Faster Fisker Ocean Production and Deliveries in Third Quarter 2023
【Summary】Fisker reported positive results for Q3 2023, with Ocean production increasing to 4,725 units and customer deliveries reaching 1,097 cars. In October alone, Fisker delivered over 1,200 Oceans. The company is rapidly ramping up deliveries and aims to sell more EVs than Lucid in Q4. Fisker also announced plans to expand sales to Canada, the Netherlands, Spain, Portugal, and Italy. Financially, Fisker recorded automotive sales revenue of $71.
Fisker has announced its third-quarter financial results, showcasing a significant increase in electric car production and customer deliveries. During Q3 2023, Fisker Ocean production reached 4,725 units, a substantial improvement from the previous quarters of 1,022 units in Q2 and 55 units in Q1. The production of the model takes place in Graz, Austria, at Magna Steyr's plant.
In terms of customer deliveries, Fisker delivered 1,097 cars across multiple European countries and the United States, which is a positive sign compared to the mere 11 units delivered in Q2. What's even more impressive is that Fisker is rapidly increasing its vehicle deliveries. In the month of October alone, it delivered over 1,200 Fisker Oceans, surpassing the total deliveries for the entire Q3. This indicates that Fisker may soon outpace its competitor, Lucid, in terms of EV sales, potentially as early as Q4.
The company attributes the accelerated deliveries to the optimization of last-mile logistics and the expansion of its delivery infrastructure, aimed at achieving further scale effects in Q4 and beyond. As of the end of September, Fisker Ocean production exceeded 5,800 units, with the 5,000th unit being produced in September. Deliveries also exceeded 1,100 cars during the same period.
According to Fisker, deliveries have already surpassed 3,000 units, with hundreds more en route to consumers, indicating that the momentum has carried into November. Currently, the Fisker Ocean is being delivered to customers in ten countries, including the United States and nine European countries. In Q4, sales will commence in Canada and the Netherlands, followed by Spain, Portugal, and Italy in Q1 2024. Additionally, the first Fisker Lounge in Shanghai, China, is set to open in January 2024.
Henrik Fisker, Chairman and CEO of Fisker, expressed his satisfaction with the third quarter's performance, highlighting the delivery of 1,097 Fisker Ocean vehicles to customers across two continents. This delivery volume represents the largest for any US-based EV OEM in their first full quarter of deliveries. Fisker is actively scaling its delivery infrastructure to accommodate even higher volumes and meet the demands of its loyal customers. In October, Fisker delivered more units than in the entire third quarter, demonstrating the company's growing momentum. Fisker values the feedback from early adopter customers and is continuously improving the vehicle through over-the-air updates to provide the best experience for its customers.
Financially, Fisker achieved meaningful automotive sales revenue of $71.8 million in Q3 2023, marking a significant milestone. However, the gross margin was negative 17 percent on a GAAP basis, resulting in a net loss of nearly $91 million. Despite these losses, Fisker's results are relatively favorable compared to the substantial losses reported by other startups, which average over $30,000 per car.
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