CEO Henrik Fisker advised analysts on a convention name that Magna was prepared to supply 20 vehicles a day, with a “strong” ramp-up within the second quarter.
The firm had restricted manufacturing “on purpose,” he mentioned, because it expects testing for homologation — the certification for roadworthiness — to be full by March. That might be adopted by regulatory approvals and deliveries.
Price benefit?
Helping Fisker maintain demand is its engaging pricing. Its Ocean SUV begins at $37,499 in contrast with the Model Y from Tesla that retails for no less than $54,990 after latest value cuts. Rivian Automotive Inc’s SUV is priced round $78,000.
Lucid Group Inc., which sells its Air Pure sedans for $87,400, forecast lower-than-expected 2023 manufacturing final week and reported a serious drop in orders throughout the December quarter.
Fisker mentioned reservations for the primary mannequin of Ocean rose to greater than 65,000 as of Feb. 24, from over 62,000 on the finish of October.
“We were well-priced from the beginning,” Fisker advised Reuters. “That’s something that, I think, now is bearing fruit.”
The firm additionally forecast a gross margin vary of 8-12 p.c and optimistic earnings earlier than curiosity, tax, depreciation and amortization this 12 months, pushed partly by decrease upfront prices as Fisker, in contrast to its friends who make their very own vehicles, is determined by contract manufacturing.
Fisker, which expects bills of as much as $610 million this 12 months, mentioned it had money and money equivalents of $736.5 million on the finish of December, down from $824.7 million 1 / 4 earlier.
The firm, nonetheless, reported a wider-than-expected quarterly loss. Its internet loss stood at 54 cents per share, in contrast with analysts’ common estimate of a 42-cent loss, in keeping with IBES knowledge from Refinitiv.
Source: www.autonews.com