More Than 30,000 Fisker Ocean SUVs Have Been Reserved
This is one of the most important numbers revealed in the upstart automaker's latest financial results.
Craig ColeFormer reviews editor
Craig brought 15 years of automotive journalism experience to the Cars team. A lifelong resident of Michigan, he's as happy with a wrench or welding gun in hand as he is in front of the camera or behind a keyboard. When not hosting videos or cranking out features and reviews, he's probably out in the garage working on one of his project cars. He's fully restored a 1936 Ford V8 sedan and then turned to resurrecting another flathead-powered relic, a '51 Ford Crestliner. Craig has been a proud member of the Automotive Press Association (APA) and the Midwest Automotive Media Association (MAMA).
Fisker announced its fourth-quarter financials on Wednesday, wrapping up the fiscal year that ended on Dec. 31, 2021. The automotive upstart appears to be on a solid footing with a $1.2 billion cash balance, which should be enough to complete the launch of its new Ocean all-electric SUV.
For fiscal 2021, the company's non-GAAP operating expenses and expenditures were $458 million, which, according to Fisker, is modestly favorable to guidance provided in the Q3 2021 earnings release.
But far more exciting than those figures is the company's product news. As of Valentine's Day, Fisker has more than 30,000 Ocean reservations in the book, a total that includes some 1,600 fleet orders. So far in 2022, the rate people are raising their hands to buy this upcoming SUV has increased by more than 400% compared to 2021 -- a huge jump.
"The acceleration of reservations for the Ocean clearly shows that people are discovering that the Ocean has features that no one else is offering in its price segment," said Chairman and CEO Henrik Fisker in a release shared by the automaker. "Based on our in-house data analytics, we've seen a very positive customer reaction to the Fisker Ocean's design and an enthusiastic response to its sustainability credentials."
Breaking those reservations down, 19% of customers ordered the Sport model, 38% opted for the Ultra trim and 43% went for the Extreme and One variants. That works out to an average selling price of around $56,000, or approximately $1.7 billion in future revenue for Fisker.
The Ocean was revealed in production-intent form at the
Los Angeles Auto Show
late in 2021. The first examples of this all-electric SUV are scheduled to reach customers starting in November. Pushing ahead, advanced engineering prototype models are already being assembled, vehicles that will be put through the wringer to validate their quality, safety and dynamics, among other things.
Beyond the Ocean, order books for the Fisker PEAR (Personal Electric Automotive Revolution) opened on Feb. 15. This vehicle is an all-electric, five-passenger, city-friendly EV, the automaker's second offering. "This is a completely differentiated product, designed and engineered to reinvent urban mobility," said Fisker. The PEAR promises sporty dynamics, clever storage solutions and a friendly starting price of $29,900 before taxes and applicable incentives. This potentially revolutionary vehicle will also be built in Ohio in partnership with Foxconn.
Assuming the Ocean launches on time and without major issues, the PEAR could cement Fisker as a legitimate -- and financially sound -- player in the automotive industry.