Fisker to start production on 56,000 Ocean EV SUV reservations later this year

California electric vehicle startup, Fisker, announced that they have 56,000 reservations for its newest vehicle, the Ocean EV SUV. According to Fisker’s second quarterly earnings, they suffered a loss per share of 36 cents, better than the expected drop of 41 cents. Chief Executive Officer Henrik Fisker believes the company is on the right track to begin production by late this year.

The company also reported a net loss of $106 million, which is less than its loss in the first quarter ($122.1 million). CEO Henrik Fisker also confirmed the company is working with global auto supplier Magna International to begin auto production in a Magna-owned factory in Austria.

So far, the production is going as planned. Magna and Fisker created 55 prototypes of the Ocean electric vehicle and are safety testing the cars now. If they pass the safety and vehicle checks, production will start mid-November. 

At the end of the second quarter, the EV company still had about $851.9 million in cash, while at the end of March, the company had $1 billion. The cash is enough to complete operations by the end of 2022. Starting in 2024, Foxconn Technology Group will build the PEAR, Fisker’s second electric vehicle, at the former Lordstown Motors factory in Ohio.

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