Fisker says it is riding the EV wave - but is it really stuck in the swell?

Max McDee, 10 July 2023

Fisker, the California-based whiz-kid of the EV world, is that one student in class who, despite their promise, keeps missing the mark on the tricky math problems. Their recent production figures for the second quarter of 2023 stand testament to this recurring theme.

Having finally embarked on their EV journey last November, the Fisker family was all smiles as the first Ocean SUV saw the light of day in May. The milestone was celebrated, but the number crunchers in the background couldn't help but spot the discrepancy between reality and the ambitious targets set by the EV maker.

In the first quarter, the Ocean SUV fleet was just 55 units strong, considerably shy of the initial 300-vehicle goal. Wearing their optimism on their sleeves, Fisker forecasted a much rosier Q2, with plans to churn out between 1,400 and 1,700 EVs. But alas, the numbers weren't in their favor again - they could muster up only 1,022 vehicles.

Fisker says it is riding the EV wave - but is it really stuck in the swell?

Blame it on the unyielding parts shortages and those pesky supplier issues - the usual suspects in today's manufacturing landscape. Fisker narrated a common industry tale of suppliers grappling with component crunches from sub-suppliers, resulting in a ripple effect.

That's not to say it's all gloom and doom at the Fisker factory. There's a glimmer of hope shining through the thick fog of parts shortage. Toward the end of June, the company was spotted riding the crest of a wave, surpassing its 80-units-a-day assembly rate target. Furthermore, they're expecting to kick off July with more than 1,400 new EVs rolling off the production lines.

As they paddle through these turbulent waters, Fisker continues to focus on smoothing over those tricky supplier relations to meet the demands of their production scales. They're also dipping their toes in the waters of battery pack capacity options to keep up with the demand that's forecasted to surge in 2023 and beyond. Then there is Fisker Pear - a small and affordable EV to be manufactured by Foxconn, and the much-talked-about Fisker Alaska - an Ocean-based pickup truck. Big plans for sure.

Fisker says it is riding the EV wave - but is it really stuck in the swell?

The Fisker financials tell a cautionary tale of high costs and shrinking cash reserves. With a net loss of $120.6 million in the first quarter, and cash reserves dipping to $625.5 million, they're wrestling with the financial turbulence that's often the bane of EV startups.

Yet, amid these challenges, the Ocean SUV, touting an EPA-estimated total range of 360 miles, makes a promising splash in the EV market. Fisker's ambitious Ocean Extreme model is boasting the longest range of any electric SUV currently in Europe.

So, is Fisker riding the wave or just stuck in the swell? Well, we're all eagerly watching from the shore as they navigate their way through the choppy waters of EV production. Fisker chose to outsource the production of its vehicles, cutting away a lot of logistical problems but at the same time giving up a big chunk of control. Whether they'll ride the wave or get caught in the undertow, only time will tell.


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