Fisker Inc. (Fisker) engages in designing, testing, manufacturing, marketing and selling or leasing its electric vehicles.
The company is building a technology-enabled, capital-light automotive business model that will be among the first of its kind and aligned with the future state of the automotive industry. This involves innovations in vehicle development, customer experience, and sales and service that improve the personal mobility experience through technological innovation, ease of use an...
Fisker Inc. (Fisker) engages in designing, testing, manufacturing, marketing and selling or leasing its electric vehicles.
The company is building a technology-enabled, capital-light automotive business model that will be among the first of its kind and aligned with the future state of the automotive industry. This involves innovations in vehicle development, customer experience, and sales and service that improve the personal mobility experience through technological innovation, ease of use and flexibility.
The company’s first model, the all-electric Fisker Ocean, has already garnered many awards for its design. As of February 24, 2023, the company received approximately 65,000 Fisker Ocean reservations and orders (including retail and fleet) and approximately 5,600 Fisker Personal Electric Automotive Revolution (PEAR) reservations, net of cancellations.
The Fisker Ocean is an all-electric SUV and targets the large and rapidly expanding ‘premium with volume’ segment (meaning a premium automaker producing more than 100,000 units of a single model, such as the BMW 3 Series or Tesla Model 3) of the SUV market. The Fisker Ocean is a five-passenger vehicle with an estimated range, depending on specification, of between 250 and a class-leading 350-miles (depending on the customer’s chosen battery pack, driving conditions, wheel size and testing procedures). Advanced electric powertrain technology, state-of-the-art advanced driving assistance system capabilities, and several industry-first features, combined with an innovative and timeless design, are delivered through advanced software-based user interface enabling a totally re-imagined customer experience. The company has also designed the Fisker Ocean for affordability.
The company has a go-to-market strategy with both web-and app-based digital sales, loan financing approvals, leasing, and service management tools with limited reliance on traditional physical ‘sales-and-service’ dealer networks.
Through the company’s Fisker Flexible Platform Agnostic Design (FF-PAD) proprietary process combined with rapid product development decision-making and an intense focus on supply chain management, the company intends to significantly reduce the capital intensity and investments typically associated with a new car manufacturing business, accelerate the development cycle of new products, and expedite the adoption of advanced technology.
The company entered into a cooperation agreement with Magna International Inc. (Magna), an industry-leading supplier, technology partner and manufacturer of premium high-quality vehicles.
The company created FM29, a unique electric vehicle (EV) platform, that has unique Fisker intellectual property. The company’s proprietary FF-PAD process is hardware agnostic, which will enable it to collaborate with multiple suppliers for the development of new, advanced EV platforms. Fisker FM29 Platform is a premium, cross-over SUV platform developed for global markets that the company is exploring to adapt into other derivatives, such as a pickup truck (Project Alaska). FP28 (Project PEAR) is a platform, which the company plans to adapt into other potential derivatives. A third platform is under development (Project Ronin) for high-end luxury vehicles at low volumes.
In June 2021, the company executed a binding Contract Manufacturing Agreement with Magna Steyr Fahrzeugtechnik AG & Co KG (Magna Steyr) for the manufacture of the Fisker Ocean. In May 2021, the company entered into Project PEAR Cooperation Framework Agreement with AFE, Inc. (a U.S. subsidiary of Foxconn Technology Group), which contemplates that Fisker and Foxconn will enter into a contract manufacturing agreement for the manufacture of the Fisker PEAR in the United States.
Vehicles
The company’s first vehicle will be the Fisker Ocean, an all-electric premium SUV. Based on the company’s internal simulations, the electric range of the Fisker Ocean will span 250 to over 350 miles, depending on the customer’s chosen battery pack, driving conditions, wheel size and testing procedures (e.g., EPA cycle vs. WLTP cycle). The company’s software engineers have the ability to optimize the vehicles’ proprietary battery management system and other technical aspects of the battery system to potentially offer longer-range versions. The company's industry-leading basic warranty of six years, 100,000 kilometers; powertrain warranty of 10 years, 160,000 kilometers; and battery warranty of 10 years, 160,000 kilometers (whichever comes first in all cases) will be supported by service centers throughout the region. For service, the company is offering at-home vehicle pick-up, or Fisker Mobile Service, for customers who prefer skilled technicians to come to them. The Fisker Ocean warranty also includes corrosion coverage and roadside assistance.
The company has plans to introduce three more vehicles by the end of 2025. For these vehicles, it plans to use its own platforms and in-house FF-PAD with one or more industry-leading OEMs and suppliers.
New Electronics Architecture
The Fisker Ocean electronics architecture is based around a small number of key domain controllers, for advanced driver assistance functions, drivetrain and battery management, and infotainment. A traditional vehicle electronics architecture typically contains a high number of independent and self-contained modules, each a black box to the rest of the car. This architecture, based on domain computers, opens new avenues for integration, sensor fusion, and an adaptive and evolving user experience. A connectivity module enables full communication with the Fisker cloud and the possibility for edge computing, while over-the-air (OTA) software updates ensure the in-car experience can stay ahead of market expectations.
The company anticipates that future generations of Fisker architecture will integrate automotive requirements into customized electronics chips and boards, with hardware accelerators for AI, machine-learning, and computer-vision.
E-powertrain
The company intends to utilize software to improve the powertrain performance, making the cars more efficient, allowing more instantaneous power output, or improving the charging experience.
UX/UI
The company expects that its EVs will always be ‘connected’. The company’s next-generation connectivity platform will enable the seamless integration of online services and functions, whether unique Fisker services or from third parties. Features that are visualized on the large center touchscreen or digital instrument cluster will meet strict driver-distraction guidelines and will be rendered in high resolution through Fisker’s custom UI framework. The leading-edge head-up display will project useful information onto the windshield so the driver’s eyes never need to leave the road. The Flexee App seamlessly connects to the car, ensuring the customer’s digital life and driving experience meet in the car.
With data analysis, cloud computing, and OTA updates, the company expects the in-car experience will adapt over time to the driver, not the other way around as has traditionally been the case.
Service, Marketing and Insurance
The company intends to offer third-party insurance to its customers to provide for insurance against certain risks, including auto liability and physical damage.
Direct Sales, Service, and Vehicle Financing
The company intends to market and will sell its vehicles directly to customers using its proprietary digital platforms, including the Flexee App and website. This digital approach allows the company to collect prospective customer data and improve the overall customer experience. The company has designed its digital customer interactive platforms to increase the value proposition and competitiveness of its vehicles.
In addition, the company plans to launch a loyalty program catered to its customers’ interests and lifestyles. The company’s tiered approach will bring valuable perks and awards to its loyal base while incentivizing customer engagement and referrals. This program is a unique rewards program that resembles successful programs used in other industries.
The company is also planning to offer both financing and insurance of its vehicles directly through its digital platforms. The company intends to offer branded financing directly to consumers by commencing with retail installment financing arranged through financial services partners in different countries. In the future, the company expects to add leasing solutions, which could include flexible options, such as a non-fixed term Flexee lease to facilitate new usage models and increase consumer EV adoption.
The company plans to keep introducing new direct-to-customer programs and services to further define its customer experience. As described elsewhere, the company also plans to keep Fisker’s lean sales, finance, and service model in order to offer great value to its customers regardless of the segment it enters.
Growth Strategy
The company’s growth strategies include ramp production and deliveries of the Fisker Ocean; re-imagining the customer experience for personal transportation and car ownership; and developing additional high value, sustainable EV models.
Intellectual Property
As of February 21, 2023, the company owned 9 issued U.S. patents and 28 foreign patents, and had 23 pending or allowed U.S. patent applications and 17 foreign patent applications. In addition, the company has 13 registered U.S. trademarks, 146 registered foreign trademarks and 12 pending trademark applications.
Government Regulation
The U.S. Clean Air Act requires that Fisker obtain a Certificate of Conformity issued by the EPA and a California Executive Order issued by the California Air Resources Board (CARB), concerning emissions for its vehicles. Since the company’s vehicles have zero-emissions, Fisker is required to seek an EPA Certificate of Conformity for the Greenhouse Gas Rule, and a CARB Executive Order for the CARB Greenhouse Gas Rule.
As a manufacturer, Fisker must self-certify that its vehicles meet all applicable the U.S. federal motor vehicle safety standards (FMVSSs), as well as the National Highway Traffic Safety Administration (NHTSA) bumper standard, or otherwise are exempt, before the vehicles can be imported or sold in the U.S. In addition to the various territorial legal requirements the company is obligated to meet, the Fisker Ocean is engineered to deliver 5-star performance in the two main voluntary vehicle safety performance assessment programs, the U.S. New Car Assessment Program (NCAP) and Euro NCAP.
Research and Development
The company’s research and development expenses were $423.9 million during the year ended December 31, 2022.
History
Fisker Inc. was incorporated in the state of Delaware in 2016.
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