Certain trim levels have already sold out in the USA.
Fisker recently announced its financial results for the third quarter of 2022.
The embattled EV maker has some good news to share. The Fisker Ocean One launch edition is sold out globally, and consumer demand is strong, with 62,000 confirmed reservations at the end of October. Fisker plans to build 42,000 Ocean units in 2023 at its production facility in Graz, Austria. Fisker is, however, in discussions with its various suppliers to possibly expand its manufacturing capacity.
Production will happen in four phases. During Q1, it wants to reach over 300, followed by 8,000 units by Q2. In Q3, it will hit over 15,000, and the remainder of the predicted 42,000 units will be assembled in Q4 2023.
Production of the Ocean will start on November 17 this year. As the car is assembled in Graz, it no longer qualifies for tax credits under the Inflation Reduction Act. To get around this problem, Fisker established a process for qualifying US-based Fisker Ocean reservation holders to enter into binding contracts, retaining potential eligibility for the existing federal EV tax credit. The EV company used this system to sell all Ocean Sport and Ocean Ultra models earmarked for the USA.
As for cold, hard cash, Fisker has plenty to keep it afloat. Fisker has cash equivalents of $824.7 million as of September 30, 2022, which reflects approximately $116 million raised from Fisker's $350 million at-the-market (ATM) equity program during the third quarter of 2022. The operational losses totaled $140.0 million, including $11.2 million in stock.
Next year will likely go even better for the brand. An all-new website with an interactive 3D configurator will launch in mid-November, making it much easier for potential customers to see what the brand offers.
The development of its second model, the Pear, is also going well. The concept has been signed off, and a drivable prototype will be delivered ahead of schedule. Fisker is currently in the process of moving most of its engineering and purchasing teams over to the Pear project. Detailed discussions on factory layout and tooling are underway, and Fisker is in talks with large global OEMs to explore platform sharing. This sharing applies to both the Ocean and Pear.
Fisker is currently closely connected to Foxtron, which owns the US-based factory where the Pear will be built. Foxtron recently made the news after launching several high-profile products, including a Ford Maverick-sized EV pickup.