EV start-up Fisker is making significant strides in expanding its delivery operations for the highly anticipated Ocean SUV. The news of Fisker's entry into three new European markets—Belgium, the Netherlands, and Switzerland—has been met with enthusiasm from investors.
Having already launched in several countries including Austria, Denmark, France, Germany, Norway, Sweden, the U.K., Canada, and the U.S., Fisker is now focused on establishing a strong early presence in Europe. Deliveries in the newly announced markets are scheduled to commence in September.
Commenting on the expansion, CEO Henrik Fisker expressed his excitement, stating, "It's incredibly exciting to expand into new European countries. Ultimately, we want to sell our vehicles all over the world, but creating a strong early presence in Europe has always been one of our highest priorities."
Despite challenges in their supply chain affecting production, Fisker and its partner Magna International successfully produced 1,022 Ocean SUVs in the second quarter—although falling short of their original target of 1,400 to 1,700 vehicles. However, only a small number of these units reached European customers during that period.
Looking ahead to 2023, Fisker aims to produce between 20,000 and 23,000 units of the Ocean SUV. These figures represent a revision from previous estimates due to ongoing issues in the supply chain. Despite the adjustments, Fisker remains optimistic about their future prospects.
The stock price of Fisker demonstrated a modest increase of 0.7% in premarket trading on Monday, reaching $5.85 per share. Meanwhile, S&P 500 and Nasdaq Composite futures saw gains of 0.1% and 0.2%, respectively.
Wall Street forecasts approximately $860 million in sales for the second half of 2023, with an expecting subsequent surge to reach $3 billion in sales by 2024. These impressive revenue figures will primarily be fueled by the sales of the Ocean SUV.
Looking beyond the Ocean, Fisker's second vehicle, the Pear, is anticipated to enter production in 2025. The Pear will be manufactured by Hon Hai Precision Industry, commonly known as Foxconn. Prices for the Pear are expected to start at $30,000, while the Ocean SUV begins at $38,000.
Fisker stock has experienced a decline of around 20% year-to-date. Nevertheless, the company remains committed to their long-term growth strategy and is actively addressing challenges to ensure they meet their production goals.
