Benzinga | Nov 4, 2021 08:09AM EDT

Fisker Highlights EV Launch Plans

* Fisker (NYSE:FSR) highlighted its manufacturing partnership with Apple Inc (NASDAQ:AAPL) supplier Foxconn Technology Co Ltd (OTC: FXCOF), a battery supply agreement with Chinese battery firm CATL secured and production for its debut Ocean SUV during its Q3 earnings call.

* Fisker confirmed that it will start production of the Ocean in November 2022, in partnership with automotive contract manufacturer Magna Steyr, and will produce two vehicles a day by Q1 2022. The deliveries are on track to begin in the U.S. and Europe in late 2022.

* The R&D grew by over 100% from its Q2 2021 to $99.3 million.

* CATL will supply an initial annual capacity of over five gigawatt-hours through 2025, with an option to increase volumes.

* The Fisker Ocean will launch with two different battery packs, which will go into prototypes in 2022. The base pack will use a cheaper lithium iron phosphate (LFP) chemistry less energy-dense. The second battery, a nickel-manganese-cobalt (NMC), will have a higher energy density with a greater range.

* Fisker's third-quarter FY21 EPS loss of $(0.37) missed the consensus loss of $(0.35). Fisker generated a revenue of $15,000.

* Price Action: FSR shares traded lower by 3.05% at $17.51 in the premarket session on the last check Thursday.