The Ocean SUV, Fisker's first electric vehicle, will enter production two weeks from now.
Due to strong demand in the U.S. and Europe, the company plans to make 42,400 Ocean SUVs by the end of the next two years.
The company expects 80,000 orders by the end of the year after receiving 62,000 reservations for the $37,499 Ocean.
Not everyone who has reserved an Ocean will get one in the future.
"For us, I don't think it's a bad thing because we're fully booked out, which is great."
The Inflation Reduction Act, which eliminates the federal tax credit for electric vehicles built abroad, was passed in August.
When it looked like Congress would pass the bill, I immediately got together with three executives and asked if we could do anything. Fisker made a statement.
The company had to launch a new website by Monday afternoon and give customers a week to reserve the ocean before losing eligibility for the tax credit.
Fisker said that they acted quickly to allow Ocean reservation holders to enter into a binding contract to retain eligibility for the old federal EV tax credit. We sold out our U.S. allocation of Ocean Sport and Ultra trim levels in less than a week.
On November 17th, The Ocean will enter production in Austria, the same day as the launch of its 3D configurator and updates to its mobile phone app. The SUVs will be delivered by Fisker in December.
Fisker is in talks with potential partners to add a U.S. production site.
The net loss for the quarter was $149.3 million, or a.49 loss per share. For the same quarter a year ago, the company had a net loss of $109.8 million.
The revenue for the third quarter was about the same as it was a year ago.
The production plan was outlined during the earnings call. Fisker plans to build more than 300 Ocean units by the end of the first quarter, 8,000 units in the second quarter, 15,000 in the third and 42,400 units in the fourth.
Fisker said it is on track to start production of its second vehicle, the Fisker PEAR, in 2024 with partner Foxconn. The site used to be a General GM factory and was bought by Foxconn in May.
More than 5,000 reservations have been received for the sub-$30,000 PEAR, an acronym for personal electric automotive revolution.
Fisker said there is a third model, a luxury GT sports car called Project Ronin.
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