Fisker provided an upbeat forecast on the ramp-up of its electric automaking business during Wednesday's third-quarter earnings call, highlighting its manufacturing partnership with Foxconn, a battery supply agreement with Chinese battery giant CATL secured and its on-track production for the company’s debut Ocean SUV.
The company 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 the first quarter of next year, CEO Henrik Fisker said during an investor call Wednesday. Deliveries are on track to begin in the U.S. and Europe in late 2022.
To meet these deadlines, Fisker is ramping up its pace of spending. While its general and administrative expenses rose a modest few million dollars to $10.3 million in the most recent quarter (up from $7.9 million in the three months concluded June 30, 2021), other expenses rose more rapidly. The critical research and development line item from Fisker -- recall that the company is still getting ready to build and sell cars, so it’s in R&D mode today -- grew by more than 100% from its Q2 2021 tally of $45.3 million to $99.3 million in the most recent quarter. The increase was the result of increasing the company's workforce, and spending on prototype development, executives said.
That incredible bounce to R&D spend helps explain why Fisker added so much cash to its accounts in recent weeks; it needs a...
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