Faster Fisker Ocean Production and Deliveries in Q3 2023

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【Summary】Fisker's Q3 2023 results show a significant increase in production and deliveries of the Fisker Ocean electric car. Production rose to 4,725 units, up from 1,022 in Q2, and deliveries reached 1,097 cars across Europe and the US. In October alone, over 1,200 Oceans were delivered, surpassing Q3 numbers. Fisker aims to sell more EVs than Lucid in Q4 and is expanding its delivery infrastructure. Financially, Fisker recorded $71.

FutureCar Staff    Nov 14, 2023 10:19 PM PT
Faster Fisker Ocean Production and Deliveries in Q3 2023

Fisker has announced its third-quarter financial results, revealing positive growth in electric car production and customer deliveries. During Q3 2023, Fisker Ocean production increased significantly to 4,725 units, a notable increase from 1,022 units in Q2 and 55 units in Q1. The Fisker Ocean model is manufactured in Graz, Austria, at Magna Steyr's plant.

Customer deliveries also saw a positive trend, with 1,097 cars delivered across multiple European countries and the United States. This is a significant improvement compared to just 11 units delivered in Q2.

What's even more impressive is the rapid increase in vehicle deliveries by Fisker. In October alone, they delivered over 1,200 Fisker Oceans, surpassing the total deliveries for the entire Q3. This indicates that Fisker may soon outsell its competitor, Lucid, potentially as early as Q4.

The company attributes this acceleration in deliveries to the optimization of last-mile logistics and the expansion of its delivery infrastructure. These efforts are expected to result in further scalability effects in Q4 and beyond.

By the end of September, Fisker Ocean production had exceeded 5,800 units, with the 5,000th unit being produced in September. Deliveries also exceeded 1,100 cars during this period.

As of now, Fisker has already delivered over 3,000 cars, with "hundreds more en route to consumers." This indicates that the positive momentum has continued into November.

The Fisker Ocean is currently being delivered to customers in ten countries, including the United States and nine European countries. Sales will begin in Canada and the Netherlands in Q4, 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 enthusiasm for the third quarter's achievements. He highlighted the delivery of 1,097 Fisker Ocean vehicles to customers across two continents, making it the largest delivery volume for any US-based EV OEM in their first full quarter of deliveries. Fisker emphasized their commitment to scaling up the delivery infrastructure to support even higher volumes and expressed gratitude for the positive feedback received from early adopters.

Financially, Fisker recorded 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 this, Fisker's results are relatively favorable compared to the substantial losses reported by some other startups, which averaged over $30,000 per car.

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