In its fourth quarter and full-year financial report, electric vehicle startup Fisker, Inc. announced that the first deliveries of its inaugural vehicle, the Ocean EV, would begin in spring.
Despite the brand’s association with luxury, the Fisker Ocean seems to be targeting a wider market, for whom affordability and efficiency are key. If the company’s testing data is to be believed, the electric SUV/Crossover will have over 350 miles in range, well above the industry’s 2021 median of 234 miles. This would possibly make it the highest in its class, narrowly beating the 2023 Tesla Model X’s 348 miles and the 2023 Ford Mustang Mach-E’s 312 miles. Its base model, capable of 250 mile single charge trip, is available for a relatively modest $37,499, while the long distance version begins at $50,000. Since the Ocean EV is set to start production in Austria, buyers will not be able to take advantage of the $7,500 EV tax credits established in the Inflation Reduction Act. However this could change later in the year, as Treasury Secretary Janet Yellen suggested the administration was considering a workaround for domestic sourcing requirements. The company expects deliveries to begin sometime after March, although the final date will depend on the speed of testing and certification.
Other notable findings in the report relate to Fisker’s expenditure, and current Fisker Ocean reservations. The company spent less in 2022 than anticipated, finishing the year with a $702 million bill, below its original forecast of $715 million to $790 million. This did not prevent an annual net loss of $170.1 million. Reservations for its first product reached 65,000 before January, an increase of 3,000 from October. In 2023, the brand aims to produce 42,400 units with a gross margin range of 8-12%, which it notes could result in a “potentially positive EBITDA” for the year.
