Henrik appears on Yahoo Finance to discuss Fisker Ocean, PEAR, production, supply chain issues, asset light strategy and the electric vehicle tax credit.
Today, Henrik Fisker appeared on Yahoo Finance to talk about second quarter 2022 results, Fisker Ocean, PEAR, reservations, production, electric vehicle tax credit legislation, and more.
Henrik talks about 55 prototypes that Magna has already built. The host asked about the start of production on the Fisker Ocean.
Henrik pointed out that the company has been building the Ocean with Magna for over a year. He said Fisker was not just starting production, but instead working with an existing contract manufacturer like Magna.
The host asked about the test vehicles arriving in Los Angeles. Henrik says he’s impressed with the Fisker test cars. He said that having 30 years of experience in the automotive industry, the vehicles are great, but he wants perfection. Henrik went on to say that he was working with racing driver Abbie Eaton and company engineers to fine-tune the vehicles. Henrik said the test vehicles get a lot of attention when driven through Los Angeles.
Demand is strong
Henrik discusses selling the Ocean One in July with non-refundable deposits of $5,000. He said this proves that there is a strong demand for their vehicles.
Additionally, Henrik said demand is strong for Extreme, but the company will allocate some production to base vehicles with a starting price of $37,500.
Henrik was asked about working with Foxconn on the PEAR, which will be available to the masses in 2024. He thinks the PEAR is going to have huge demand with this sub-$30,000 vehicle.
EV tax credit
The host asks Henrik about the proposed new electric vehicle tax credit legislation. Henrik said the proposed legislation harms the consumer. He said that shouldn’t impact Fisker because the company will end up manufacturing the Ocean in the US like the PEAR. Henrik said the proposed electric vehicle tax credit legislation could be improved. He said that could slow adoption because customers won’t get credit on the electric vehicles they want. He said that could impact demand, which would stifle companies building factories in the United States.
Asset-Light and rapid development
Henrik discussed Fisker’s asset-light strategy. Henrik said the company’s asset light strategy has proven to be correct so far.
He said their strategy at this time has paid off. Henrik has seen vehicles rolling off Magna’s production line. Fisker doesn’t need to build its own factory just to be able to walk around it.
Henrik talked about the rapid development process, from in-house development process from sketch on paper to production in 2.5 years. This reduces costs and allows Fisker to incorporate newer technology into the vehicle.
PEAR and technology
When it comes to PEAR, Henrik said the company is reinventing the way a car should be designed to cut costs. Henrik said the company would remove features and replace them with technology. The company has already filed 70 patents to date with Fisker. Henrik says the PEAR vehicle is totally unique, from design to functionality. He said even getting into the vehicle would be different. He didn’t want to give too much away just yet to prevent the competition from learning more about their innovation process.
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