Fisker is going from strength to strength.
As part of its fourth-quarter and fiscal year 2022 financial report, Fisker has teased a clearer view of the Pear EV's exterior design; the company has also revealed that "internal findings show longer range for the Fisker Ocean" than initially projected. The exact figure has still not been revealed, but Fisker is feeling confident, saying that it expects the Ocean to "have the longest range of any SUV/crossover priced below $70,000," which could translate to as much as 360 miles.
Fisker has also reported that it has built 56 prototypes, with 15 of these to be used in Magna's fleet for data collection, improvements, and the validation of additional features that will be added in the months to come.
As for the Pear (that stands for Personal Electric Automotive Revolution), development is "progressing well," and reservations for the model are over 5,600 units as of the end of February. Based on how much interest the Ocean has attracted, we're sure reservations for the Pear will continue to rise.
In an effort to drum up more interest, more of the Pear's exterior design has now been uncovered, revealing a fresh take on the styling elements that make the Ocean so attractive. At the front, the contemporary but relatively conventional design is attractive and sharp, but the side profile with its unique pickup-shaped shoulder line is a real attention-grabber. From the inside, this looks especially funky. The rear end is similarly impactful, with the lighting elements forming a continuous strip around the rear window.
Fisker expects the range-topping variant of the Pear to manage "well over 300 miles of all-electric range" and is still targeting a base price of $29,900.
Other happy developments for the startup include better 2022 operational results than expected, with the company spending only $702 million in 2022, far below its anticipated range of $715 million-$790 million. The company reported a cash balance at year-end 2022 of over $736 million, again beating expectations. In addition, this figure excludes $28 million of VAT receivables that were delayed to 2023. With over 65,000 Ocean reservations as of February 24, as well as a forecasted annual gross margin of 8-12%, the company could finish the 2023 financial year with a positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) figure.
Fisker added that it expects homologation testing to be completed in March, which will be followed by the regulatory approval process and then customer deliveries. With all these positive developments, Fisker looks well-prepared for 2023, and as inevitable price wars ramp up again, the EV maker should be able to continue beating expectations.
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