56,000 ocean bookings plus PEAR and Ronin updates

We are officially past the middle of fiscal year 2022, and those quarterly reports are starting to arrive. Fisker’s second-quarter update arrived this morning, showing a decent appetite for its flagship Ocean SUV, along with some updates on the progress of the next two Fisker models to follow.

Despite a public magnifying glass on Fisker Inc.’s every move thanks to a turbulent past, the American automaker continues to push forward towards deliveries of its flagship electric vehicle, the Ocean. While production is not expected to start with the help of Magna International until November, Fisker has already teased two additional models as encores.

Next up will be the PEAR, which will be built by Foxconn at its newly acquired facility in Lordstown, Ohio. Founder and CEO Henrik Fisker recently teased PEAR’s latest Instagram image, mentioning its “wraparound windshield” (see below).

The carmaker is also designing a sportier GT called Project Ronin, which is in development at Fisker Magic Works in the UK. This third model remains the most hidden, but Fisker gave us some updates for all three electric vehicles in its Q2 2022 report.

Fisker Q2
Fisker’s latest look at the upcoming PEAR / Source: Henrik Fisker / IG

Fisker Ocean and financial updates for the second quarter

Fisker Inc. shared a press release following its second quarter financial results call with investors this morning, offering its latest updates on EV advances, as well as cash numbers. First things first: At the end of the second quarter, Fisker had over 56,000 bookings for its Ocean SUV.

It’s not a huge leap from the 50,000 bookings they were touting in early June, but it has come a long way from the 31,000 reported in February. Of these current bookings, 5,000 of them include “dibs” on the Ocean One Launch Edition, even with Fisker’s recent request for a $ 5,000 non-refundable down payment.

So Ocean One is completely sold out and, according to Fisker, represents $ 350 million in revenue if and when SUVs do. Fisker also reports that all 55 Ocean vehicle test and validation prototypes have been completed and two have recently been delivered to its headquarters in Manhattan Beach, California.

Testing will continue before production begins scheduled for November. Fisker explained the SUV’s progress in the second quarter:

I am proud of the perfect cooperation between Fisker and all our partners and suppliers, ensuring our November 17, 2022, the start of production. Having driven the test cars on the high-speed track in Italy and the streets of Los Angeles, I am thrilled with all the features we will offer in the Fisker Ocean and how superbly the Fisker Ocean will drive. The quality of the prototype still needs to be improved before we start mass production, as several parts are early released prototype parts, but it gives us time to make even more refinements. I want the Fisker Ocean to be a high-quality product when it reaches our first paying customers, which means diligent tuning until the first production SUVs roll off the line on November 17th. With strong demand for our vehicles, we look forward to the next phase of our exciting growth plan.

Here are some other Fisker internal and financial updates after Q2 2022:

  • Fisker is currently developing an interactive configurator that will be launched in late October along with a new website that will include delivery times for electric vehicles.
  • Ocean Extreme pre-orders will begin on November 18th, the day after SOP
    • Pre-orders for the Ocean Ultra and Sport trim levels will begin in the first quarter of 2023
  • Fisker has renamed its experience centers “Fisker Lounges”, which will arrive in Los Angeles and Munich for the first time later this year
    • It plans 50 Fisker Lounge showrooms and service facilities across North America and Europe by the end of 2023
  • Fisker reported cash and cash equivalents of $ 851.9 million as of June 30, 2022
    • Reflects approx. $ 14.2 million raised from Fisker’s $ 350 million at-the-market equity program during Q2 2022
  • The loss from operations was $ 88.7 million, including $ 1.2 million in share-based clearing expenses
  • The net loss was $ 106 million and $ 0.36 per share.
  • The weighted average number of shares outstanding was 298.3 million in the three months of the second quarter

PEAR and Project Ronin updates

While most of the focus of Fisker’s second-quarter call was on the Ocean, the automaker shared a couple of noteworthy tidbits about its other next two electric vehicles. PEAR has over 4,000 bookings, although it has not yet been officially unveiled.

It will be positioned on Fisker’s SLV1 platform when built by Foxconn in Ohio in 2024. Once production in Lordstown increases, the two companies expect to produce at least 250,000 PEAR EVs annually. The recommended starting price is still expected to come in below $ 30,000, and a drivable prototype is expected by the end of 2022.

There isn’t much new to report about the Ronin Project, we fear. The Grand Tourer EV will feature a battery pack integrated into its structure to allow for greater battery volume. Fisker shared that he is designing and engineering his third electric vehicle to “deliver a class-leading range and redefine the luxury sports car segment.” We should expect to see Project Ronin for the first time next summer – that’s all for now.

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