Fisker Highlights EV Launch Plans

Fisker FSR highlighted its manufacturing partnership with Apple Inc AAPL supplier Foxconn Technology Co Ltd FXCOF, a battery supply agreement with Chinese battery firm CATL secured and production for its debut Ocean SUV during its Q3 earnings call.
Fisker confirmed that it will start production of the Ocean in November 2022, in partnership with automotive contract manufacturer Magna Steyr, and will produce two vehicles a day by Q1 2022. The deliveries are on track to begin in the U.S. and Europe in late 2022.
The R&D grew by over 100% from its Q2 2021 to $99.3 million.
CATL will supply an initial annual capacity of over five gigawatt-hours through 2025, with an option to increase volumes.
The Fisker Ocean will launch with two different battery packs, which will go into prototypes in 2022. The base pack will use a cheaper lithium iron phosphate (LFP) chemistry less energy-dense. The second battery, a nickel-manganese-cobalt (NMC), will have a higher energy density with a greater range.
Fisker's third-quarter FY21 EPS loss of $(0.37) missed the consensus loss of $(0.35). Fisker generated a revenue of $15,000.
Price Action: FSR shares traded lower by 3.05% at $17.51 in the premarket session on the last check Thursday.