Accelerated Production and Deliveries in Q3 2023

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【Summary】Fisker Ocean production and deliveries saw significant growth in Q3 2023. Production increased to 4,725 units, compared to 1,022 units in Q2 and 55 units in Q1. Customer deliveries also improved, with 1,097 cars delivered across Europe and the United States, compared to just 11 units in Q2. Fisker delivered over 1,200 Oceans in October alone. The company is ramping up deliveries and aims to sell more EVs than Lucid in Q4. Fisker recorded automotive sales revenue of $71.

FutureCar Staff    Nov 14, 2023 3:17 PM PT
Accelerated Production and Deliveries in Q3 2023

Fisker has announced its third-quarter financial results, revealing a significant increase in electric car production and customer deliveries. During Q3 2023, Fisker Ocean production reached 4,725 units, a notable jump from 1,022 units in Q2 and 55 units in Q1. The model is produced in Graz, Austria, at Magna Steyr's plant. In terms of customer deliveries, Fisker delivered 1,097 cars across Europe and the United States, a positive sign compared to just 11 units in Q2.

What's even more interesting is that Fisker is rapidly ramping up vehicle deliveries. In October alone, the company delivered over 1,200 Oceans, surpassing the total deliveries for the entire Q3. This indicates that Fisker may soon be selling more electric vehicles than Lucid. The company attributes the accelerated deliveries to optimizing last mile logistics and expanding its delivery infrastructure to achieve further scale effects in Q4 and beyond.

By the end of September, Fisker Ocean production had exceeded 5,800 units, with the 5,000th unit produced in September. Deliveries also exceeded 1,100 cars. As of now, deliveries have surpassed 3,000 units, with hundreds more en route to consumers, indicating that the momentum has continued into November.

The Fisker Ocean is currently being delivered to customers in ten countries across Europe and the United States. In Q4, sales will begin in Canada and the Netherlands, with Spain, Portugal, and Italy being added 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 the significance of the third quarter for the company, highlighting the delivery of 1,097 Fisker Ocean vehicles to customers across two continents. This represents the largest delivery volume for any US-based EV OEM in their first full quarter of deliveries. Fisker is rapidly scaling its delivery infrastructure to support even higher volumes and is gaining momentum in the market. The company received positive feedback from early adopter customers and is continuously improving the vehicle through over-the-air updates to provide the best experience for customers.

Financially, Fisker recorded meaningful automotive sales revenue of $71.8 million in Q3 2023, marking a significant milestone for the company. The gross margin was negative 17 percent on a GAAP basis, resulting in a net loss of almost $91 million. Despite the losses, Fisker's results are relatively favorable compared to the massive losses reported by other startups, which averaged over $30,000 per car.

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