Fisker (FSRNQ) 4 Nov 212021 Q3 Earnings call transcript

Good evening. Thank you for attending today's Fisker, Inc.

Third Quarter 2021 Earnings Call. My name is Erin, and I will be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. now Dan pass Galves would to conference I host, your with Instructions] like the to over [Operator Fisker. Thank you, Mr. Galves, proceed. you may

lot, everyone welcome Erin earning a to call. Thanks Fisker's and

the Burkhard Huhnke, Technology Henrik on Joining Financial usual Gupta-Fisker, Dr. Chief today Operating Officer Officer Dr. Executive and Officer are; Chief me and; Fisker, call Geeta Chief Chief and; as Officer.

Henrik, of make forward-looking the meaning the Before Securities will turning statements we it we advise, over Federal to laws. within

financial or relate to future future events Forward-looking performance. statements operating or generally

obligation non-GAAP call turn non-GAAP in the today's to release. Henrik. today's expenses. presented those press be financial Our statements periods than risks Accounting required or may actual and and that reference during earnings expectations law. set release of are us We'll comparable happy data more from Quantitative these the filings materialize. Generally not today. non-GAAP Commission. in Exchange including financial that those to in based matters cause except include financial materially forth to disclaim may we our conform and in beliefs are regarding Securities Principles companies. update the forward-looking matters those any by with Actual our results risks on the projected. our appears Accepted results information do differently issued that, information could GAAP described earlier and this financial as as by directly to differ forward-looking We as well to reconciliation This not any fully statements These The subject available presentation information today, of information as uncertainties other operating call, to to GAAP to the over With calculated I'm

with share And Dan. got the high real want welcome, I'll business. of bullets I presentation, but news to the you, end my everybody. just some some in level start Thank interesting around I

year. next Ocean to with November launch are it in on the target still We

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industry but start building prototypes, two We expect have made about of next course we year, some from day. one vehicles a already to

over can I we quickly when we up on vehicle, eight high into months outstanding that's sure and think vehicles we the that's will that the ramp launch make target. and pretty launched well before quality

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and Let me get to marketing sales.

works going of car, online, in We big media, really are have and we the off show team to hired vehicles And to, marketing both to obviously of have are waiting November, expanded is US push needed et kick the digital we Europe, creating right materials, dramatically, the an we working advertising, feature the to we we launch in our now, campaigns. this course the in we cetera. around agency, which all marketing of major XXth when are

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currently cost in also I course, Fisker is two battery the how going by cost, specifically for to to good unrivaled of these And with design is, the with packs with all the using only MC. what it's of of these the that And they're into there which going base are able packs. running what's LFP already battery of and competitor, going any of in we're price packs, we to of we really course, of the different And to most actually. but battery as different is the probably And pack prototypes then, have rains unique But the that's adequate lower next comes the an the have think of people, in very $XX,XXX, that we And going pack than in when we're the to two Fisker also the have is well amazing course, advantages tests about low cell, is quite Ocean done not much it vehicle chemistries, the itself. of difficulty]. two terms on We the year. base structure different Ocean, more a the [technical be are pack. launch and achieve type actually because that's of uniquely second

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again, Yeah, thanks everyone. and welcome

the of said, of Henrik set As parts this poses just is Ocean down small for a thing whole items. to few

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test are shared with the suppliers our that robust We in and EV set now by milestones timelines, validation on of supported and mentioned space deliverables. working partners a and Burkhard

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as we've phenomenal hiring. year Henrik mentioned, On the operational in side had a also

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and to turning results our Now outlook.

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now your time Show. established can't have unveil fantastic to product Ocean LA execute to budget. happy a take We wait I the We're on And profitable the Fisker to at and questions. Auto

Thanks, Geeta. the queue? Erin, can please you compile

Certainly.

[Operator Jeoffrey Lambujon We first proceed. the Pickering, Tudor, Please Instructions] from with begin & question will QA now comes The session. Holt Company.

Good Thanks evening, batteries. questions. taking my for first is on everyone. My one

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information give the information our we to give competitors need what customers and we to know, you our they don't want the So, all want all But desire. want.

for pretty the the of But our right cost. of the don't terms companies give don't lower I biggest vehicle, that our LFP and is using that's But might fact part car LFP, in you it one is going also the so think think that in world LFP on use advantages any power. same the quite the vehicle. apart. the using - in class the to reason low one packs, not any you and make I volume, I as we're that's say amount battery an of of But the NMC, it. US of cost and it, reason there's the other the get here design of of set But into now volume our you good using know is, dense lot base And advantages I is, think if can that Ocean terms in exact we have pack they're that that power in because going our in we entity the vehicle you of par And get we the real be that. get the advantage know, is the that's us what can So power the can think think more I batteries. bigger a is over a with some we so what's price of to is sense cost won't to

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we're of of going months we're XX think next that, course, areas. we how the these show elaborate of all to lead to in So over many taking on the

And Jeoff, over the we've registered we for features in put point in I people to mean, a advance you the is. know, a know when I users. release, unusual XX,XXX think just to And more they it's add. app as content what and have one product press than pretty we reserve had year got more don't

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much. Thank you very

Thanks, Jeoff.

Absolutely. Thank Spak with you, Joseph RBC. Mr. comes from Please next Lambujon. question The proceed.

very Thanks much, everyone.

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Joe. lot, a Thanks

Spack. comes of The from question with Evan Mr. line Stanley. Silverberg Please you, proceed. Morgan Thank the next

A Evan Silverberg here Jonas. Adam all. for Hi, batteries. the question on

dirty X making country? EVs business And the the from, you battery emphasis sustainable For today. gigawatts, view with as gigawatts, a of initial sourced the we guys where is know, made sit they in the will have the of you be here pretty world, obviously ESG most X

So helps what you the that have battery secure sourced you with you CATL made sustainably steps partnership know supply?

great Evan. Yeah, question,

all, China. first CATL in of So, obviously is

sourcing have materials. raw China. from So batteries clearly different elaborate it coming pretty are a to They the comes when mechanism

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So going all on. these currently discussions are

can lot, Erin, question? a go it. Evan. Appreciate to next Thanks we the

you, question Mr. John Absolutely. America. Thank The Please Murphy comes with Silverberg. proceed. next of Bank from

think curious your does the you afternoon, simple the here just or [Technical it chemistry your difficulty] as pack as mix? difficulty]. far capacity guys. is Is based that Or X Good on what vehicle question. hour What gigawatt what imply imply applies? [technical

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second the lifecycle just the ESG, Okay. And the analysis. then question,

why you think green bonds ESG what necessary you the to you and the I more more a to know or mean, was that? to? conclusions the position opens And conclusions what And motivation you there if what think do you think more know funding? put that could this lead to door know will Just curious it's in do just to raises you is will the be? you cap I

the company. world's we to motivation be is the most car sustainable want first Well,

are then all next And to have year, we the COX We going and part materials takes neutral we and there that work in before, there's a Ocean make that different trying use in the as to areas, reality of mentioned that then recyclability. clearly factory everything that's in with is of a it. we lot and of set we're do a a lot I can

elaborate are it. it's as as we can bit know, on maybe you company who a And, So Dan brand. you a a

Yeah.

or analysis of I think say is, climate a car a it's just the the lifecycle of enough have a to emission not point low neutral car. kind you

that analysis, of the ongoing how prove prove sourcing sustainable ISO are to we're our know we to like you you points be. the You it, measure plan. and of an a And place actually know, lot all for need you in vehicles But it's need be to to you to lifecycle need able upstream and where a really standard to work. end-of-life way to intent and takes measure on hard really doing have lifecycle And measure all it the is know, plan really, you said. going the there's from Henrik

is have you just is, have add I because we that, to number reason everything possibility get have in of. tear scratch. down world we the I Maybe that one building a We can point on the one thing think know, legacy be are to the and from rid don't we this

a always we just You main been something ago. months we focus it's to know company, this going are one a all been from become when not is a is always gone the fab of with This we up have has started that out brand kind and over we on continue one came many our of we'll pillars and brand of couple pillars. the

thank Okay, you.

for so analyst break queue. the just far, retail get earnings then investor know call from to you to every we platform. collected to time, John. few in Thanks, if I'm technology just we've back the we'll second have you of I'm know, a we say, have Erin, going a those. And as going go through done, questions

of competition differentiation. kind questions several about and first there were So the one

So the makers? proprietary Fisker What the is about EV question differentiates other unique systems? first from what is Fisker's

get from headed them of you know, industry, people almost. user by, have that team and the So experience Experience once the experience will vehicle you come what his see you will a from user obvious. a comes know, areas And gaming, think when and none get whole be The we the you vehicle. take in up here a Microsoft unique It's User I digital think, phenomenal. of design feel other the look in I really, should that Most industry. well. we from our as Head new It's of like I think that's automotive on

think So differentiator. take talked going The we've to be different. that already sustainability I think really that's on new whole a is huge and it, we really, a taken about aspect, I

about through out gone than of pretty said a makes fantastic before, being on I One like is brand extremely seen and levels. drive Formula But it's and I've in wet it. as for all on drive a system class that something lot That in miles the not will identify a our this in vehicle that people performance And much want a you conditions. safe to withstands with our we in price driven test vehicle feel powertrain unique I only range. The a corner range that, we launch today I've XX our have. any very we includes, phenomenal. And you on have without device. we class-leading other orders themselves icy already something and the think elaborate driver we XX,XXX young makes or is order to when able reservations weeks vehicle track a two that meaningful. over faster in have the

with to even the making car have for about. frankly, out think EVs. then value traditional going I think and And money, quite EVs luxury market making to luxury everybody's and talking you I we're going that companies luxury know, going something EVs that's the are a we're flooded So be

not market you're with tackling are vehicle on I And an think which tackling that, [technical difficulty] the vehicle part little just be they it see the with world, market, very money and with for give closely on to work most able you value the we're in impressed the going know, were everybody's are going in XX,XXX, be to our this the getting They can we believe right our all we is in the suppliers the hatchback, Don't volume, the our the believe how the the to and pricing perform. because because to We of vehicles of forget, have design and the tin the able been access when impressed of to suppliers is they behind to how secret access going and in have it why works, truly like it in that's how we to CATL in of long-term adventure. truly amazing they us partners vehicle. believe this they curtain desirability have the can details be stepping is and experienced part a be of to lot SUV. of

Hendrik. Thanks,

is solar the about it power just much how it? how useful or generate Now will sunroof

Burkhard?

question. the for thanks Yeah,

roof. can So solar to believe of in not at the good generate developed converter the our lot around driving. climate unique this charging year we voltage free technology, but this completely miles of that high conditions, IP we per point, technology X,XXX of battery, neutral the direct There's enable undergirds a perfect,

on believe cost question cutting and we very end which believe will we are get to very solar solar be and roof here. lower the So to we option directly, understand the over technology time, why the more cell useful effective efficient edge of importantly, excited more are is

what a of in Maybe want way. said Burkhard showed kind different and one just to thing I just

would We it calculated would out completely driver vehicle. for you internally time, charge the the average every mean also what for

times the sort look calculate I a think total to over you about the total how to would they if could on increase some vehicle is the of as vehicle, vehicle range at year. miles that is way the range the well about say, you XX the of what if So, many this charge

right but and amount you there's this most actually sun, in there's at obviously, the ways where a fair reserved those So do to live area of areas. in have now vehicles are yes, of many an to look

Thanks, Got it. Henrik.

simplest you imagine couple launches Fisker that 'XX. a before about of had we the Show. what questions sales a one in Ocean also bunch expect We weeks and The can of marketing, Auto would as was,

to You know, anything we've lot of add? covered a this,

we it's it know, creating 'XX, didn't I with I up couple I the we're Europe hired, agencies the amazing campaigns add all as awareness starting course, be XXth going And before, we're globally. media together end think, Yeah, launch to that, brand we're to launch year. all more are test are over November. with have drives, of that that in they we later, was, of in two really already mentioned of prints about then, going a of we [indiscernible] creating teams, going US. next of you do all to but And over to, things and 'XX, the our And drives leading I also probably in have start that course, that customer have of going to think

our marketing I'm in plan. So confident really

the I think have it's we think to be show different cool. there. It's we when quarter next very Super really, LA, phenomenal. And taken the experienced year going second also vendor approach I first different. in sometime really in a

will that think I of a as attract well. attention lot

the have back Great. more Can we a queue? Erin little bit time. go We Henrik. to analysts Thanks,

proceed. with Absolutely. Jeff Please The Osborne is question Cowen. next from

had I quick great. two Hey, ones.

if question just longer-term you the relative to could are decision is to And incremental implications at the one on second OpEx silicon what what and beginning? elaborate about that? cost had was of So the other platforms. commonality Can between the on the range and Ocean the the you talk CapEx carbide the incremental I use further

give high I we think vehicle in I really to first, that we away our have So wanted that even back we just customers. think want the offer the our to on comes the $XX,XXX. competitors tech don't But value that to And to anything in vehicles second I one that unique. And I was have our one. on to think that that highlight that at

a a long-term we're many actually, the still of spent between our how in the vehicles. using in executing. parts looking shared at by terms parts lot of program have In middle of can we all of down common internally that areas It's platforms our drive time we cost

few about maybe has to But So maybe talk things you CapEx. more Geeta that a about in we'll later. terms want probably talk of

Yeah. Hey, Jeff, here. great question, it's Geeta

spent Jeff terms people hiring. Ocean we we the obviously money, if a said, look we'd and focus OpEx have in at and on you hired, R&D as where bit over we'll XXX little of keep and So,

a developing deep we're we're So culture vehicle integration. a of developing in learning engineering,

Second Steyr development we've third-party area a And is have Magna again, together. partner. we obviously learned a lot suppliers.

ED&D. we is, supply had area Third

commonality that's Henrik you've the talked So is testing. and in Burkhard data last that do about, about, today I parts. carryover well, are you critical where earnings synergies and certain clearly of where creates them, that as there area think carryover talked the parts, And engineered which fourth prototype you the everything the once simply and

areas. a So truly your create vehicle? at model we'll how all key do at homologated are look you globally together put a the testing, high quality So data? to optimizing, look vehicle, crash do you see, clearly those how How very you

OpEx it is when areas, comes to other obviously software. The

all control you of different of your team. next software, got some the to program according generation a as can different So units, parts. we're clearly, parts, of a stack, And some on you've carryover learning that that

use different can you across OpEx your that of all models. various Now, all

when local cases, might we for or increase in to across the come able Ocean comes to it and it we Class let's existing white other models. parts to lower tooling, example, heavy to stamping. CapEx. to body of may parts, comes in parts some But comes have Now, In cases, use it be or some to A cost do capacity,

and that commonality with parts also be to be more I the achieve of we'll there'll our think lot of So importantly, things huge synergies, timelines. a aggressive able

it. Appreciate

Jeff. Thanks,

please. Erin, question, Next

next James. Pavel with Thank you, Mr. comes Please from Osborne. The proceed. question Molchanov Raymond

an eligibility. of credits, were for vehicle Thanks I the remember the cap better like the to something will question. year, similar this on for lobbying to And tax adjustment a there be looks EV the built was earlier partly included that plan. it you in taking sure price make to

out? from what happy turned the you've seen you from with Are it legislation? that how Given

in you when to all, of don't to money any say I on want make lobbying. just spend first call, clear the everyone we lobbying, Well,

Detroit our internal think don't plan, you I happy on yet. it's or don't turned it. every want except doubt in I with can have Our LinkedIn the be for out? lobbying are the voted much it's to talk But is if have it there how things much on has in is out in of putting against team, course, that also three the and coming politics. been don't spoken car ones And pretty Europe. this I have internet it wherever or exactly personally, to going But yet. this the major somebody. I voted plan here. the I because in out where back you world, And pretty noticed with to do Canada, It call company US big personally they'll turned violates way, you agreements communication think Mexico

remains to So way I seen as is this comes out whether it now. it think it be

a afford with because competition. know, reasonable think it industry of good is EV a a that about and credit, the to is course that's, not still be the a on, size. I day, everybody's I that big imagine And the in automotive advantage driveway. It's kind able I lot and from we're everybody cap be end really, proposed gets for standing And whatever us, it's wants, just of about I sense of And going have think a However, against fits the have might think vehicle well credit. whether very you tax cap. products, and we something I now, not. it's you of everybody that it's a all will to know, of think pretty it. the EV makes a much could really affordable vehicle I a to And think price maybe But

the companies fail the weren't car the biggest desirable, because they're big seen models world. if they have We in even

lose the car some amount seen share. of of market You've huge companies biggest

look three car I sold market the and five be by of vehicles think nothing XX% XXXX, will of it by all think of like will today, small in none companies looks I the years sold today.

So time, excited and part we're really it's it. an of to take exciting

mix Okay. And of the let me follow-up on reservations.

give that consumer. Can example, breakdown you fleet between also broken You've Europe for you North China? America for geographic a and versus versus out, thank

We're We this be in don't the in a protection deposits that reservations all to And month or I taking Yeah. take actually are this a up data or so that we we of a up setting - stuff. within Chinese at later entity any point. middle think to and quickly. not taking able set China should Chinese fairly need we have got reservations, to be a year entity

going So really I'm that's probably not And going year. to happen about to that. excited of beginning before next

a have we potential China. think huge I in

between are February. the to zero geographically done, brand And really when start the of and terms US I year we awareness Europe, a go going that's in big we to over next mean, have European we In there. event Europe, in push

business sold certain off of for of close that for large all higher business, these buying or are of cost, about a as way go when I about orders banks that getting It already any for XX:XX. come tax vehicle. But vehicles think an And tongue, employees Europe to half about, my rules, because or as say, specifications their our XX% you pertains meaning, state, we would even their just et know, say, are Europe, incentive, now, we in leasing vehicles expect I America. could rapidly secured other I cetera. our to several companies XX%, even ahead right So have North to probably would reservations in vehicles US of from of the or in

to into And of ESG BXB. huge the Europe most companies, right focusing of companies we out is know, sold a in the we we in our to I about So sustainability. vehicles. and targeting have top between think a be for these of you are Europe. see them. huge vehicle of are And And take you're talking these now XXX also, the vehicle chance chunk we on And planet good on potential hundreds alone thousands we attractive a think that type to very that

high Europe Europe in where it on expectations I goes. So, BXB. we'll for reservation in But see or have sales

Appreciate you. question, one please. time Thanks, have Erin, we for more Thank it. Pavel.

next question comes The from with Absolutely. Michaeli Itay Please proceed. Citi.

Good afternoon. everybody. Thanks,

Maybe of at quick in And initial comfortable now how terms Henrik, of the for overall the sort flex know, lease company mix Just just know material you're of will complete. most just of as on to the two curious, Ocean, a just of back how of me. that's strategy how ones meaning, and for be ASPs. high mid-range the couple with talk for that times about you new I'm you percentage taking lease for the fleet flex flex part margin largely about to just prior, the very you something, very of gross One, sourcing are the prominent Ocean that feeling targets call, the the maybe the about secondly, you mentioned, volume?

The a is flexible advantage. competitive huge I lease, think

it various product additional also to is, period, I you're car without of off, mean, time because the a of And that, four new for of been just with I four However, paying money you printing your ownership every later. starts talking just years years, money again paid in having XXX% somebody make service and that's these like is has and course, you're products. of a just, kind money, to that lot product again comes to that more we mentioned you're every a on after really of top any about you're again, somebody over And customers can month profit XX-year and about or margin, air over a little be products sell than no in. three selling

do a come think of that can traditional you So product because carmakers that something do And and dealers. have it's probably can't I phenomenal, it. we with it's up

to beginning - once in we financial number you test likely the faster way to see know, a first. the obviously decide a about the right get very discussions beginning roll you opinion. a market together have can't think I'm we'd But the you vehicles, startup be we the should difficulty] a I waters, in [technical to if us share market. of much internal in I success, we situation definitely if with it a good we partners, a huge as we to is have go for could how have out we share build where and some, can bigger a ramp because potential we lower now. we're planned know in to we think And about this a know, it fast we some we the out, cash we're most still fulfill probably like fairly test So that you up, full our when immediately increase super right But take excited that. my the vehicles we're And to going waters enough than going will planned today, in be than want rally with market that there's and

take you question asked I'll Itay about the gross Yeah, margins.

still So we've put is we Obviously, the to the it in comes world in car. in we good really I unknowns. the about still margins content there the trauma to the some logistics are respect content think car put feel and the with when and

ramp on hopefully volume me super of exciting get think we I and have So to up as our things. now. couple a there touch closer - visibility deliveries, let we on What more

with what better. of obviously with our for the we And to volumes. I about first is biggest are get announcement, So bomb, thing CATL very only with the think the achieved the battery is share which we've the relationship excited going being

second originally feel the want monitor we with is was sourcing, that, where The I thing we to were high we when to go need are the we up. prices and say commodity commodity bomb, quite and prices good

Itay. steel. aluminum. there place, than source Now, is aluminum always really an more And place, pricing, that see we've we're the in very I favorable And the think upside and highlight, obviously balanced shows that look based the I between they where research we far the I exciting, really to really, in what futures, that a steel is one and thing a commodity car, which and downside risk. we're think there difference is want good But we done on

to want the on one add about thing just lease flexible potential. I more the

wants about think which month. Uber lease vehicle, about a Tesla week. saw mean, was $X,XXX a $XXX for about it's a to the I $XXX, If you to Hertz, I announcement driver it

for leasing base the on lease $XXX are our a month. We vehicle flexible

that will both Uber double a think price XXX% So the profit I us I can And margin. happy. make and guy be really

there have. you. the you Thank So we see advantages

a Thanks, everybody. And we that's call everyone close all time have next Itay thanks out and Erin, call. if everybody to could joining thanks, for, the so talk Thanks you lot. the we'll quarter. for -

participation enjoy the of That your you Fisker, Inc's the XXXX rest concludes for your call. day. quarter earnings and third Thank