Fisker confirms Ocean SUV manufacturing will begin on time

Electrical car startup Fisker stated Wednesday it’s on monitor to start manufacturing of its first mannequin, the Ocean SUV, later this month as deliberate — and that it now has greater than 62,000 reservations for the car, up from over 56,000 as of early August.

CEO Henrik Fisker instructed CNBC the corporate plans to fabricate 42,400 Oceans by the tip of subsequent yr. The Ocean shall be inbuilt Austria by a unit of Magna Worldwide, with manufacturing ramping up in 4 phases to permit Fisker’s suppliers to scale their manufacturing consistent with Magna’s.

Nearly all of these automobiles shall be constructed within the second half of 2023, Fisker stated.

Fisker stated that his workforce is exploring the thought of shifting manufacturing of the Ocean to the U.S. earlier than 2025, however as of now has no agency plans to take action.

The automaker reported a internet lack of $149.3 million for the third quarter, or 49 cents per share, versus a lack of $109.8 million or 37 cents per share within the year-earlier interval. It had $824.7 million in money remaining as of Sept. 30, together with about $116 million raised from an “at-the-market” inventory providing introduced earlier this yr.

Fisker stated that work on its second mannequin, a low-cost EV known as the Pear, is progressing forward of schedule.

The corporate stated it now has over 5,000 reservations for the Pear, which shall be constructed by Foxconn Expertise Group within the former Lordstown Motors manufacturing unit in Ohio, beginning in 2024.