Fisker Provides December 2023 Business Update as Deliveries Grow Over 300% From Q3 to Q4

10,142 Fisker Oceans produced in 2023 and approximately 4,700 vehicles delivered.

Two key software updates since November.

The Fisker Ocean SUV won six awards in 2023.

• First Fisker Ocean Sport delivered in UK.
• Fisker Ocean deliveries commenced in Canada.
• Plan to further accelerate deliveries and increase sales expected to be announced in January 2024.
• Loyalty Program enhanced and sales, delivery, and service call center opened.

Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, today provided a business update for the month of December.

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Fisker Inc., driven by a mission to create the world’s most emotional and sustainable electric vehicles, today provided a business update for the month of December. Henrik Fisker, Chairman and CEO, said: “We became a revenue-generating company in 2023, but we also faced numerous challenges. Emerging from COVID-19 created several issues for our supply chains, but we have largely overcome them, and we have delivered approximately 4,700 Fisker Oceans. This accomplishment represents substantial revenue, and as we accelerate our delivery pace in 2024, I am excited to see faster growth. We have a solid business with relatively low overhead and an award-winning vehicle that customers enjoy. I am looking forward to a year of new milestones and opportunities for the Fisker brand and everyone on our team.” (Image credit: Fisker Inc.)

Henrik Fisker, Chairman and CEO, said:

“We became a revenue-generating company in 2023, but we also faced numerous challenges. Emerging from COVID-19 created several issues for our supply chains, but we have largely overcome them, and we have delivered approximately 4,700 Fisker Oceans. This accomplishment represents substantial revenue, and as we accelerate our delivery pace in 2024, I am excited to see faster growth. We have a solid business with relatively low overhead and an award-winning vehicle that customers enjoy. I am looking forward to a year of new milestones and opportunities for the Fisker brand and everyone on our team.”

Increasing deliveries and revenue

After homologation delays in both Europe and the US, and as we navigated supplier issues, Fisker ultimately produced 10,142 in 2023. Customer deliveries began in June, with significant deliveries commencing in September and October. The company grew deliveries by over 300% from Q3 to Q4, and total deliveries are approximately 4,700, with the majority being Fisker Ocean One launch edition vehicles priced at $68,999 USD (comparably priced in other markets).

Fisker began deliveries in Canada in December and is now operating in 12 markets worldwide. Right-hand drive vehicles have been delivered in the United Kingdom, and in December the UK saw the delivery of the first Fisker Ocean Sport, the company’s entry-level trim.

In 2023, the Fisker Ocean also won six different European awards in Germany, France, Denmark, and the United Kingdom.

Software updates

Fisker has undertaken two key over-the-air (OTA) software updates in Q4. Version 1.10 was rolled out in November, and Version 1.11 commenced in mid-December. The company expects to complete the Version 1.11 update process for all customers by end of January 2024. Feature upgrades and bug fixes have greatly improved customers satisfaction. In February of 2024 Fisker expects to release Version 2.0 with additional exciting features.

Expanded physical footprint and enhanced customer engagement

The company has opened four flagship Lounges (Los Angeles, New York City, London, Munich) and has multiple delivery and services locations in both the US and Europe to bolster the company’s delivery infrastructure. Fisker is now working with partners to achieve higher delivery throughput and to address an initial lack of real estate to achieve delivery objectives.

Fisker has also opened a sales, delivery, and service call center (1-844-FISKER1 in the US and in European locations) to provide better customer service. We recently enhanced our Loyalty Program in all markets to award our most enthusiastic customers.

Looking forward to 2024

In January, the company intends to announce a plan to further accelerate sales and deliveries. This plan will align with our production capabilities and strong demand for the Fisker Ocean SUV.

Fisker will increase the number of test-drive events it conducts in the US and Europe, as the company has witnessed higher sales rates after customers experience the Ocean firsthand. Following a test drive, customers have reported that they are impressed with the Ocean’s ride and handling relative to competitive EVs and that they appreciate the vehicles unique features, such as California Mode, Hollywood Mode, Taco Trays, and the Ocean’s exceptionally comfortable seats.

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 .

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, production, and estimated range of the Fisker Ocean, the planned timing of the opening of Fisker facilities, the Company's future performance, expansion of operations, software updates, 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.

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