EV AND MOBILITY SOLUTIONS CREATOR, FISKER Q1 2021 RESULTS ON TRACK WITH PROJECTIONS

Electric vehicles and advanced mobility solutions creator, Fisker has announced its financial results for the first quarter ended March 31, 2021.

“Confidence in our business model grows by the day,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker. “Our unique product development process continues to benefit us in several ways: 1) The Fisker Flexible Platform-Adaptive Design process begins with design and engineering working in harmony and allows for no wasted time; 2) We are able to source advanced technology later in the process for an ultra-modern product; and, 3) Active senior leadership involvement avoids bureaucratic delays and enhances speed-to-market.

“The Fisker Ocean program remains on track, and our growing, hand-selected team is incredibly excited to be moving to the next phase, with high visibility on a BOM and cost of manufacturing that supports great value for our customers, and benchmark profitability for our stakeholders.

“The advantage of our partnerships with Magna and Foxconn is undervalued,” Fisker continued. “Our manufacturing partnership strategy began as a way to de-risk production cost, timing, and quality, enabling Fisker to focus efforts on customer-facing areas. The addition of a second platform and influential supplier has created a major supply-chain advantage as well. We are already seeing evidence of better access and pricing for high-value technology shared across programs (e.g., battery, high-performance chips, displays, etc.), and we are already benefiting from the influence of each partner to ensure supply of critical components such as chipsets and semiconductors.”

The company highlighted that it has moved into the Ocean execution phase, evidenced by the ramp-up of spending across a variety of areas, including product engineering, vendor engineering and tooling, and capital expenditures and has completed Ocean engineering milestone on time in March, enabling the start of long-lead production tooling, early prototype builds, and meaningful serial production supplier sourcing.

Likewise, it continued to capitalize on opportunities to improve the product with next-generation technology in the areas of battery, drive-unit, ADAS, multi-domain controllers, edge computing, among others.

Also completed was a comprehensive test, validation, certification, and homologation plan, furthering confidence on the start of production at Magna Steyr and deliveries to the US and Europe in Q4 2022.

Furthermore, Fisker made significant progress on future portfolio expansion. Completed exterior design of the second FM29 architecture vehicle and added a second vehicle architecture in partnership with Foxconn for a sub-$30,000 vehicle (Project PEAR).

Lastly, the company highlighted that its financial results in line with internal expectations and quarterly cadence provided on Q4 2020 earnings call.

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