Fisker Inc. - FSR STOCK NEWS

Fisker Inc. (NYSE: FSR) announced Q1 2021 financial results, reporting a net loss of $176.8 million and operational losses of $33.1 million. Cash balance stands at $985 million. The company increased its operating expense guidance by $30 million to account for the PEAR program. Significant developments include advancements in the Fisker Ocean program, a successful exterior design for its second vehicle, and securing binding agreements with Foxconn for Project PEAR. Fisker sees promising demand with 16,000 reservations and aims for production in Q4 2022.

Fisker Inc. (NYSE: FSR) has nominated Sharp Corporation to develop next-generation in-vehicle displays for its upcoming vehicles, including the Ocean SUV and Project PEAR. This partnership aims to optimize screen technology and production strategies, aligning with Fisker’s sustainability goals. Fisker plans to start production of the Ocean SUV in Q4 2022, with Project PEAR expected for Q4 2023. The collaboration is intended to enhance product quality and technological innovation, ensuring better customer experiences in eco-friendly electric vehicles.

Fisker Inc. (FSR) has announced framework agreements with Foxconn for the joint development and manufacturing of Project PEAR, aiming to create a new electric vehicle. Both companies will invest in this project, leveraging shared technological expertise. Manufacturing is set to begin in the U.S. with plans for additional global sites, targeting annual production of over 250,000 units. The vehicle is designed to cost under $30,000, enhancing accessibility to electric mobility. Production is projected to start in Q4 2023, following Fisker’s Ocean SUV rollout.

Fisker Inc. (NYSE: FSR) will release its first quarter 2021 financial results on May 17, 2021, after market close, followed by a conference call at 2 p.m. PT. Key executives, including CEO Henrik Fisker, will participate. Investors can access the call via a live webcast, with an archive available for 12 months. The company also launches a Q&A platform for shareholders to submit questions ahead of the earnings call. Fisker remains on track to start production of the Fisker Ocean in Q4 2022 and will unveil its production version at the LA Auto Show in November 2021.

Fisker Inc. (NYSE: FSR) announced the need to restate its consolidated financial statements for the fiscal year ending December 31, 2020, due to changes in the accounting treatment of warrants following a U.S. SEC Staff Statement. The company has approximately 3.4 million public and no private placement warrants outstanding as of March 31, 2021. The non-cash, non-operating expenses from the accounting change are estimated to increase by $75 to $85 million for the year 2020 and $145 to $155 million in Q1 2021. Fisker assures no effect on cash flows or operations.

Fisker Inc. (NYSE: FSR) has launched a new online platform to enhance its commitment to Environmental, Social, and Governance (ESG) standards. The portal will centralize Fisker's corporate and supplier ESG standards and expectations, impacting supplier selection for the Ocean SUV. As part of its ESG strategy, Fisker conducted a materiality assessment aligned with the United Nations Sustainable Development Goals (UN SDG) to ensure relevance in its corporate objectives. Additionally, workforce diversity is prioritized, with the company growing from 80 to over 200 employees since its 2020 listing.

Fisker Inc. (NYSE: FSR) marked World Earth Day by advocating for a new clean vehicle incentive program called “75 And More For 55 And Less.” This initiative proposes a $7,500 rebate plus $10 per mile of certified driving range for battery electric vehicles (BEVs) priced at $55,000 or less, applied at the point of sale. This could significantly reduce the upfront cost of EVs, making them more accessible. Fisker aims to lead in sustainable electric mobility while supporting U.S. government initiatives for low-carbon adoption.

Fisker Inc. (NYSE: FSR) has signed a non-binding Memorandum of Understanding with Crédit Agricole Consumer Finance to potentially supply Fisker Ocean SUVs. This agreement targets eligible employees and selected private banking clients, with deliveries expected to begin in January 2023. Fisker anticipates starting production of the Ocean in Q4 2022, focusing on European and North American markets. The company has already garnered over 14,000 global paid reservations, indicating strong market interest.

Fisker Inc. (NYSE: FSR) announced that CEO Henrik Fisker will participate in the Bank of America 2021 Virtual Global Automotive Summit. His "Fireside Chat" is scheduled for March 30, 2021, from 11:40 a.m. to 12:20 p.m. ET, where he will provide updates on the Fisker Ocean and Project PEAR vehicle programs. The event can be accessed online through registration or via the Fisker investor relations website. Fisker aims to revolutionize the automotive industry with eco-friendly electric vehicles.