Fisker Inc. (FSR)

HENRIK FISKER: Well, very good. As we said yesterday on our earnings call, we have our manufacturing partner, Magna, have already built 55 vehicles and continue to build vehicles. And we received a couple of really nice test vehicles to drive around in LA a couple of days ago. So it's not like we are starting to suddenly build cars. We have built cars the entire year.

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.

Many of our reservation holders are looking forward to the tax advantages of purchasing an electric vehicle. Therefore, we acted swiftly and proactively to protect access to existing tax credits for qualifying Fisker Ocean buyers should the Inflation Reduction Act become law. We are focused on a clean future for all, so we are building the Fisker Ocean in one of the world’s most sustainable production facilities, Magna’s carbon-neutral factory in Graz, Austria," Chairman and CEO Henrik Fisker said.
"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

• Q2 2022 operating results consistent with company expectations; full-year total spending guidance unchanged.
• 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.