“All the external pieces are now in place to execute our unique, asset-light business strategy, with today’s funding and the strategic cooperation announced with Magna on Oct. 15,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “We can now fully turn our attention to developing and launching the revolutionary, all-electric Fisker Ocean into the heart of the midsize SUV market, expected to commence in Q4 2022. We appreciate the confidence from all our shareholders and intend to deliver on our stated goals.”
As a result of the completion of the transaction, Fisker expects to have in excess of $1.0 billion (net of transaction fees and expenses) of cash on the balance sheet and no funded debt. This amount is expected to fully fund Fisker operations and the development of the Fisker Ocean program through the planned start of production in Q4 2022.
The Fisker Ocean has been designed to be the world’s most sustainable vehicle, including extensive use of environmentally friendly and recycled materials. The model is also digitally focused, reflected through innovative features delivered “over-the-air,” a groundbreaking user interface / user experience and an ownership experience that can be fully managed through the Fisker Flexee app. A strategic cooperation with Magna International supports the co-development and manufacture of the vehicle projected to launch in Q4 2022.
The Ocean will be assembled by Magna in Europe and is poised to deliver class-leading range, interior space (with optional third-row seating) and overall vehicle performance at a compelling starting MSRP of $37,499. Joint engineering work with Magna is in full gear after kicking off in September, with Fisker recently announcing that a production-intent prototype will be unveiled at the Los Angeles Auto Show in May 2021. Fisker has received approximately 9,000 paid reservations as of Oct. 29, 2020, following a meaningful increase in order rate over the last several weeks. Fisker plans to increase organic marketing activities over the course of 2021, which the company expects to result in the continued increase to the order backlog.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more and to reserve the all-electric Fisker Ocean, visit www.FiskerInc.com.
Forward Looking Statements
This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into platform and manufacturing contracts with Magna International Inc., or other OEMs or tier-one suppliers in order to execute on its business plan; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201029006346/en/
Simon Sproule, VP, Communications
Dan Galves, VP, Investor Relations
Spread the love. Be the first to like this post!
Recent FSR News
- Fisker to Commence Volume Deliveries of Fisker Ocean Week of June 19 in United States • Business Wire • 06/01/2023 04:16:00 PM
- All-Electric Fisker Ocean Extreme Achieves EPA Range of 360 Miles, the Longest of Any New Electric SUV Under $200,000 Sold in the United States Today • Business Wire • 06/01/2023 11:00:00 AM
- Fisker Affirms Commitment to Renewable Energy Use With European Public Charging Partner Allego • Business Wire • 05/17/2023 07:01:00 AM
- Fisker Enters Next Phase of Production for Electric Fisker Ocean • Business Wire • 05/15/2023 11:17:00 AM
- Quarterly Report (10-q) • Edgar (US Regulatory) • 05/09/2023 02:28:03 PM
- Fisker Inc. Announces First Quarter 2023 Financial Results • Business Wire • 05/09/2023 10:30:00 AM
- Fisker Completes First German Vehicle Registration and Opens New Customer Facilities in Munich • Business Wire • 05/08/2023 01:13:00 PM
- Fisker Delivers First All-Electric Fisker Ocean SUV • Business Wire • 05/05/2023 02:33:00 PM
- Fisker and Ample Partner to Deliver Fisker Ocean EVs with Innovative Swappable Batteries by the Start of 2024 • Business Wire • 05/02/2023 10:45:00 AM
- Annual Report to Security Holders (ars) • Edgar (US Regulatory) • 04/27/2023 04:22:27 PM
- Award-winning All-electric Fisker Ocean SUV Receives European Certification and Prepares for Regional Deliveries Starting May 5 • Business Wire • 04/26/2023 04:01:00 AM
- Fisker Announces Timing of First Quarter 2023 Results and Webcast • Business Wire • 04/21/2023 02:28:00 PM
- Fisker Ocean Wins 2023 Red Dot Award for Product Design, Best Electric Vehicle • Business Wire • 04/19/2023 04:01:00 AM
- Optimized Engineering Leads All-electric Fisker Ocean Extreme SUV to Another European Market-leading Combined WLTP Range • Business Wire • 04/12/2023 10:30:00 AM
- Statement of Changes in Beneficial Ownership (4) • Edgar (US Regulatory) • 04/11/2023 10:07:08 PM
- Statement of Changes in Beneficial Ownership (4) • Edgar (US Regulatory) • 04/11/2023 10:06:41 PM
- Statement of Changes in Beneficial Ownership (4) • Edgar (US Regulatory) • 04/11/2023 10:06:27 PM
- Statement of Changes in Beneficial Ownership (4) • Edgar (US Regulatory) • 04/11/2023 10:06:06 PM
- Statement of Changes in Beneficial Ownership (4) • Edgar (US Regulatory) • 04/11/2023 10:05:46 PM
- Statement of Changes in Beneficial Ownership (4) • Edgar (US Regulatory) • 04/11/2023 10:05:28 PM
- Fisker Completes All Applicable FMVSS Testing for Fisker Ocean SUV; Company Awaiting Official EPA Certification for US Range • Business Wire • 04/06/2023 10:45:00 AM
- Statement of Changes in Beneficial Ownership (4) • Edgar (US Regulatory) • 03/28/2023 11:22:20 PM
- Initial Statement of Beneficial Ownership (3) • Edgar (US Regulatory) • 03/28/2023 11:20:16 PM
- All-Electric Fisker Ocean Extreme Achieves a Combined WLTP Range of up to 707 km/440 UK Miles, the Longest Range of Any Battery Electric SUV Sold in Europe Today • Business Wire • 03/27/2023 07:01:00 AM
- Fisker Confirms Banking Relationship With JPMorgan Chase NA • Business Wire • 03/16/2023 03:24:00 PM
Game Time Productions to be Featured on 3 Major Television Networks • GRNL • Jun 1, 2023 9:59 AM
New Break Announces Closing of $500,700 Non-Brokered Flow-Through Financing • NBRK • Jun 1, 2023 7:35 AM
Alarum Recorded First-Ever Positive Cashflow from Operating Activities with Record Revenues in the First Quarter of 2023 • ALAR • May 30, 2023 10:02 AM
MindBio Therapeutics CEO Demonstrates how 1 Million Microdoses of LSD can Potentially be Used to Treat Depression at Scale • MBIO • May 30, 2023 8:00 AM
CGrowth Capital Consolidates Lithium Tenement Portfolio in Tanzania Amid Renewed Mining Confidence • CGRA • May 25, 2023 11:05 AM
Interactive Strength Inc. d/b/a FORME Launches European Expansion Plan by Focusing on Strategic Partnership with SIGNA Sports United • TRNR • May 24, 2023 10:14 AM