Fisker have had a busy week…
It’s Been Another Electrifying Week!
From starting the week with our First Quarter 2021 Results Conference Call to the hugely exciting announcements with Foxconn, Sharp, and Onto Fleet Deal we are very excited to share a recap from this week with you… and it’s only Wednesday!
Fisker Inc reported Q1 earnings on Monday afternoon and hosted a conference call that provided a comprehensive update on Ocean development milestones, business partnerships, and the overall state of the business. Fisker remains fully on-track to unveil the production-intent version of the Ocean in November this year and to begin production and deliveries in Q4 2022. Analysts’ reports were very favorable, and some excerpts from those reports are below.
“Q1 should be viewed as a solidly reassuring update that inspires confidence in the Ocean timetable, technology offering & expected margin profile.”
“Programs remain on track and reservations for the Ocean continue to build with the November LA Auto Show serving as a catalyst…. We see the company’s partnerships with Magna and Foxconn helping drive lower costs and faster go to market.”
“There were a number of milestones and updates related to industrial progress highlighted by the company. Fisker moved the Ocean into ‘execution phase’ including sourcing the majority of the bill of materials (BOM) and completing important homologation and testing milestones.”
Fisker signed framework agreements with Foxconn supporting joint development and manufacturing related to Project ‘PEAR’ (Personal Electric Automotive Revolution), a program to develop a new breakthrough electric vehicle.
Under the agreements, Fisker and Foxconn will jointly invest into Project PEAR, with each company taking proceeds from the successful delivery of the program.
This week we also announced our nomination of Sharp Corporation, part of the Hon Hai Technology Group, to develop technologies supporting next generation in-vehicle screens and interfaces. The agreement would include the co-creation of technologies and the subsequent manufacture of screens and components from Sharp to support the Ocean SUV, Project’ PEAR’ (Personal Electric Automotive Revolution), and potentially two additional Fisker vehicles.
Lastly, we announced a partnership with Onto, the UK-based all-inclusive electric car subscription service for private and business users. The agreement, the first multi-vehicle reservation for Fisker in the UK market, supports the delivery of up to 700 vehicles in 2023. Onto will not only be Fisker’s first customer in the UK, but also the exclusive rental/subscription partner for 2023.
We are grateful to our investors, followers, and reservation holders for your commitment to Fisker’s mission of a cleaner future for all. We look forward to many more exciting weeks, months, and years ahead!