Fisker explores production ramp up as Ocean eSUV sells out

Electric carmaker Fisker Inc has is considering a ramp up of production for its all-electric Ocean SUV. The EV maker has said that that current Fisker Ocean production numbers of 50,000 per year may expand in 2024 due to strong consumer demand from across the world.

Fisker will commence production of the Ocean SUV on November 17, 2022, at the carbon-neutral factory of its manufacturing partner – Magna Steyr – in Graz, Austria. The Fisker Ocean, in Sport trim level, will have an estimated range of 275 miles or 440km and features a sleek, stylish design, as well as innovative automotive technology and a sustainable interior made from recycled materials. The Fisker Ocean Extreme will deliver up to 390 miles or 630km. Fisker worked extensively with battery supplier CATL, using two different chemistries, to maximise performance and minimise cost for the Fisker Ocean line-up.

58,000 bookings in hand and counting
In July 2022, the 5,000-unit Fisker Ocean One sold out in 30 days, each secured by a $5,000 (Rs 394,000) deposit representing $350 million (Rs 2,761 crore) in potential revenue for Fisker once all the vehicles are delivered. The waitlist, should any become available, numbers over 1,000. The Fisker Ocean Sport base model and mid-level Fisker Ocean Ultra followed suit, with potential binding orders for the 2023 U.S. allocation for both trims selling out in a matter of days earlier this month. Fisker currently has more than 58,000 reservations (inclusive of firm orders) for the five-passenger, all-electric SUV, with at least 80,000 reservations projected by the end of the year.

Fisker currently has more than 58,000 reservations (inclusive of firm orders) for the five-passenger, all-electric SUV, with at least 80,000 reservations projected by the end of the year.

"The enthusiasm we're seeing worldwide for the Fisker Ocean is nothing short of humbling. With our partners at Magna, test vehicles are rolling off the line at the carbon-neutral manufacturing plant in Graz, where we are working diligently on expanding production numbers beyond the current projection of 50,000 units per year," said CEO and Chairman of Fisker, Henrik Fisker.

He added, "We are also exploring expanding operations to meet this growing demand, including considering manufacturing in the United States. And with our disciplined spending, strong cash position, extraordinary operational flexibility, strong relationships with our suppliers, and a diversified, high line-of-sight potential revenue stream for the first year, we're full speed ahead on all fronts. I’m looking forward to seeing the very latest pre-production Fisker Ocean vehicles come off the line when I visit the Magna plant in September."

Fisker sets up India HQ in Hyderabad
In April this year, Fisker Inc established its India headquarters in Hyderabad, Telangana State. Fisker Vigyan India, the company's operating entity in Telangana, will focus on software development and embedded electronics, virtual vehicle development support functions, data analytics, and machine learning. The Hyderabad office will work alongside the Fisker engineering and product development facilities in California, USA.

"Our expansion into India represents both a strategic market opportunity and a significant boost to our global engineering capabilities," Fisker chairman and CEO Henrik Fisker said. "We have already started local hiring in India and expect our new team in Hyderabad to be fully operational and engaged on multiple product programs within weeks. Our talent pool in India will help us pave the way for the launch of Fisker Ocean and Fisker PEAR in India."

"In the global race for leading technical talent, we see our new operation in Hyderabad as a major strategic advantage," Mr Fisker added. 

Fisker currently has a global team of over 450 employees, with new hiring in US, Europe and India projected to boost that number to over 800 by the end of 2022, with 200 potential jobs being created in India.