Fisker announced its third-quarter financial results, revealing an improving level of electric car production and customer deliveries.
During Q3 2023, Fisker Ocean production increased to 4,725 units, which is a noticeable jump from 1,022 units in Q2 and 55 units in Q1. Let's recall that the model is produced in Graz, Austria (at Magna Steyr's plant).
In terms of customer deliveries, 1,097 cars were delivered across two continents (in several European countries and in the United States). That's also a positive sign, compared to just 11 units in Q2.
What's even more interesting is that Fisker is quickly ramping up vehicle deliveries. In October, it delivered more than 1,200 Oceans, which is more than in all of Q3. It seems that Fisker will soon be selling more EVs than Lucid (see Q3 results here), potentially as soon as in Q4.
The company explains that "deliveries have accelerated as Fisker begins optimizing last mile logistics and expanding its delivery infrastructure to achieve further scale effects in Q4 and beyond."
Fisker Q3'2023 results:
- Total production: 4,725
- Total deliveries: 1,097
Fisker EV Production & Deliveries - Q3 2023
By the end of September, Fisker Ocean production exceeded 5,800 (5,000th was produced in September), while deliveries exceeded 1,100 cars.
Fisker Q1-Q3'2023 results:
- Total production: 5,802
- Total deliveries: 1,108
According to Fisker, as of now, deliveries exceeded 3,000 plus "hundreds more en route to consumers," which indicates that the momentum continued into November.
Currently, the Fisker Ocean is being delivered to customers in ten countries (the U.S. and nine countries in Europe). In Q4, sales will begin in Canada and in the Netherlands. Spain, Portugal, and Italy will be added in Q1 2024. The first Fisker Lounge in Shanghai, China will be opened in January 2024.
Henrik Fisker, Chairman and Chief Executive Officer of Fisker said: “The third quarter was very significant for Fisker as we delivered 1,097 Fisker Ocean vehicles to customers across two continents, which represents the largest delivery volume for any US-based EV OEM in their first full quarter of deliveries. We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers. We are gaining momentum and delivered more units in the month of October than in all of the third quarter. We are pleased to hear the excitement and positive reviews from our early adopter customers, and at the same time we are also incorporating feedback for areas of improvement. As a software-driven product, we are continually improving the vehicle via over-the-air updates to provide the best experience for our customers.”
Financially, Fisker, for the very first time, recorded meaningful automotive sales revenue of $71.8 million in Q3 2023. The gross margin was negative 17 percent on a GAAP basis (negative $12,120), while the net loss amounted to almost $91 million. Those results are not bad, especially compared to the massive losses reported by some of the other startups ($30,000+ per car on average).
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