Fisker Ocean Unveiled At Los Angeles Auto Show: Here's What Drivers And Investors Should Know

Fisker Ocean Unveiled At Los Angeles Auto Show: Here's What Drivers And Investors Should Know

A highly anticipated electric SUV was unveiled to the media and public Wednesday. Here are the details of the Fisker Ocean from Fisker Inc FSR.

What Happened: Fisker unveiled the Fisker Ocean electric SUV during the media day of the 2021 Los Angeles Auto Show Wednesday.

The vehicle comes with a starting price point of $37,499 before state tax credits and incentives. Higher-end versions of the vehicle have price points of $49,999 and $68,999. The first 5,000 Oceans produced will be the Fisker Ocean One launch editions with price points of $68,999.

Among the key features shown off include a SolarSky roof and a 17.1-inch Revolve rotating screen. A one button mode allows the Ocean to lower all its windows and retract a sliding roof to enact “California mode.” Fisker said the company filed a patent on the swiveling screen technology for the vehicle.

“Our mission is to create the world’s most innovative and sustainable vehicles that are also affordable, and it all starts with the Fisker Ocean as we fully embrace a clean future for all,” Fisker CEO Henrik Fisker said.

Fisker expects the EPA range of the Fisker Ocean Sport to be 250 miles on a single charge. The premium end vehicles have range of 340 to 350 miles on a single charge.

The Fisker Ocean Sport comes with an expected 0-60 mph time of 6.9 seconds. The Fisker Ocean Extreme gets to 60 mph in 3.6 seconds.

The interior of the Fisker Ocean is completely vegan and uses recycled materials. Five passengers can fit in the Fisker Ocean.

Technology included with the Fisker Ocean will allow the vehicle to recharge other electric vehicles, send power to the electrical grid or serve as a back-up source of power for homes in an emergency.

Fisker is offering an option to lease a vehicle using its “innovative Flexee Lease.” This offering comes without a long-term commitment and includes 30,000 annual mile allowance. This subscription like model starts at $379 a month and has a one-time fee of $2,999.

Fourteen colors will be available for the Fisker Ocean.

Related Link: Fisker Shares Rally On $30,000 EV Partnership With FoxConn

Why It’s Important: Fisker has been sharing details of the Ocean and reservation numbers throughout the year. This marked the first time the Ocean was fully featured publicly and the first time several features were announced.

The Ocean is set to begin manufacturing on Nov. 17, 2022, with partner Magna International MGA. Vehicles are expected to be delivered to customers in Europe and the United States in late 2022.

Production is expected to be around 5,000 vehicles a month in 2023. Deliveries to other countries like China will begin in 2023.

Fisker has partnerships with Magna and Foxconn to help develop and manufacture electric vehicles.

FSR Price Action: Shares fell 10% to $21.41. Shares of the electric vehicle company are up 62% year-to-date in 2021.

Disclosure: The author is long FSR shares.

Photo: Business Wire

Posted In: electric vehiclesFisker OceanfoxconnHenrik FiskerLos Angeles Auto ShowNewsTrading Ideas