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• The current draft of the Inflation Reduction Act includes a North American production requirement that renders Fisker Ocean buyers ineligible for the proposed tax credit.
• US-based Fisker Ocean reservation holders are not required to commit additional funds to convert deposits to non-refundable orders.
• The Fisker Ocean will commence production on November 17, 2022, and ramp up to 40,000-50,000 units in 2023.
And we have also, I think, managed our supply chain really well. So we are still on schedule. I think we might be the only EV company that has not delayed production or lowered our production forecast. In fact, we're trying to increase our production next year due to the high demand we see on our vehicles.
"Our reservation holders have given us a vote of confidence, with 5,000 recently committing $5,000* each to secure a Fisker Ocean One launch edition vehicle," he added. "So, we need to do this work on their behalf to show that we have their best interests at heart."
Fisker is not requesting additional payments from reservation holders but instead converting the existing $250 for the first reservation and $100 for the second reservation deposits to non-refundable orders. This ordering system remains in effect until The Inflation Reduction Act is passed and signed into law. At that time, this order process will close.
In the US, the Fisker Ocean starts at $37,4992 in the base Sport. The Ultra trim retails for $49,9992 and the top trim Extreme is priced at $68,9992. The five-passenger SUV is designed and engineered in Manhattan Beach, California.
On August 3, 2022, Fisker reaffirmed its start of production date for November 17, 2022, and its 2023 production plans of 40,000-50,000 Fisker Ocean units, aligned with the company's financial strategy and timeline. Fisker's asset-light foundation offers scale benefits and speed to market while significantly reducing the complexities, risks, and fixed costs of a fully integrated approach. In addition, the company is focused on maintaining a sound liquidity profile and prudent capital structure
recap:
All 5,000 pre-orders for the launch
edition Fisker Ocean One are fully
subscribed. Due to increased
demand, a waitlist will open on
August 15th.
Fisker Ocean reservations totaled
more than 56,000 as of August 1,
2022, including 5,000 Ocean One
pre-orders.
Vehicle testing and validation
phase progressing well; all 55
complete Fisker Ocean prototypes
built.
Two prototype vehicles were
recently delivered to Fisker's
Manhattan Beach HQ.
Debuted the Fisker Ocean in
France and the United Kingdom in
June 2022.
We will be opening up pre-orders for
Fisker Ocean Extreme trim on November
18, 2022 and Ultra and Sport trims in Q1
2023. Reserve your Fisker Ocean now.
Morgan Stanley analyst Adam Jonas resumes coverage on Fisker (NYSE: FSR) with an Overweight rating and a price target of $40.00. The analyst sets a new $90 bull case.
The analyst comments "Among an ever increasing range of EV manufacturers, what attracts us to Fisker is the company's focused strategy on design and engineering and supply chain while leveraging the Magna-Steyr relationship in contract manufacturing to derisk the ramp, accelerate time to market and provide a path to scale and profitability. We believe Fisker is meant to display the power of what can happen when a clean-sheet approach leverages Magna's contract manufacturing. The shared/vested interest and Fisker's design and experience, combined with reasonable valuation underpins the Overweight
• Vehicle testing and validation phase progressing well; all 55 complete Fisker Ocean prototypes built and performing various final testing before SOP on November 17, 2022.
• Sold out all 5,000 pre-orders for the launch edition Fisker Ocean One, secured by $5,000 down payments from each customer.*
• Consumer demand remains strong. Fisker Ocean reservations totaled more than 56,000 as of August 1, 2022, including 5,000 Ocean One pre-orders secured by $5,000 down payments.
• Debuted the Fisker Ocean in France and the United Kingdom in June 2022.
• Confirmed Fisker PEAR, using the Fisker-developed SLV1 platform, will be manufactured at Foxconn’s newly acquired plant in Ohio.
Looks more like PERFECT TIMING to me. NOBODY owns the market.