Award-winning All-electric Fisker Ocean SUV Receives European Certification and Prepares for Regional Deliveries Starting May 5

Rhea-AI Summary

Fisker Inc. has received certification from European regulators for its Fisker Ocean SUV, with deliveries set to commence on May 5. The company reports an increase in reservations following the announcement of a WLTP range of up to 707 km for the Fisker Ocean Extreme. Fisker has produced several units of both the all-wheel-drive Fisker Ocean Ultra and the front-wheel-drive Fisker Ocean Sport, with customer deliveries scheduled to start in September. This dual homologation strategy for Europe and the U.S. aims to adapt production based on demand. Additionally, the Fisker Ocean has won the 2023 Red Dot Product Design Award for Best Electric Vehicle, highlighting its market appeal.

Positive

• Certification of Fisker Ocean SUV by European regulators is a significant milestone.
• Deliveries of the Fisker Ocean One launch edition expected to start on May 5.
• Increased European reservations due to WLTP range of 707 km.
• Production of Fisker Ocean Ultra and Sport models indicates scaling operations.

Negative

• None.

• European regulators have certified the Fisker Ocean SUV for sale
• Deliveries of the Fisker Ocean One launch edition expected to start in Europe May 5
• Fisker has produced several units of the AWD Fisker Ocean Ultra and the FWD Fisker Ocean Sport
• The company has seen an increase in European reservations for the Fisker Ocean since announcing a WLTP range of up to 707 km

LOS ANGELES & MUNICH--(BUSINESS WIRE)-- Fisker Inc. (NYSE: FSR) ("Fisker"), driven by a mission to create the world's most emotional and sustainable electric vehicles, announced today that European regulators have certified the Fisker Ocean SUV. The company intends to start deliveries to European customers on May 5.

Fisker Inc., driven by a mission to create the world's most emotional and sustainable electric vehicles, announced today that European regulators have certified the Fisker Ocean SUV. The company intends to start deliveries to European customers on May 5. “The entire Fisker team is excited to get the Fisker Ocean One launch edition to our reservation holders,” said Chairman and CEO Henrik Fisker. “Our first delivery is expected for May 5. After that, we intend to deliver all Ocean Ones by the end of September while also initiating some deliveries of the Fisker Ocean Extreme, starting in Europe with the U.S. to follow.” Photo credit: Fisker

“The entire Fisker team is excited to get the Fisker Ocean One launch edition to our reservation holders,” said Chairman and CEO Henrik Fisker. “Our first delivery is expected for May 5. After that, we intend to deliver all Ocean Ones by the end of September while also initiating some deliveries of the Fisker Ocean Extreme, starting in Europe with the U.S. to follow.”

He added that the company recently built several mid-trim level all-wheel-drive Fisker Ocean Ultras. In addition, Fisker also produced front-wheel-drive Fisker Ocean Sports, the lowest-priced trim level, for testing and homologation purposes. The automaker anticipates customer delivery of those trims will start in September.

Fisker recently announced a WLTP certification in Europe of up to 707 km/440 UK miles (on 20-inch wheels and tires) for the Fisker Ocean Extreme trim level, the longest of any battery-electric SUV currently on sale in the region.

Fisker has pursued a dual homologation process for the Fisker Ocean in Europe and the United States simultaneously, an atypical approach to adjust production and sales based on regional demand.

“Our unique business model enables this level of flexibility, which we are now capitalizing on,” Henrik Fisker said, noting that the announcement of the WLTP range for the Fisker Ocean Extreme led to an increase in European reservations.

Also, the Fisker Ocean recently won the prestigious 2023 Red Dot Product Design Award for Best Electric Vehicle.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by designing and developing individual mobility in alignment with nature. Passionately driven by a vision of a clean future for all, the company is on a mission to create the world's most sustainable and emotional electric vehicles. To learn more, visit Fiskerinc.com and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube, and LinkedIn.

Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Fisker Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology and include, among other things, the quotation of our CEO, the statements regarding the planned launch timing, pricing, delivery and estimated range of the Fisker Ocean, the Company's future performance, and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker's limited operating history; Fisker's ability to enter into additional manufacturing and other contracts with Magna or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed-upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker's ability to execute its business model, including market acceptance of its planned products and services; Fisker's inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker's inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker's Annual Report on Form 10-K, under the heading "Risk Factors", filed with the Securities and Exchange Commission (the "SEC"), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230425006201/en/

Fisker Contact:

U.S. Media:

Fisker@GODRIVEN360.com

European Media:

Press.europe@fiskerinc.com

Customer service: Support@fiskerinc.com

Fisker Inc. Communications:

Matthew DeBord

Sr Director, Communications Strategy & Storytelling

mdebord@fiskerinc.com

Rebecca Lindland

Director, Communications

rlindland@fiskerinc.com

Franziska Queling

Regional Head of Public Relations Europe

fqueling@fiskerinc.com

Investor Relations:

Frank Boroch, VP of Investor Relations

fboroch@fiskerinc.com

Source: Fisker Inc.

FAQ

What date will Fisker Ocean deliveries start in Europe?

Deliveries of the Fisker Ocean in Europe are expected to start on May 5.

What is the WLTP range of the Fisker Ocean Extreme?

The Fisker Ocean Extreme has a WLTP range of up to 707 km.

What recent award did the Fisker Ocean win?

The Fisker Ocean recently won the 2023 Red Dot Product Design Award for Best Electric Vehicle.

When will customer deliveries of Fisker Ocean Ultras begin?

Customer deliveries of the Fisker Ocean Ultra are slated to begin in September.