Fisker Provides December 2023 Business Update
10,142 Fisker Oceans produced in 2023 and approximately 4,700 vehicles delivered.
Stock surges.
Henrik Fisker, Chairman and CEO, said:
“We became a revenue-generating company in 2023, but we also faced numerous challenges. Emerging from COVID-19 created several issues for our supply chains, but we have largely overcome them, and we have delivered approximately 4,700 Fisker Oceans. This accomplishment represents substantial revenue, and as we accelerate our delivery pace in 2024, I am excited to see faster growth. We have a solid business with relatively low overhead and an award-winning vehicle that customers enjoy. I am looking forward to a year of new milestones and opportunities for the Fisker brand and everyone on our team.”
Increasing deliveries and revenue
After homologation delays in both Europe and the US, and as we navigated supplier issues, Fisker ultimately produced 10,142 in 2023. Customer deliveries began in June, with significant deliveries commencing in September and October. The company grew deliveries by over 300% from Q3 to Q4, and total deliveries are approximately 4,700, with the majority being Fisker Ocean One launch edition vehicles priced at $68,999 USD (comparably priced in other markets).
Fisker began deliveries in Canada in December and is now operating in 12 markets worldwide. Right-hand drive vehicles have been delivered in the United Kingdom, and in December the UK saw the delivery of the first Fisker Ocean Sport, the company’s entry-level trim.
In 2023, the Fisker Ocean also won six different European awards in Germany, France, Denmark, and the United Kingdom.
Stock
Fisker Shares are up more than 10% in premarket trading. But they have lost about 80% so far this year.
Smaller EV firms like Fisker are facing dwindling cash reserves, pressured by high costs related to production ramp-ups and price cuts to boost demand.
Fisker, which has a deal with Magna International’s (MG.TO) Austrian unit to manufacture its cars, made 10,142 vehicles in 2023.
The company, however, slashed its annual production forecast twice in the past two months as it slowed down production to meet working capital needs.
