Fisker Inc (NYSE:FSR) said on Friday it will begin delivery of its Ocean electric sports utility vehicle in North America and certain European countries after the start of production in November 2022.
What Happened: Henrik Fisker, chairman and CEO at the Manhattan Beach, California-based electric vehicle company, said Fisker aims to sell 60,000 units annually in Europe.
Fisker recently opened a European office in Munich and is building a brand experience center in Germany with plans to add more in other European countries.
"Europe is essential to our company as we work toward the start of production in November at a carbon-neutral factory in Austria," Fisker said.
The electric vehicle startup said it will show the Ocean SUV to the European market at Mobile World Congress in Barcelona later this month. The SUV was originally unveiled at the Los Angeles Auto Show in November 2021.
Fisker, which aims to compete with Tesla Inc (NASDAQ:TSLA), said the five-passenger Ocean SUV will have three model options for sale. While the base variant is priced at $37,499, the company has seen strong demand at the upper end of the price range, specifically for the Ocean Ultra, priced at $49,999 and Ocean Extreme at $68,999. The company plans to make 5,000 units per month for most of 2023 and ramp up production in the final months of the year.
See Also: Fisker Sees $1.3B Revenue Potential From Over 23,500 Ocean Electric SUV Reservations
Why It Matters: Fisker competes with Tesla, a company that once employed Henrik Fisker and even sued him over design secrets.
Fisker, which went public via a SPAC merger in October 2020, is seemingly making all the right moves with respect to its product and partnerships related to manufacturing and its battery for the Ocean SUV. Last year, Fisker and Canada’s Magna International Inc. (NYSE:MGA) said they plan to start production on Nov. 17, 2022, at Magna’s manufacturing facility in Graz, Austria.
Price Action: FSR shares are up 5.05% at $11.64 Friday morning at publication.
Photo: Courtesy Fisker
