-quarter net report successful aboriginal November. Because it volition beryllium built successful Austria, the Ocean won't suffice for the caller U.S. authorities EV incentives.

Fisker spent a full of $702 cardinal successful 2022, a spot beneath its guidance scope of $715 cardinal to $790 million. The institution had $736.5 cardinal successful currency remaining astatine year-end, including $57 cardinal raised from its ongoing at-the-market stock offering successful the 4th fourth of 2022. It presently expects to walk betwixt $535 cardinal and $610 cardinal successful 2023.

Fisker is targeting a affirmative gross nett borderline betwixt 8% and 12% for the year, and said that it whitethorn person affirmative net earlier interest, tax, depreciation, and amortization (EBITDA) for the afloat twelvemonth arsenic well.

Fisker's fourth-quarter nett loss was $170.1 million, oregon 54 cents per share, connected gross of astir $306,000. Both were abbreviated of estimates: Wall Street analysts polled by Refinitv had expected a nonaccomplishment of 42 cents per stock connected gross of $2.5 million.

Fisker besides said it has made advancement connected its upcoming 2nd model, a lower-cost tiny EV called the Pear, and it remains connected way to spell into accumulation adjacent year.

The institution said it present has "over 5,600" reservations for the Pear, up from "over 5,000" reservations successful aboriginal November. The Pear, which is expected to commencement astatine $29,900, volition beryllium built by Foxconn Technology Group in the former Lordstown Motors factory successful Ohio starting successful 2024.