Fisker recently presented four future electric vehicles, as well as technology and sustainability visions, to an audience of investors, analysts, employees, and the media at an event in Huntington Beach, California. In addition to the 1,000-plus-horsepower Fisker Ronin grand-touring four-door convertible (earlier post) and the Fisker PEAR sustainable city EV (earlier post), Chairman and CEO Henrik presided over reveals of the Fisker Ocean SUV with a Force-E offroad package and the Fisker Alaska all-electric pickup truck.

In addition to the vehicles that were displayed on stage, the company detailed its Fisker Blade computer, a central computing platform that will greatly reduce complexity in forthcoming vehicles. Fisker also reviewed its Environmental, Social and Governance (ESG) objectives.

After the conclusion of the Huntington Beach event, Fisker opened reservations for both the Fisker Ronin ($2,000 for first reservation, $1,000 fully refundable for second) and the Fisker Alaska ($250 for first reservation, $100 fully refundable for second).

Fisker Ronin is an all-electric four-door convertible GT sports car—a true five-seat GT with a carbon fiber hard-top convertible, four butterfly doors, a high-tech luxury interior, and futuristic exterior design.

An integrated battery pack powers Ronin to a targeted 600-plus mile range. A triple-motor all-wheel drive powertrain is projected to deliver 1,000-plus horsepower and 0-60 mph in approximately 2.0 seconds.

Ronin will be ultra-luxury priced and built in limited quantities.

Fisker PEAR (Personal Electric Automotive Revolution) is Fisker’s vision of a sustainable EV as a connected mobility device. Built on Fisker’s SLV-1 platform, PEAR is built using Fisker’s Steel++ development process, resulting in the use of 35% fewer parts than other EVs in class.

PEAR features a highly connected and electrical engineering architecture, and the first implementation of the Fisker Blade central computing platform.

Designed to be the future of clean and affordable mobility for a global mass market, PEAR is available in four trim levels, priced starting at $29,900, and scheduled to be available in mid-2025.

Fisker Alaska is an all-electric four-door pickup built on an extended adaptation of Fisker Ocean’s platform called the FT31. Alaska is built for multiple cargo configurations, including a cargo bed extendable from 4.5 feet to 7.5 feet to 9.2 feet, and a Houdini bed divider which hides away to connect cargo bed and rear cabin.

Alaska has a projected range of 230-340 miles. Expected deliveries are in 2025 and pricing starts at $45,400 before incentives.

Force E is the dynamic and durable off-road package for the Fisker Ocean SUV, and is designed to maximize Fisker Ocean’s torque, power, and best-in- class range for sustainable off-roading adventure. It will be available for all-wheel drive Ultra and Extreme trims, both at vehicle purchase and as a post-purchase add-on package.

The package includes 33" tires on 20" wheels, higher ground clearance, specialized dampers, roof basket, front and rear skid plates, and an underbody plate for greater durability. The package is scheduled to be available in Q1 2024, with pricing to be announced.

Q2 results. Q2 2023 was Fisker’s first quarter with automotive sales revenue. Revenue totaled $825,000 compared to revenue of $10,000 in the second quarter of 2022. First vehicles delivered achieved a 7.5% gross margin; excluding early-stage investor vehicles, gross margin was 18.5%.

Loss from operations totaled $87.9 million, including $9.0 million of stock-based compensation expense. Net loss totaled $85.5 million and $0.25 loss per share.

Net cash used in operating activities totaled $128.1 million and capital expenditures totaled 91.3 million. Cash and cash equivalents and restricted cash was $521.8 million as of 30 June 2023; this excludes $300 million in gross proceeds from the July convertible note offering and $33.4 million in VAT receivables which Fisker expects to receive as refunds or to monetize against vehicle sales taxes.

Fisker began US and European deliveries of the Fisker Ocean One in California, Denmark and Germany with 11 customer deliveries completed in Q2 partly due to a later start in the quarter, logistics optimization, and extra time required to accumulate appropriate quantities for efficient transport.

The company produced 1,022 vehicles in Q2 2023. In July, 1,009 Fisker Oceans were produced up from 741 units in June while the assembly rate per day reached 140 at the end of July, up from 80 per day at the end of June.

Fisker revised its calendar 2023 production forecast to a range of 20,000-23,000 units due to a short-term capacity constraint at one supplier.