Q4 2021 Fisker Inc Earnings Call

Speaker 1: this year, it's clear that we are the leader in so many areas in our price class. For example,

Clear that we are the leader in so many areas in our price class. For example, there is no really cool looking SUV under $40000, let's just make that clear secondly.

Speaker 1: There is no really cool looking.

Speaker 1: SUV under $40,000. Let's just make that clear. Secondly, when you look at a $50,000 or even a $68,000 SUV, there is nobody that even comes close to us when it comes to range.

When you look at a $50000 or even a $68000 SUV. There is nobody that even comes close to us when it comes to range. The ultra which starts at 49900 comes out at 340 mile range, which is clearly leading of any SUV or crossover in the entire world.

Speaker 1: The ultra, which starts at 49,900 comes out at 340 mile range, which is clearly leading up any SUV or crossover.

Speaker 1: in the entire world. And the same with our fiscal ocean extreme which comes out of 350 mile range plus.

And the same with our physical Ocean extreme which comes out of 350 mile range plus now that's not the only thing that differentiate the physical Rosen extreme and the ultra the extreme of seeing that.

Speaker 1: Now that's not the only thing that differentiates the physical erosion extreme and the alter. The extreme of seeing the highest reservation interest probably...

The highest reservation interest probably because then.

Speaker 1: that we have so many industry leading features, in fact features that no matter what you would pay nobody even offer. Even if you go out and try and buy a $400,000 Rolls Royce you will not have California mode, you will not have you know solar roof, you will not have a lot of the things we have in the fiscal erosion. One of the things that I'm super excited about that normally belongs to supercars.

We have so many industry leading features in fact features that no matter, what you would pay nobody even offer even if you go out and try and buy a $400000 Rolls Royce you will not have California mode, you will not have.

Solar roof, you will not have a lot of the things we have in the fiscal erosion one of the things and I'm Super excited about that normally belongs to Supercars is our torque vectoring system in the powertrain I personally drove it on the test track. It just makes it feel like a race car driver and I think once we get.

Speaker 1: is our torque vectoring system in the powertrain. I personally drove it on the test track. It just makes you feel like a race car driver and I think once we get

Speaker 1: journalists and customers out and experiencing this.

Journalists and customers out in experiencing this sometime later this summer I think we're going to see another amazing uptick in reservation because that is just in this class of its own so with all these extra things in this vehicle I think we just offer that cannot be.

Speaker 1: Sometimes later this summer, I think we're going to see another amazing uptick in reservations because that is just in this class of its own.

Speaker 1: So with all these extra things in this vehicle, I think we just offer that cannot be compared. And I want to answer the last thing, which for me sort of was a natural when I picked up my iPhone and turned it around to watch a movie. I said to our engineers, why can't we just do that in the car? They were grumbling a bit, but finally they said, let's do it. And I have to say our engineering team did it. We have a world's first.

<unk> and I want to ask for the last thing, which for me is sort of was a natural when I picked up my iPhone and turned it around to watch a movie I sets. Our engineers why can't we just do that in the car they were grumbling a bit but finally, just said, let's do it and I have to say our engineering team did it have.

World's first 17.1 inch rotating screen in the extreme of Stan just to push of a button. It rotates you can sit and watch movies.

Speaker 1: 17.1 inch rotating screen in the Xtremis stand up. Just a push of a button, it rotates, you can sit and watch movies.

Speaker 1: And it's, by the way, also, I believe, going to be the highest resolution screen in the world, which again is something that sets the ocean apart.

And it's by the way also I believe going to be the highest resolution screen in the world, which again is something that sets. The ocean apart now what I'm excited about announcing today, which is brand new announcement is our.

Speaker 1: Now, what I'm excited about announcing today, which is a brand new announcement, is our world leading warranty program.

World, leading warranty program and why can we set out a world leading warranty program, but that's because we will have a super high quality car produced with Magna in Austria and of course, we have some extremely high quality international suppliers as well so with this.

Speaker 1: And why can we set out a world leading warranty program? But that's because we will have a super high quality car produced with Magna in Austria. And of course, we have some extremely high quality international suppliers as well. So with this one,

Warranty, we are having a basic warranty of six years and 60000 miles on our powertrain and battery warranty.

Speaker 1: We are having a basic warranty of 6 years and 60,000 miles on our powertrain and battery warranty.

Speaker 1: 10 years and 100,000 miles. So powertrain and battery warranty is 10,000, 100,000 miles. And I think that is one of the key things that's going to get people that haven't had an EV before jumping into a fiscal erosion because they want to feel that comfort that they're going to get the best warranty in the world. And that means we're standing behind our product. It really shows our confidence in the build quality, the technology quality, and the overall durability that we expect of this vehicle.

10 years, and 100000 miles so powertrain and battery once he is 10000 100000 miles and I think that is one of the key things that's going to get people that hasnt had an EV before jumping into our fiscal rules because they want to feel that comfort that they're going to get the best warranty in the world and that means we're spending behind our <unk>.

Product it really shows our confidence in the build quality the technology quality and the overall durability that we expect of this vehicle.

Speaker 1: Now, we think that, you know, what we can see, we have done, of course, our internal data on our buyers, because we are able, because we interact directly with our customers, we're able to go out.

<unk>.

What we can see we have done of course, our internal data.

Our buyers because we are able because we interact directly with our customers. We're able to go out and actually do regular surveys to our existing reservation holders and what we have seen is that they really appreciate.

Speaker 1: And actually do regular surveys to our existing reservation holders.

Speaker 1: And what we have seen is that they really appreciate some of the features we have in the vehicle, but overall design is number one. And that's something again that sets us apart. And of course, it was easy to design a cool car. I assume that most giant automakers will never have a flop, but they obviously do once in a while. So it's not that easy. So that's something I think we're number one in the world and we'll kind of remain that.

Some of the features we have in the vehicle, but overall design is number one and that's something again that sets us apart and of course. It was if it was easy to design a cool car I assume that most of giant automakers will never have a flop, but they obviously do once in a while so it's not that easy so thats something I think we're number one in the world and it will kind of remain that and then number two.

Speaker 1: And then number 2 is our commitment to ESG and just creating the world's most environmental friendly vehicles. And you know, the sustainability aspect of our vehicles go beyond the electrification as the vegan interiors, the recycled materials as the solar roof, you know, all these things are things that

<unk> is our commitment.

Two ESG and just creating the world's most environmentally friendly vehicles and the sustainability aspect of our vehicles go beyond the electrification is the beacon in tiers. The recycled materials is the solar roof. All of these things are things that people care about if they have a choice and can get a sexy sustainable vehicle.

Speaker 1: people care about if they have a choice and can get a sexy sustainable vehicle versus an un-sexy sustainable vehicle or a sexy non-sustainable vehicle, why not get both, best of both worlds? And I think that's what we are seeing in our uptake in the reservations. Now of course, how can we come out with a vehicle this compelling at this great…

Versus and Unsexy sustainable vehicle, our second non sustainable vehicle why not get both best of both World and I think Thats, what we are seeing in our uptick in the reservations now of course, how can we come out with the vehicle. This compelling at this greater price.

Speaker 1: And part of this is, of course, that we have an internal development process, which is focused on developing vehicles for low cost.

And part of this is of course that we have an internal development process, which is focused on developing vehicles for low cost and this goes of course hand in hand, with our asset light business model as well and finally, we have a development process, which is probably the fastest right now in the world.

Speaker 1: And this goes, of course, hand in hand with our ACIDLITE business model as well.

Speaker 1: And finally, we have a development process, which is probably the fastest right now in the world, and it allows us to put in the latest technology, which usually, by the way, is cheaper than the old technology. And therefore, when our customers take deliver a vehicle November .

It allows us to put in the latest technology was usually by the way is cheaper than the old technology and therefore, our customers take deliver of vehicle November they'll get the latest technology that we had only chosen probably last year and even some of the early this year. So when you normally buy a car that technology is probably already three years or four years old.

Speaker 1: they'll get the latest technology that we had only chosen probably last year and even some of the early this year. So when you normally buy a car that technology is probably already three or four years old. So I think that's where we make a difference as well. And I also want to say...

So I think that's why we make a difference as well and I also want to say finally.

Speaker 1: We are seeing a saturation in the luxury EV market.

We are seeing a saturation in the luxury EV market.

Speaker 1: And I think we have to recognize we were the first ones to think.

And I think we have to recognize we were the first ones to think seriously about getting in to creating affordable Evs and I think thats really something that is now showing its fruits by the reservation that we have created and of course.

Speaker 1: seriously about getting in to creating affordable EVs. And I think that's really something that is now showing its fruits by the reservations that we have created. And of course, you know, with the pair that we just decided to go out and open up reservations for, one of the reasons is that we...

With the pair that we just decided to go out and open up reservations for one of the reasons is that we have quite a lot of private.

Speaker 1: quite a lot of private people that had asked if they could put reservations last year for the pair. We were really hesitant to do it that early. We kept on getting some pressure there and then finally, when we now lately have been in discussions, we were able to

<unk> that had asked if they could put reservations last year for the payer. We were really has tend to do it that early.

Kept on getting some pressure there and then finally, let me now lately have been in discussions.

Speaker 1: with some global rental car companies that were interested in larger volumes of both the fiscal erosion and the fiscal pair, I personally thought it would be fair to offer reservations for the private people who already asked for it last year because obviously once we make a deal with a large rental car company they'll scoop up a large amount of these vehicles which will mean it'll be more difficult to get your hands on one of the first ones.

With some global rental car companies so interested in larger volumes of both the fifth corrosion and the fifth compare I personally thought it would be fair to offer reservations for the private people, who already asked for the last year, because obviously once we make a deal with a large rental car company they'll SKU.

<unk>, a large amount of these vehicles, which will mean there'll be more difficult to get your hands on one of the first one so that's really why we opened up the reservations and I also want to say that the payer program. We exited just here last week.

Speaker 1: That's really why we opened up the reservations. And I also want to say that the PAIR program, we actually just here last week passed one of our first engineering milestones on the PAIR program, so it's actually quite on its way. Exterior design is pretty much frozen. Now, why wouldn't we just go out and show this vehicle? Why not just show it and get a lot more excitement around the PAIR? Well, you know, the PAIR looks nothing like the ocean. In fact...

Past one of our first engineering milestones under pre approval grams. So it's actually quite on this way exterior design is pretty much frozen.

Now why wouldn't we just go out and show this vehicle why not just show it and get a lot more excitement around the pair well.

The pair looks nothing like the ocean in fact, it looks nothing like any other vehicle in the world and I, even hesitate to call the car.

Speaker 1: It looks nothing like any other vehicle in the world and I even hesitate to call the car. I call it a mobility device

Mobility device and the reason is that this vehicle is so different and how it looks how its going to function.

Speaker 1: And the reason is that this vehicle is so different in how it looks, how it's going to function. Some of the features

Some of the features some of the way your stores things in this vehicle has never been seen before and Thats not something we want to give away to the competition anytime soon quite friendly.

Speaker 1: Some of the way you store things in this vehicle has never been seen before. And that's not something we want to give away to the competition anytime soon. Quite friendly.

Speaker 1: But I also want to highlight another thing that is the essence of Fisker and what we're doing with technology.

But I also want to highlight another thing that is the essence.

Fisker and what we're doing with technology. So one of the things Thats very important for physical and I think we're taking the first radical.

Speaker 1: So one of the things that's very important for Fisco and web, I think we're taking the first radical step in the world of any automaker is as we always said, we're a digital car company. So our plans in the future is have an overwhelming amount of over the air digital features and updates rather than a whole bunch of hardware options.

A step in the world of any automaker is as we always said were digital car company. So our plans in the future is have an overwhelming amount of over the air.

Digital features and updates rather than a whole bunch of hardware options and what that allows us to create a reoccurring revenue over the lifetime of these vehicles and of course, it opens up totally new.

Speaker 1: What that allows us is to create a recurrent revenue over the lifetime of these vehicles. And of course, it opens up totally new...

Speaker 1: revenue streams, not only for us, but also for example for a

Revenue streams not only for US, but also for example for a global rental car partner, where you don't want any more have to for example, you remember clearly one year at a few years ago had to order a navigation system and you actually have to taken hold back and carried out in the car and put it in there.

Speaker 1: Global rental car partner where you don't anymore have to, for example, you remember clearly when you had a few years ago had to order a navigation system and you actually had to take them a little back and carry it out in the car and put it in there. You know, with our vehicle, we're going to offer probably dozens of over the air upgrades.

With all vehicles, we're going to offer probably dozens of over the air upgrades that you can do in your rental car and that we in our rental car partners can make money on and you're only really need to order. It if you need it and you can actually order that probably anytime during the time of use the car and that of course also go through into our flexible lease where we will own this.

Speaker 1: that you can do in your rental car and that we and our rental car partner can make money on. And you only really need to order it if you need it. And you can actually order that probably any time during the time you use the car. And that of course also goes through into our flexible lease where we will own this vehicle for 12 months.

Vehicle for 12 years and imagine the reoccurring revenue you have over 12 years on a vehicle that has been paid off after probably about four years.

Speaker 1: And imagine the reoccurring revenue you have over 12 years.

Speaker 1: on a vehicle that has been paid off after probably about four years.

Speaker 1: That of course is a long term vision, but I think it's important to have it in there because we are here to redefine the car industry as we know it.

That of course is a long term vision, but I think it's important to have it in there because we adhere to redefine the car industry as we know it now.

Speaker 1: Now, coming back to the ocean here for a moment to talk a little bit about the revenue and the mix of buyers. So about 80% of the ocean reservation holders are planning to buy 1 of the 2 top trims.

Now coming back to the.

The ocean here for a moment to talk a little bit.

About the revenue and the mix of buyers so about 80% of the.

The Ocean reservation holders are planning to buy one of the two top trims and how do we know that again, we went out and we did our own survey without reservation holders. That's one of the advances about being direct to customers. We can do these service and get feedback within 24 hours, so 80% intent to buy one or two chops trims.

Speaker 1: And how do we know that? Again, we went out and we did our own survey with our reservation holders. That's one of the advances about being direct to customers. We can do these surveys and get feedback within 24 hours.

Speaker 1: So 80% intent to buy one or two tops trims, which gives us an average.

Which gives us an average.

Speaker 1: selling price of about $56,000 for the ocean, which of course then will give us an average

Selling price of about $56000 for the Ocean, which of course, then will give us an average.

Speaker 1: Revenue of about already a potential revenue at this point in time was, by the way, we just passed 31,000 orders. I think we announced 30,000 an hour ago, but we actually passed. 31,000 orders, so they just keep coming in faster and with that, we have just passed a potential revenue of 1.7Billion dollars, which I think is amazing.

Revenue of about already a potential revenue at this point in time.

The way, we just passed 31000 orders I think we announced 30000 an hour ago will be actually past 31000 order. So they just keep coming in faster and but that we have just passed a potential revenue of $1 7 billion, which I think is amazing.

Speaker 1: We see it again, as I mentioned earlier with the pair, reservations are coming in fast. I think it shows the outstanding product features and expectations there is to Fisker and the brand that we will deliver something super exciting.

Now.

We see it again as I mentioned earlier with the parent reservations are coming in fast I think it shows.

The outstanding product features and the expectation there is to physical and the brand that we will deliver something super exciting.

Speaker 1: Now finally, conversion of reservations to orders, that's obviously going to be something that we're going to focus on later this year.

Now finally conversion of reservations to orders Thats, obviously going to be something that we're going to focus on later this year.

Speaker 1: We have sort of a placement hold of a website and a configurator. We are planning a very elaborate...

We have sort of a placement holder or a website and a configuration.

We are planning a very elaborate.

Speaker 1: I think industry leading configurator coming out late this summer.

Think industry, leading configuration or coming out late this summer and that will allow people to go into truly configure the vehicles into the minus detail and an incredible engaging way that has not been seen before and after that in October we will start reaching out to customers and firm up their orders.

Speaker 1: And that will allow people to go in to truly configure their vehicles into the minus detail in an incredible engaging way that has not been seen before.

Speaker 1: And after that, in October , we'll start reaching out to customers.

Speaker 1: and firm up their orders and my expectation is that we will be able to firm up orders that mean we will be totally sold out for next year. I mean seeing the rate that we're running in at now is $31,000.

And my expectation is that we will be able to firm up orders.

That are mean, we will be totally sold out for next year I mean.

Seeing the rate that we're running and it now has 31000 I don't see any problem and easily getting way past our goal of 50000 reservations. This year in fact, probably a lot higher so the conversion into 50000 firm orders shouldnt be that difficult I'm fully convinced about that and of course also.

Speaker 1: I don't see any problem in easily getting way past.

Speaker 1: Our goal of 50,000 reservations this year. In fact, probably a lot higher. So the conversion into 50,000 firm orders shouldn't be that difficult. I'm fully convinced about that. And of course, also.

Speaker 1: We're opening a couple experience centers here this summer. Now why we're not blowing millions of dollars on TV commercials and all that, because we have all these orders coming in and I want to have that firepower when I need it. And that's probably going to be more next year, but we of course still have done some marketing in a very innovative, efficient way, which of course is the reason why we keep getting all these orders.

<unk>.

We are opening a couple of experienced centers here. This summer now why are we not blowing.

<unk> of dollars on TV commercials, and all of that because we have all of these orders coming in and I want to have that firepower when I need it and thats, probably going to be more next year, but we of course still have done some marketing.

<unk> innovative efficient way, which of course is the reason why we keep getting all these orders and.

Speaker 1: Now finally, I just want to talk a little bit about the future product that we are planning.

Now finally, I just want to talk a little bit.

About.

The future product.

That we are planning.

Speaker 1: I want to say that you know why somebody is asking you know why you starting the second car when you haven't even start delivering the first one? Well here's why.

I want to say that.

You know why somebody is asking why you're starting the second car when you haven't even start delivering the first one.

Here's why.

Speaker 1: The real market of EVs, and I'm not talking about the EV luxury market, was already starting to be saturated. But if you think about the rest of the car market under $50,000.

The real market of Evs, and I'm not talking about the EV luxury market was already starting to be saturated, but if you think about the rest of the car market under $50000.

Speaker 1: that is so thinly occupied. I mean, if you look at gasoline cars, you have at least a dozen and many segments, two or three dozen alternatives in every single gasoline sector.

That is so thinly occupied.

I mean, if you look at gasoline cards, you have at least adopt some in many segments to a threep doesn't alternatives in every single gasoline segment. Today. There are segments in the Evs that are completely occupied you can't even find the car I challenge you to go and find a real.

Speaker 1: Today, there are segments in the EVs that are completely unoccupied. You can't even find a car. I challenge you to go and find a real sexy SUV, and I didn't say a hatchback or crossover, but SUV for under 40,000. I'm challenging you to find a sexy, high-tech electric vehicle under 30,000.

Sexy SUV and I didn't say a aspect crossover SUV fund of 40000, I'm challenging you to find a sexy hi, Tec electric vehicle under 30000.

Speaker 1: Just anyone. Now, with that in mind, think about what's going to happen in the next two years.

Just anyone now with that in mind think about what's going to happen in the next two years all of this market share is going to be up for grabs and if we are having a vehicle among the very few.

Speaker 1: All this market share is going to be up for grabs. And if we are having a vehicle amount to very few, we will have the ability to take a much larger market share.

We'll have the ability to take a much larger market share than we normally would have if you would have 50 competitors and we don't all these competitors have everybody is talking about is coming out with 60 70, $80000 plus cars, we have come out with vehicles in segments that nobody has even in and nobody's even announce the next two years.

Speaker 1: than we normally would have if you would have 50 competitors, and we don't.

Speaker 1: All these competitors that everybody's talking about is coming out with 60, 70, 80 thousand dollar plus cars.

Speaker 1: We are coming out with vehicles in segments that nobody's even in and nobody's even announced the next two years. And let's face it, even if you announce a car today, it won't come out before 2025. It's a tear.

And let's face it even if you announced a car today it won't come out before 2025 to pair.

Speaker 1: Because we announced it yesterday doesn't mean we started yesterday. We started a year ago.

As we announced yesterday it doesn't mean, we started yesterday, we started that a year ago. So we're already well ahead of the curve. We are well ahead of anybody that we are seeing is real competitors in my view and Thats really what the advances with fiscal <unk>. That's why we are starting not one product not two products.

Speaker 1: So we are already well ahead of the curve. We are well ahead of anybody that we are seeing as real competitors, in my view. And that's really what the advantages with Fisker is. And that's why we are starting not one product, not two products, not three, but four products. So we are sure that we have four segment-lead companies.

The $3 four products. So we assure that we have for.

Segment, leading products in production before 2025, because we want to go out and take a large slice of this pie all of these different segments that we're going into we're going to have the best vehicle and Thats why were going to be able to accelerate.

Speaker 1: in production before 2025, because we want to go up and take a large slice.

Speaker 1: Of this pie all these different segments that we're going into we're going to have the best vehicle and that's why we're going to be able to accelerate in our orders. We're not here to say, hey, let's make 1 car and then 3 years later, let's start another car.

Orders were not here to say hey, let's make one car and then three years later, let's start another car desktop how these times, where the whole world's moving way too fast. The good news is SR. We are moving the fastest and we already took these decisions two or three years ago. So with that I'm sure I forgot a few things for me was.

Speaker 1: That's not how these times work. The whole world's moving way too fast. The good news is Fisker, we are moving the fastest and we already took these decisions two, three years ago.

Speaker 1: So with that, I'm sure I forgot a few things that for me was maybe not so exciting about numbers and how many people and all that. But I know we have a lot of other people to talk about this. I want to hand it over to Bukhar because he has some exciting stuff to talk about when it comes to technology Bukhar. Yeah, thank you, Henrik. Let me start with Fiska or Shabir.

Maybe not so exciting about numbers.

People and all that but I know, we have a lot of other cable people talk about this I want to hand, it over to <unk> because he has some exciting stuff to talk about when it comes to technology Bukhara, Yes. Thank you Henrik let me start with Cisco Ocean.

Speaker 2: As Henrik said, the prototype test and validation program is fully on track.

As Henry said, the prototype test and validation program is fully on track.

Speaker 2: The prototype program has many phases and purposes. Of course, it's to ensure all the components are seamlessly integrated and that all our virtual modeling of performance is coming through in the physical world.

<unk> program has many phases and purposes of course, it's to ensure all of the components seamlessly integrated.

And then on virtual modeling of performance coming through in the physical world.

Speaker 2: But it also has the critical function of keeping very tight the coordination with the supply chain.

But it also enhanced the critical function of keeping very tight coordination with the supply chain.

Speaker 2: Turing that the entire vehicle is ready for launch and that takes on added importance during a time of fragile supply chain.

During the entire vehicles ready for launch and that takes on added importance during a time of free drug supply chains.

Speaker 2: We are able to continuously monitor potential shortages of components and when there are early warning signs, rapidly innovate solutions to de-risk and particular components, any particular component.

We are able to continuously monitor all potential shortages of components and when they are early warning signs rapidly innovate solutions to de risk and particular component in your particular components.

Speaker 2: Here are some quick updates on the prototype process since last quarter.

Just some quick updates on reported that poses since last quarter.

Speaker 2: Testing of a PIRE prototype stage is ongoing. So we're in the midst of a vehicle dynamics calibration and tuning in Italy.

Testing of a player.

A prototype stage is ongoing so we are in the midst of eco dynamics calibration and tuning in Italy. We've also begun cold weather testing in Sweden, where we can test or powertrain and chassis systems in the extreme cold temperatures as well as a variety of snow ice and with road conditions.

Speaker 2: We've also begun cold weather testing in Sweden where we can test our powertrain and chassis systems in extreme cold temperatures as well as a variety of snow, ice and wet road conditions.

Speaker 2: The complete vehicle prototype shop at the assembly facility in Austria is fully operational and the first complete prototype vehicles are coming off the line.

The complete vehicle prototype shop at the Assembly facility in Austria is fully operational in the first complete prototypes vehicles are coming off the line.

Speaker 2: These vehicles will soon start testing all vehicle attributes such as safety, crash test, ADAS, climate comfort, powertrain system performance, the chassis, vehicle dynamics, electrical integration and complete vehicle durability and more.

These vehicles will soon start testing all vehicle attributes such as safety crash test Asos climate control powertrain system performance, the chassis Rico dynamics, electrical integration and complete vehicle durability and more.

Speaker 2: This prototype operation will soon have the capacity to produce up to two cars per day on track with what we set on the Q3 call.

This prototype operation will soon have the capacity to produce up to two cost per day.

On track with what we said on the Q3 call.

Speaker 2: Overall the progress has been very positive. Our confidence in the quality and on-time launch is very high and as Henrik mentioned has given us the confidence to launch Fisk Ocean with an industry leading warranty.

Overall, the poses progress has been very positive positive our confidence in the quality and on time launch is very high and as Henrik mentioned has given us the confidence to launch <unk> with an industry leading warranty.

Speaker 2: I also wish to say a few words on some of the technical aspects of Fiskar pair.

I also wish to say few words on some of the technical aspects of physical payout.

Speaker 2: Fiskars development and recruiting activities so far have led to significant growth in our in-house design and development competence on the entire hardware and software stack both in the US and India. This will be augmented by a powertrain development and technical center of excellence.

<unk> development and recruiting activities, so far have led to significant growth.

In house design and development competence on the entire hardware and software stack both in the U S.

Yes.

This will be augmented by a powertrain development and technical center of excellence.

Speaker 2: We are implementing here in Southern California that will focus on all power chains aspects, both hardware and software, as well as general vehicle benchmarking and root cause analysis.

We are implementing here in southern California that will focus on all powertrains aspects, both hardware and software as well as general vehicle benchmarking and root cause analysis.

Speaker 2: On PAIR specifically, this development of competence and supply chain partnerships leveraging advanced silicon and software solutions is enabling the next generation electrical architecture for Fiska PAIR.

When Penn specifically.

This development of competence and supply chain partnerships, leveraging advanced Silicon and software solution is enabling next generation electrical architecture for fiscal path.

Speaker 2: with the dozens of ECUs in a traditional vehicle consolidated down to a few central computer units.

With the dozens of ease of use and the traditional veeco consolidated down to a few central computer units.

Speaker 2: This planned architecture will support a best-in-class connected high-performance compute ADER system with embedded and cloud-supported machine learning and AI technology.

This planned architecture.

We support the best in class connected high performance compute Adas system.

With embedded in cloud supported machine learning and AI technologies.

Speaker 2: The software-driven ADAS architecture will enable a further leap in safety features and will support level 3 advanced driver assist functions.

This software driven Adas architecture will enable further leap and safety features and will support level three advanced driver assist functions.

Speaker 2: Inside the cabin, the cockpit computer will drive the highest resolution displays with cutting-edge graphic processors.

Inside the Kevin the cockpit computer will drive the highest resolution displays with cutting edge graphic processes.

Speaker 2: The consolidation of ECUs and addition of smart zonal gateway compute adds tremendous capability, but also lowers mass, reduces complexity of the wiring harness and lowers the overall bill of material cost.

The consolidation of <unk>, and addition of smart zonal gateway compute it's tremendous capability.

But also lowest mass reduces complexity of the buying homes and lowers the overall bill of material cost.

Speaker 2: In addition, FISCA will continue to build on our existing over-the-air updatable platform supported by 5G and Wi-Fi 6.

In addition, Cisco will continue to build on our existing over the air update updated both platform supported by five D and <unk>.

Six.

Speaker 2: including, as Henrik has stated, digital lifecycle management with highest level of security, always updated with the newest software and technology improvements.

Including.

As Andrew stated due to lifecycle management with highest level of security always updated with the new software and technology improvements.

Speaker 2: We call it seamless compute from cloud to edge. The car becomes smarter and even safer over its lifetime. Thanks very much.

We call it seem that compute from cloud to edge, the car becomes smaller and even safer over its lifetime.

Thanks, very much now let me turn the call over to Gita. Thank.

Speaker 3: Thank you, Bukhar, and welcome everyone. 2021 was a great year for Fisker, but it also went super fast. We all worked really hard to get to where we are today. We have continued to grow our talented and passionate team, brought on board all our key suppliers, and progressed in every area to get ready for launch.

Thank you <unk> and welcome everyone.

21 was a great year for <unk>, but it also been Super fast we all worked really hard to get to where we are to date. We have continued to grow our talented talented and passionate team brought on board all our key suppliers and progress in every area to get ready for launch we have developed an amazing product back that advanced technology.

Speaker 3: We have developed an amazing product packed with advanced technology.

Speaker 3: All key suppliers are identified, nominated, and on board. We're in full execution mode for the prototype and testing phase, as well as serial tooling for high volume production, and all our partners are fully aligned with the schedule through launch. And as Henrik mentioned, we're feeling really good about customer demand crossing 31,000 reservations for the Pisgah Ocean today.

All key suppliers identified nominated and onboard.

Full execution mode for the prototyping testing phase as well as seasonal tooling for high volume production and all our partners are fully aligned with the scheduled through launch and as Henrik mentioned, we're feeling really good about customer demand crossing 31000 reservations for the fiscal ocean today.

As a startup we have both learned a lot and executed critical milestones in a very short span of time. The ocean development process has generated significant IP at the platform component design vehicle integration level, including cereal tools that we are funding a good deal of these design components.

Speaker 3: We have both learned a lot and executed critical milestones in a very short span of time. The ocean development process has generated significant IP at the platform, component design, vehicle integration level, including serial tools that we are funding. A good deal of these design components and tools can be used for our future vehicles.

And tools can be used for future vehicles as the concept phase of pad is completed we are now identifying carrying over content that will be shared from ocean to panic, given the highly differentiated and unique design of Baird.

Speaker 3: As the concept base of PAIR is completed, we are now identifying carrying over content that will be shared from ocean to PAIR. Given the highly differentiated and unique design of PAIR, we will clearly have new content, but all carryover parts will benefit the bill of materials of both ocean and PAIR.

We have new content, but all carryover parts will benefit the bill of materials of both ocean and path.

Speaker 3: We expect that sharing of components and intellectual property will help us further optimize R&D and CAPEX investments, which would typically be in billions for a traditional OEM. We also anticipate volume-based reductions in general for PAIR due to its intrinsic high-volume expectations and specifically for parts that can be shared amongst all our behaviors.

We expect that sharing of components and intellectual property will help us further optimize R&D and capex investments, which would typically be in billions for traditional OEM. We also anticipate volume based reductions in general for <unk> due to it.

Intrinsic high volume expectations, and specifically for parts that can be shared amongst all our vehicles going beyond vehicle development itself, we've architected the company to scale in every which way.

Speaker 3: Going beyond vehicle development itself, we've architected the company to scale in every which way.

Speaker 3: IT solutions and architectures are generally the least exciting part of the business, but I am personally committed to good process, as this is the only way to scale all aspects, ranging from engineering, supply chain integration, vehicle forecasting and ordering, and customer experience.

I'd solutions and architectures agenda, the least exciting part of the business, but I am personally committed to good process. As this is the only way to scale all aspects ranging from engineering supply chain integration vehicle forecasting and ordering and customer experience.

Speaker 3: all need to be managed seamlessly and efficiently. We've implemented several IT systems from ERP, CRM, PLM, as well as several platforms to create a seamless IT architecture that can be scaled globally for all our vehicle programs and for all customers all over the world.

All need to be managed seamlessly and efficiently we implemented several.

It systems, ERP, CRM PNM as well as separate platforms to create a seamless IV architecture that can be scaled globally for all our vehicle programs and for all customers all over the world. We continue to invest in our critical infrastructure. As this is key for the scalability of our businesses.

Speaker 3: We continue to invest in our critical IT infrastructure as this is key for the scalability of our businesses. We also continue to form our global entities as we will be selling in multiple launch markets clearly beyond United States.

Also continued to form a global entities as we will be selling in multiple launch markets clearly beyond United States. Our teams are now knee deep in Architected and fully integrating systems for a frictionless user journey from the ordering process to create and valuation to financing the ownership experience and personally.

Speaker 3: Our teams are now knee-deep in architecting and fully integrating systems for a frictionless user journey from the ordering process to trade and valuation to financing to ownership experience. I'm personally really excited to announce today that we have nominated JPMorgan Chase in North America and Santander in Europe as our banking partners for point-of-sale retail loans for all our customers.

Really excited to announce today that we have nominated Jpmorgan Chase in North America, and Santander in Europe , as our banking partners for point of sale retail loans for all our customers.

Speaker 3: The customer experience inside and outside the car is supported by our creation of a highly scalable, secure, multi-cloud infrastructure to support PISCAL's future vehicle fleet.

Customer experience inside and outside the car is supported by our creation of a highly scalable secure multi cloud infrastructure to support future vehicle fleet.

Speaker 3: We are utilizing state-of-the-art technologies and provide for bidirectional connection between the vehicle and the cloud. This means that our vehicles and our mobile app are fully intertwined and the changes in the vehicle will be immediately reflected on mobile devices and vice versa. Our over-the-air update strategy is unique and fully driven by Fisker Cloud. This allows us to update individual vehicles as well as portions of all the fleet of vehicles.

Utilizing state of the art technologies and provide bidirectional connection between the vehicle and the cloud this means that our vehicles and our mobile app are fully intertwined and the changes in the vehicles will be immediately reflected on mobile devices and vice versa.

Over the air update strategy is unique and fully driven by physical cloud. This allows us to update individuals' vehicles as portions of all the <unk>.

Speaker 3: Overall, the goal of our digital strategy is to improve the user's ownership experience and develop unique touch points with the customer to create a positive feedback loop.

<unk> of vehicles overall the goal if our digital strategy is to improve the user's ownership experience and develop unique touch points with the customer to create a positive feedback loop.

Speaker 3: The cloud infrastructure is also a key enabler to provide unique experiences to our customers through the human-machine interface.

Infrastructure is.

A key enabler to provide unique experiences to our customers to the human machine interface. We have invested in a state of the art screen and are now focusing on utilizing that not only for intuitive control of the vehicle systems, but also to deliver exciting and useful content to our customers. We are working with multiple technology partners and suppliers.

Speaker 3: We have invested in a state-of-the-art screen and are now focusing on utilizing that not only for intuitive control of the vehicle systems but also to deliver exciting and useful content to our customers.

Speaker 3: We are working with multiple technology partners and suppliers to deliver very unique content in a variety of areas, including data, navigation, music, video and beyond.

To deliver very unique content in a variety of areas, including data navigation music video and beyond we also look forward to making announcements in these areas prior to fiscal Ocean launch and of course. These content opportunities that would be included in all future products to be on ocean as well now let's move to financials regarding the balance sheet as you can see.

Speaker 3: We also look forward to making announcements in these areas prior to fiscal ocean launch. And, of course, these content opportunities will be included in all future products beyond ocean as well. Now let's move to financials. Regarding the balance sheet, as you can see from our cash balance and guidance, we have stayed disciplined with our spending and we have the resources to fund the ocean program launch in November and to stay on track with our other projects in 2022.

From a cash balance in guidance, we have stayed disciplined with our spending and we have the resources to fund the Ocean program launched in November and to stay on track with our other projects in 2022.

Speaker 3: Looking at the ocean ramp, post-November, we are developing a very robust working capital model and are in discussions with several large balance sheet banks for access to asset-backed credit lines to fund working capital needs in a non-dilutive way. It also helps that we have been given industry standard payment terms by many suppliers.

At the Ocean ramp post November we are developing a very robust working capital model and are in discussions with several large balance sheet bank. The access to asset backed credit lines to fund working capital needs in a non dilutive way. It also helps that we've been given industry standard payment terms by many suppliers and of course if it.

Speaker 3: If we feel the need to bolster the balance sheet further, we have shown in the past that we have good access to public market.

Feel the need to.

Both of the balance sheet further we have shown in the past that we have good access to public market finally before turning to the outlook I would like to note that in addition to what <unk> stated about a management of semiconductor and other component supply. We're also very well aware of global challenges and logistics pricing and timing.

Speaker 3: Finally, before turning to the outlook, I'd like to note that in addition to what Bukhat stated about a management of semiconductor and other components supply, we're also very well aware of global challenges in logistics pricing and timing.

Speaker 3: As we plan for sales and after sales, we are taking this challenge head on and are already engaging with third-party logistics suppliers and specialists to plan ahead of time in terms of both inbound logistics of parts to MagnaStyre and outbound logistics of complete vehicles to various launch countries and repair parts to our designated warehouses and service partners.

We plan for sales and after sales we are taking this challenge head on and are already engaging with third party logistics suppliers, especially to plan ahead of time in terms of both inbound logistics of box to magnify and Outback logistics of complete vehicle space launch countries and repair parts to our designated warehouses and service partners.

Speaker 3: Direct-to-customer sales approach means we know where our future customers are and can plan all the way to last mile deliveries way ahead of time.

<unk> direct to customer sales approach means we know of our future customers and can plan all the way to last mile deliveries. We are ahead of time.

Speaker 3: Now turning to our results and outlook, our operating expenses in Q4 line closely with internal expectations and the guidance we provided on our Q3 call.

Now turning to our results and outlook.

Operating expenses in Q4 align closely with internal expectations and the guidance, we provided on our Q3 call.

Speaker 3: Capital expenditure is more than tripled versus Q3 levels, but again, was somewhat below our expectation.

Capital expenditures more than tripled versus Q3 levels, but again were somewhat below expectations. Despite meaningful ongoing work the timing of Capex billing continues to come slower than our forecast operationally the increase in R&D in Q4 versus Q3 was primarily the result of increased head count increased prototype spending and <unk>.

Speaker 3: Despite meaningful ongoing work, the timing of CAPEX billing continues to come slower than our forecast.

Speaker 3: Operationally, the increase in R&D in Q4 versus Q3 was primarily the result of increased headcount, increased prototype spending, and meaningful payments to supplies for engineering design and development.

Meaning for payments to suppliers for engineering design and development increase in SG&A expense in Q4 versus Q3 was the result of higher head count and higher marketing expenses related to the early auto show and other marketing activities turning to our outlook as noted in our press release, our overall non-GAAP Opex plus capex guidance for 2020.

Speaker 3: Increase in SG&E expense in Q4 versus Q3 was a result of higher headcount and higher marketing expenses related to the LA Auto Show and other marketing activities. Turning to our outlook, as noted in our press release, our overall non-GAAP OPEX plus CAPEX guidance for 2022 is $715 million to $790 million.

Two is $715 million to $790 million.

Speaker 3: This compares to a total of $458 million in 2021.

This compares to a total of $458 million in 2021, the bulk of the spend is continued execution of ocean to launch plus cost of running the business with better R&D R&D spending ramp in second half of the year.

Speaker 3: The bulk of the spend is continued execution of OCEAN through launch plus costs of running the business with bear R&D spending ramp in second half of the year.

Speaker 3: Product-related CAPEX is exclusive for Ocean as we do not expect any significant CAPEX on pair this year.

Product related Capex is exclusive for ocean as we do not expect any significant capex on pad this year.

Speaker 3: Happy to answer guidance-related questions in Q&A, but I would like to highlight a couple of very important points.

To answer Guy guidance related questions in Q&A, but I would like to highlight a couple of very important points number one on the engineering side.

Speaker 3: Number one, on the engineering side, our product engineering headcount will transition to spending the bulk of their time on pair over the course of year. Engineering headcount will increase, but we are focused on adding incremental headcount at our development center in India, where there's a lot of talent, but at a lower overall cost.

Engineering head count will transition to spending the bulk of their time on <unk> over the course of year Engineering head count will increase but we are focused on adding incremental head count at our development Center in India, but there's a lot of talent, but at a lower overall cost and as I noted above we will be leveraging significant IP, which is shared between ocean and.

Speaker 3: And as I noted above, we will be leveraging significant IP, which is shared between OCEAN and PEAR program. Number two, I'm very pleased we have green-lit a powertrain development center here in Southern California that will focus on everything from pack design to thermal management to battery management system design. We have already built strong internal capability in these areas, but we are building that out and providing the technology and tools required to increase expertise in this critical area. This center of excellence will also be used for vehicle teardown, benchmarking, as well as root cause analysis, as Bukhar explained earlier as well.

Per program number two I'm very pleased we have green lit a powertrain development center here in southern California that will focus on everything from pack designed to common management battery management system design and we have already built strong internal capabilities in these areas, but we are building that out and providing the technology and tools required to increase expertise in.

These in this critical area. This center of Excellence will also be used for vehicle tag on benchmarking as well as root cause analysis as <unk> explained earlier as well finally, as we approach launch I want to reach for something that is unique to a capital light strategy.

Speaker 3: Finally, as we approach launch, I want to reinforce something that is unique to a capitalized strategy.

Speaker 3: All our manufacturing planning and launch costs with Magna Stire are included in this guidance, including the cost of manufacturing, the initial ocean volume in 2022.

All our manufacturing planning and launch costs with Magna's tire are included in this guidance, including the cost of manufacturing the initial ocean volume in 2022.

Speaker 3: Any sharing of launch costs with our partner, including unabsorbed overhead at the manufacturing facility, are all pre-fixed, pre-negotiated, and included in our guidance, which helps us to avoid the uncertainty and cash spending volatility around the launch period that plagues many startups.

Any sharing of launch cost with our partner, including Unabsorbed overhead that the manufacturing facility all prefixed Prenegotiated and included in our guidance, which helps us to avoid the uncertainty and cash spending volatility around the launch period that plagues. Many startups, we wanted to make that clear for your modeling purposes, I am extremely proud of the entire <unk>.

Speaker 3: We wanted to make that clear for your modeling purposes. I am extremely proud of the entire fiscal team for all the accomplishments in 2021 and the sense of confidence across the entire organization as we look ahead to launch a fantastic vehicle on time and continue to show our innovation and product and our discipline in finance. We're now happy to take your questions.

But all of the accomplishments in 2021 and the sense of confidence across the entire organization. As we look ahead to launch a fantastic vehicle on time and on and continue to show our innovation in product and.

Discipline in finance, we're now happy to take your questions.

Speaker 4: Thanks, Gita. Austin, can you collect the Q&A queue, please?

Thanks, Peter Austin can you collect the.

The Q&A queue. Please.

Yes.

Thank you.

Speaker 5: If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, it is star one.

If you'd like to ask a question. Please press star followed by one on your telephone keypad.

Any reason you would like to remove that question. Please press star followed by two.

Again to ask a question it is star one.

Speaker 5: As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly as questions.

As a reminder, if you are using a speaker phone. Please remember to pick up your handset before asking your question.

We will pause briefly ask question.

Okay.

Our first question is from Dan Levy of credit Suisse.

Speaker 6: Hi. Hi. Good evening. Thank you for taking the question.

Hi.

Hi, good evening, Thank you for taking the questions.

Speaker 7: I wanted to start with, you know, I see your press release. Yeah.

Wanted to start with.

I see your press release, you have guidance on.

Speaker 7: Guidance on on the spend, but maybe you could just comment here. I don't see anything.

The spend but maybe you could just comment here I don't see anything.

Speaker 7: You're giving operating expense, you have them guided to the total EBIT amount given, you know, just factoring in revenue. So, what is a reasonable expectation for in 2022, you know, the number of deliveries that you'll have by the end of the year, you know, given start of production mid-November and just what that equates to or what you expect in revenue on that? Hey Dan, I'm not dumb enough to make that forecast.

Youre getting operating expense you haven't guided to the total EBIT amount given.

And it is factoring in revenue so what is a reasonable expectation for in 2022.

The number of deliveries that you will have by the end of the year given start launch production.

In November and just what that equates to or what you're expecting in revenue on that.

Okay.

Hey, Dan I'm, not dumb enough to make that forecast but.

Hey, Dan joking aside.

Speaker 3: Just for the modeling purposes, I wouldn't want to give this because it's not a material amount.

Just for modeling purposes.

Wouldn't want to give this because it's not a material amount we start Sophie on 17 November and bear in mind December is holiday in the factory.

Speaker 3: We start SOP on 17 November and bear in mind December is holiday in the factory.

Speaker 3: I do think that the time to the vehicles being shipped out of the factory and in the hands of customers, there's always a lag. So for modeling purposes, I would not put too much onus on any meaningful deliveries or revenues at the end of this year. I think what's critical is that we will reach SOP and we will have the capability to have a full year of production and a very seamless ramp up next year. And that's what we are fundamentally.

Do think that the time to the vehicles being shipped out of the factory and in the hands of customers. There's always a lag so for modeling purposes, I would not put too much owners on any meaningful deliveries or revenues at the end of this year I think it was critical is that we will reach SLP and we even have the capability.

<unk> to have a full year of production in a very seamless ramp up next year and Thats, what we are fundamentally fundamentally focused on.

Speaker 7: Great, great. Thank you, Geeta. And then the second question is just between now and the start of production.

Yeah.

Great Great. Thank you Peter and then.

Second question is just between now and the start of production.

Speaker 7: Is there a view on just what the largest pain point is that needs to be addressed, or if there's any, you know, one risk that needs to be monitored more than anything else, just to ensure you have SOP? What's the one variable that needs to be monitored to make sure that you're on time by mid-November, if there is one?

Is there a view on just what the largest pain point is that needs to be addressed or if theres any.

One risk that needs to be monitored more than anything else just to ensure you have thats opinion, what's the one variable.

We monitor it to make sure that you're on time by mid November if there is one.

Speaker 1: Hi, Dan. You know, as you know, we're we are in this sort of little uncertainty in the world around supply chain and chips, as I mentioned already.

Hi, Dan.

As you know where we are.

Our in this sort of little uncertainty in the world around supply chain and chips as I mentioned already.

Speaker 1: We are monitoring that weekly between all our suppliers. You know, MACNA has been amazing here as well because of course

We are monitoring that weekly.

Between all of our suppliers you know Magna has been amazing here as well because of course is not just magna stier. We are working with we are also working with many other magna companies. So as a group this is.

Speaker 1: It's not just Magna Stire we're working with, we're also working with many other Magna companies. So as a group, this is a gigantic corporation and they of course also have a certain amount of purchasing power around the world.

Gigantic Corporation and they of course also have a certain amount of purchasing power around the world.

Speaker 1: So I think so far we have managed that really well and the good news is that you know It's not like we're long if you were launching next week. I might have been a little nervous, but in November

So I think so far we have managed that really well and the good news is that it's not like we are alone. If we were launching next week I might've been a little nervous but in November .

Speaker 1: We have been ahead of the curve, and we have already laid out our expectations to our suppliers. So, so far, I think actually that's.

We have been ahead of the curve and we have already laid out our expectations for our suppliers.

So so far.

Actually that's that's going really well secondly.

Speaker 1: Secondly, you know I was of course always a little complaining to MACNA. Why can't we do earlier this or earlier that? But you know, now that I look at it, it's quite good to see the conservativeness of MACNA.

I was of course always a little complaining to Magna why can't we do earlier this earlier that Budd.

Now that I look at it it's quite good to see the conservative nurse of Magna starting.

Speaker 1: starting prototyping, and I'm flying over, as I said, next year, sorry, next week, to.

Prototyping.

I'm flying over as I said next year, sorry next week to.

Speaker 1: to see one of the prototypes on the line. And you will be making hundreds of prototypes before even SOP.

To see the one of the prototypes on the line and you will be making hundreds of prototypes before even sop.

Speaker 1: And that's very unusual for a startup. So again, we're taking that risk out. I'm not saying SOP is when we built the first handful of cars.

And that's very unusual for a startup so again, we're taking that risk out of not saying ESOP is when we built the first handful of cars. So I think that overall.

Speaker 1: So I think that overall, we are really just monitoring and staying on top of things. And I think that's the key. There's no magic here other than a lot of hard work, but a lot of talented people with incredible suppliers. And that's really what we are focused on.

We are really just monitoring and staying on top of things and I think thats. The key there is no magic here other than a lot of hard work by a lot of talented people with incredible suppliers and Thats really what we are focused on.

Speaker 7: Thank you.

And.

Thank you.

Next question often please our next.

Speaker 5: Our next question is from E.T. McKellie of Citigroup.

Our next question is from <unk> <unk> of Citigroup.

Speaker 4: Great. Thanks. Good afternoon, everybody. Just two questions for me. First, the release mentions the potentially large volume commercial customers for ocean and pair reservation. Just curious if you could share a bit more detail around that size timing. And maybe to what extent these could be rental fleets or even rideshare fleets. Just curious on what you're seeing there.

Great. Thanks, Good afternoon, everybody just two questions from me first the release mentioned potentially large volume commercial customers for ocean and per reservation. Just curious if you can share a bit more detail around that size timing and maybe to what extent this could be rental fleets a rideshare fleet just curious on what youre seeing there.

Yeah.

Speaker 1: Yeah, thank you. You know, we already have a couple of commercial deals, some rideshare groups in Europe . What we're talking about here is much larger deals.

Yes. Thank you.

We already have a couple of commercial deals some rideshare.

<unk> in Europe , what we're talking about here is a much larger deals.

Speaker 1: With international rental car companies and as I mentioned. I think there's a few really innovative rental car companies out there who's seeing the opportunity to get 1st to market with the most exciting. And I also think they're seeing that. Very soon customers not only are going to want to have these, but might even turn to rental car companies to maybe even try the 1st before they buy 1. And then finally the revenue and profit.

With international rental car companies and as I mentioned, I think Theres, a few real innovative rental car companies out there who are seeing the opportunity to get first to market with the most exciting evs and I also think they are seeing that very soon customers.

Not only are going to want to have evs, but might even turn to rental car companies. So maybe even try that first EV before they buy one and then finally the revenue.

Speaker 1: possibilities with modern vehicles like Fisker, with over-the-air options, etc. is a whole new development that has never been seen in the rental car market before. So, you know, we have been in talks with several about some major deals and how we can both benefit from this. And I expect we will do such a deal not within months, but maybe rather within weeks.

Profit possibilities with modern vehicles like Fisker will over their options et cetera is a whole new development that has never been seen in the rental car market before.

We have been in talks with several about some major deals and how we can both benefit from this and I expect we will do such a deal not within months, but maybe rather within weeks.

Speaker 1: But, you know, we're still doing negotiations here. So it's a little too early to give more details on this.

We're still doing negotiations here so it's a little too early to give more details on this.

Speaker 4: That's very helpful, Henryk. Maybe two super quick follow-ups on PAIR. One, I don't know if you could share anything on the initial round of reservations. And also, how should we think about the timing for a formal unveiling of the vehicle?

That's very helpful. Thank you maybe two super quick follow ups on Pier one I don't think is there anything on the initial round of reservations and also how should we think about the timing for.

I guess, a formal unveiling of the vehicles.

Speaker 1: So you know what I mentioned earlier, normally I wouldn't have mind unveiling it later this year, but this is so radical, this vehicle, and I think if we can have a head start of a couple of years over anybody else.

So what I mentioned earlier normally I would.

Wouldn't mind unveiling it.

Later this year, but this is so radical as vehicle and I think if we can have a head start of a couple of years or anybody else.

Speaker 1: That's going to be phenomenal for the type of market share we can take. My my goal is that we will ultimately produce over a million pairs a year sometime after 2025. Obviously, that's going to demand multiple factories and multiple continents. But I think this vehicle has the potential of being iconic globally.

That's going to be phenomenal for the type of market share. We can take my my goal is that we will ultimately produce over a million pairs a year.

Sometime after 2025.

Obviously, that's going to demand multiple factories in multiple continents, but I think this vehicle has the potential of being iconic globally.

Speaker 2: It's designed not to fit in a segment. But to fit in a future lifestyle, and we just don't want to give that. Revolution away to anybody else, so we're not going to show that vehicle probably for. Later next year, got it. That's all very helpful. Thank you.

Its designed not to fit in the segment.

To fit in our future lifestyle, and we just don't want to give that revolution away to anybody else. So we're not going to show that vehicle probably for later next year.

Got it Thats all very helpful. Thank you.

Thank you for your time next question. Please.

Speaker 5: Our next question is from Jeffrey Ambuhan of Tudor.

Our next question is from Jeffrey <unk> of Tudor.

Good afternoon, everyone and thank you for taking my questions.

Speaker 8: Maybe first on Pear, following the news yesterday on the reservations opening up, which I think is a bit sooner than folks might have been expecting, as you alluded to. So, I'm very excited to hear about your commentary on that. My question on it is about the minimal production of 250,000 units that came with the news, which I know you've spoken to before, is an ultimate short-term target for maybe a 150 range, you know, if a greenfield facility was the route that you went. But, you know, just given the challenges that other automakers have faced in designing and bringing a sub-$30,000 all-electric vehicle to market, it'd be great if you could just speak to, you know, what you see as some of the gaining factors or key milestones in reaching that level of production, and what differentiates Fisker's plans from competitors, just as we try and get a sense for all the moving pieces in terms of, you know, what parts of the supply chain are streamlined with park sharing with the ocean, how you think about battery supply and sourcing, and then, of course, you know, what you all think about as you internally forecast demand.

Maybe first on payer following the news yesterday on the reservation is opening up which I think is a bit sooner than folks might have been expecting as you alluded to so I'm very excited to hear about your commentary on that my question on it is about the mineral production of 250000 units that came with the news, which I know you've spoken to you before as an ultimate short term target versus maybe a $1 50.

Range.

Greenfield facility was throughout that you weren't but just given the challenges that other automakers showcase in designing and bringing a sub $30000 all electric vehicle market. It would be great. If you could just speak to what you see as some of the gating factors are key milestones in reaching that level of production and what differentiates jesters plans from your competitors.

Just as we try and get a sense for all the moving pieces in terms of what parts of the supply chain or streamline with park sharing with the Ocean. How you think about battery supply and sourcing and then of course, what you. All think about is we internally forecast demand.

Speaker 1: Yeah, I mean, look, having already received over a thousand reservations, I think the demand of of two hundred and fifty thousand is is easily going to be achieved. Obviously, the Ohio factory, the Foxconn.

Yes, I mean look having already received over 1000 reservations I think the demand too.

250000.

Usually going to be achieved.

Obviously, the Ohio factory Fox Com.

Speaker 1: have obtained gives us even higher potential than that.

<unk> have obtained gives us even higher potential in that but coming back to some of the other areas of supply chain.

Speaker 1: But coming back to some of the other areas of supply chain, you know, as you know, we signed a deal with CHL last year. That's the world's largest manufacturer of battery cells.

As you know we signed a.

Deal with CHL last year, that's the world's largest manufacturer of battery cells.

Speaker 1: And in that deal is our ability to increase the volume by giving them at least 12 years.

In that deal is.

Our ability to increase the volume by giving them at least 12 years. So the heads up I'm, sorry, 12 months, it's up.

Speaker 1: So the heads up, sorry, 12 months. So it's up. Sorry about that. I'm going to say 12 months. So 12 months heads up and then we can increase volume. Here's the interesting thing. Is that.

Sorry about that everyone I am sorry, 12 months.

So 12 months heads up and then we can increase volume here's the interesting thing is that.

Speaker 1: I think once you have developed a battery module together, and once you have developed battery packs together, it's a lot easier to increase the volume than if you just randomly are going around to different battery makers buying cells and making them, making battery packs yourself. Because that becomes...

I think once you have developed a battery module together and once you have developed battery pack together, it's a lot easier to increase the volume than if you just randomly at growing around to different battery makers buying sales and making them, making battery packs yourself because that becomes <unk>.

Speaker 1: much more difficult when you have to suddenly increase the volume. So I think that the relationship that we have with CHL has been built over many years. It's going to help us get to the volume we need. And of course, let's also not forget, I think it's pretty public knowledge that Foxconn is also very

Much more difficult when you have to suddenly increase the volume. So I think that the relationship we have with <unk> has been built over many years is going to help us get to the volume we need and of course, let's also not forget I think it's pretty public knowledge that Fox Con is also.

Speaker 1: into wind with CHL. So I think we got two conglomerates.

Barry.

Into wind with CHL. So I think we got to conglomerates that have both interest in the <unk> program.

Speaker 1: that have both interest in the PAIR program, specifically when we talk about these type of volumes.

Specifically when we talk about these type of volumes.

Speaker 1: And specifically, when we talk about making these vehicles globally and potentially, eventually make battery cells and packs locally near these factories. And I think that's really the advantage about this program. You know, what's happening right now in the EV world is that every manufacturer around the world is launching random EVs, and they're usually projected to make 50,000 to 100,000 of those EVs.

Specifically, when we talk about making these vehicles globally and potentially eventually make.

Battery sales and packs locally near these factories and I think that's really the advantage about this program whats happening right now in the EV World is that every manufacturer around the world is launching randomly evs and they are usually projected to make 50 to 100000 of those.

Speaker 1: And we're making a vehicle where we think the potential is one million in a market where you can easily sell one million if you have an incredible vehicle. And that's really different with this vehicle. And suppliers love the idea of being able to supply one part in a million parts.

And we're making a vehicle where we think the potential is $1 million in a market, where you can easily sell $1 million. If you have an incredible vehicle.

And that's really the difficult different with this vehicle and suppliers love the idea of being able to supply one part in 1 million parts, there's nothing better for our supplier and that's really was the aim of this product. It was not just to do another EV, where we think we can make 100000 of them he was really.

Speaker 1: There's nothing better for a supplier. And that's really was the aim of this product. It was not just to do another EV where we think we can make a hundred thousand of them. It was really to break that mold.

To break that mold, which has been the success model of the gasoline vehicle industry of the big companies, but nobody has achieved that yet and I think we can achieve it with this but it means we need to have an outstanding product and we do we have an outstanding product.

Speaker 1: which has been the success mold of the gasoline.

Speaker 1: vehicle industry of the big companies. But nobody's achieved that yet, and I think we can achieve it with this, but it means we need to have an outstanding product, and we do, we have an outstanding product.

Thanks, a lot for your time.

Just any detail there.

Speaker 9: Austin, I'm going to break in for a couple of minutes and ask a couple of questions that came in through the SAFE platform that we use to take retail investor questions. I'm going to ask two. First one is, when can we expect to see the Fisker Experience Centers begin to open to the public? When will advertising start? How is Fisker planning to deliver vehicles and service them?

Sure Austin Im going to break in for a couple of minutes and after a couple of questions that came in through the same platform that we use to take retail investor questions.

I am going to ask two.

First one is when can we expect to see the fifth car experience centers begin to open to the public when will advertising start how spec or planning to deliver vehicles and service them.

Speaker 3: Hey Dan, I'll take that question. So advertising can mean a lot of things. And if the person who's asked the question means broadcast commercial, meaning commercials on television, it's unlikely we would ever pursue something like that until we are way down the road.

Hey, Dan I'll take that question, so advertising can mean, a lot of things and if.

Yes.

The person who asked the question it means broadcast commercial meaning commercials on TV it's on.

Unlikely, we would ever pursue something like that until we are way down the road. Because these are expensive. These are very high dollar items and I think Super Bowl alone is about $20 million. After all we are sold out well into 2023, the marketing that we've been doing so far is very cost efficient and it's intended to.

Speaker 3: Because these are expensive. These are very high dollar items and I think Super Bowl alone is about 20 million dollars. After all, we are sold out well into 2023. The marketing that we've been doing so far is very cost efficient and it's intended to provide awareness for the brand and the Ocean product and it includes a direct engagement with our customers.

Provide awareness for the brand and the Ocean product and it includes a direct engagement with our customers now pursuing that and unveiling all the details of this corrosion in November has led to a major increase in demand and brand awareness as you can see in our reservation numbers on the experience side.

Speaker 3: Now, pursuing that and unveiling all the details of this corrosion in November has led to a major increase in demand and brand awareness, as you can see now reservation numbers on the experience side.

Speaker 3: We do expect to have two flagship experience centers, one here in L.A. and one in Munich this summer and with more to come. We are developing plans in-house for very cost-effective, customer-centric concepts that take care of test drives, experiences, and vehicle deliveries, which are now in process.

Do expect to have two flagship experience centers, one here in la and one in Munich. This summer and more to come we are developing plans in house for very cost effective customer centric concepts that take care of desk drive expenses in vehicle deliveries, which are now in the process.

Speaker 9: Thanks, Gita. Second question, what's Magna's maximum annual capacity for Ocean? How fast can they scale if Cisco Ocean sales ramp up much faster than you projected? So, you know, with Magna, we laid out, I think, a very conservative plan, originally of about $5,000 per month. However, of course, Magna is an experienced contract manufacturer, and we are going into, I believe, the biggest

Thanks Keith.

Question, what's magna's maximum annual capacity for Ocean, how fast can they scale, if heska ocean sales ramp up much faster than you projected.

With Magna, we laid out I think a very conservative plan.

Originally of about 5000 per month. However of course Magna is a experienced contract manufacturer and we are going into I believe the biggest haul that they have in their plant.

Speaker 1: haul that they have in their plant, super modern, modern equipment, and it would allow us to next year easily get over 7,500 units per month in the second half.

Modern modern equipment and it would allow us to next year.

Get over 7500 units per month in the second half.

Speaker 1: If we have the demand, it looks like we do have the demand. So I think that will happen in 2024. I think it's open to well over 10,000. It's going to, you know, really come down to if you want to invest a little bit extra to really get the demand or sort of the monthly rate way over 10,000. But I don't I think with Maxa, you know, the good news is that they have such a.

If we have the demand and it looks like we do have the demand. So I think that will happen.

In 2024, I think it's open to well over 10000 is going to.

Really come down to if we want to invest a little bit extra to really.

Get the demand.

The monthly rate way over 10000, but I don't I think with Max and the good news is that they have.

<unk>.

Speaker 1: Smooth running facility is gigantic that I think I wouldn't say anything is possible. We probably couldn't make a 1Million vehicles there, but we can make a lot of vehicles. They have extra land. We have a lot of capabilities to expand. So I think we'll be fine with Magna in terms of being able to expand if demand is there.

Smooth running facility is gigantic that I think.

I wouldn't say anything is possible will be perfect couldn't make a million vehicles, there, but we can make a lot of vehicles. They have extra land. They have a lot of capabilities to expand so I think we'll be fine.

In terms of being able to expand if demand is there.

Speaker 9: Thanks, Henrik. Austin, can we go back to the analyst queue, please, for the next question?

Thanks, Henrik Boston can we go back to the analyst Q pleased for the next question.

Speaker 5: Of course. Our next question is from Adam Jonas of Morgan Stanley .

Of course.

Our next question is from Adam Jonas of Morgan Stanley .

Speaker 10: Great, just two questions. How do you plan on funding the pair? Because let me

Great just two questions.

How do you plan on funding the pair.

Because you pulled forward or kind of versus expectations and opened up a reservation book earlier, you are providing a lot more detailed earlier, even if we can't see it I think anyone on the call here I would expect that the ocean won't fund the pair.

Speaker 10: expectations, you know, opened up a reservation book earlier. You're providing a lot more details earlier, even if we can't see it. I think anyone on the call here would expect that the ocean won't fund the pair over the next 12 months or so, at least. So, and you're guiding to 800 million of cash usage. So, folks are wondering, you know, does the pull forward of reservation opening also be paired, pardon the pun, with a pull forward of capital needs? And my follow-up question is, when is the Austria health driver?

Over the next 12 months or so at least so and youre guiding to $800 million of cash usage. So folks were wondering.

Does the pull forward of reservation opening also.

Third pardon upon was a pull forward of capital needs and my follow up question is when does the Austria, that's driving that.

Speaker 3: I'll take the first one, Adam, and maybe Hendricka Bukart can take the second question. So, to answer your

I'll take the first one Adam.

Maybe <unk> can take the second question. So to answer your first question Adam the guidance that we're giving eight includes full ocean delivery started production in November and it also takes into account other projects, which obviously critically is bearing all the other items.

Speaker 3: First question, Adam, the guidance that we're giving, it includes full ocean delivery, start of production in November . And it also takes into account.

Speaker 3: other projects, which obviously critically is FAIR and all the other items we mentioned throughout the year.

As we mentioned throughout the year.

Speaker 3: There are certain overlaps between the two programs. Of course, our internal headcount, it will go from 400 to 800. We are doing some cost management strategies by having headcount in India and other low-cost jurisdictions.

There are certain overlap between the two programs of course, our internal head count. It will go from 400 to 800, we are doing some cost management strategies by having head count in India and other low cost jurisdictions. We're also looking at a significant carryover content, where we have either in <unk>.

Speaker 3: We're also looking at a significant carryover content.

Speaker 3: where we have either invested in E-D&D or E-D&D in tools. So that's the exercise that we've just completed and we continue to complete. So with the guidance we've given, we do project that for this year, we will be able to get Pear to a very good place. Now, we're very glad that we did the convert deal.

<unk> and <unk> or <unk> in tools. So that's the exercise that we just completed and we continue to complete so with the guidance. We've given we do project that this year, we will be able to get per to a very good place now we're very glad that we did the convert deal in August .

Speaker 3: And we effectively raised capital at nearly $20 a share. And we did the cap call at $32. Now, we knew it was the right thing to do to fully de-risk our spending needs in 2022, even though we do believe our valuation will be much higher in the longer term. Now, you're absolutely right. You can never have too much capital in this business. And we are talking to banks about working capital asset back lending when it comes to working capital needs for Ocean and beyond.

And we effectively raised capital at nearly $20 a share and we did the cap call. It $32 now we knew it was the right thing to do to fully Derisk, our spending needs in 2022, even though we do believe our valuation will be much higher in the longer term now you're absolutely right you can never have too much capital in this business and we.

We are talking to banks about working capital asset back lending when it comes to working capital needs for Ocean and beyond now I don't expect that we would use revenues from any of our programs to only fund we even have to look at all different kinds of capital because they are in growth mode. We have to bring full vehicles to market by 2000.

Speaker 3: Now, I don't expect that we would use revenues from any of our programs to only fund. We will have to look at all different kinds of capital, because we're in growth mode. We have to bring four vehicles to market by 2025, and if I would say that we could do that with 1.6 billion, then I think we would be the best acquisition target for any traditional OEM. So, I do think that we would look at effective ways of using our IP, effective ways of using our existing capital, effective ways of maximizing return. We, I do think at some point next year, we will need money for CapEx on pair, and at that point in time, we will look at potential opportunities, which are non-dilutive, and if there's an opportunity for us to consolidate our balance sheet, as I said before, we will grab that opportunity.

25, and if I would say that we could do that with $1 6 billion. Then I think we would be the best acquisition target for any traditional OEM. So I do think that we would look at effective ways of using our IP effective means of using our existing capital effective ways of maximizing return.

I do think at some point next year, we will need money for Capex on Pan and at that point in time, we will look at potential opportunities, which are non dilutive and if there is an opportunity for us too.

Consolidated balance sheet as I said before we will grab that opportunity.

Speaker 10: Thanks, Kita. What was the second question? When can we go to Vienna? I missed the first video. When are we going to Vienna? When are we going to Vienna?

Thanks, Peter what was the second question when can we go to VNS phosphate.

Are we going to be I don't want to get like black from a balcony.

Oh, sorry.

Speaker 1: Hey, it's snowing over there, so, no, we will, so I think we're planning here in the summer to get over and get a few people over to do some test drives, that's still the plan.

Hey, it's knowing over there so no we will so I think we're planning here of the summer to.

To get over and get a few few people over.

To do some test drives.

Speaker 1: Uh, we have our race car driver, uh, that's Abby Eaton, British risk, a female race car driver who is going to come over as well, uh, and do some fine tuning and set up. And hopefully she can, uh, take you out and take you out in one and scare you and shake you up a bit. Cause this thing is amazing. I look forward to it.

Well the plan.

We have our race car driver.

That's at the Eden produce risk female race car driver, who is going to come over as well.

Do some fine tuning and setup and hopefully she can take you I'd take you out in one scare you and secure a a bit because this thing is amazing.

Look forward to it thanks Henrik.

Speaker 9: Okay, thanks for your question, Adam. I think we have time for one more and then I'm going to turn it back to Henrik for one more thing. Thank you. Do we have one more question in the queue, please?

Okay. Thank you. Thanks for your question Adam I think we have time for one more and then we have then I'm going to turn it back to Henrik for one more thing. Thank you.

Do we have one more question in the queue.

Speaker 5: Our final question is from Pavel Molkinov of Raymond James.

Our final question is from Pavel <unk> Raymond James.

Speaker 11: Yeah, thanks very much. Um, on the 30,000 reservations for the ocean, I know you haven't broken out the geographic mix, uh, kind of country by country is it is the distribution evolving along the same kind of trajectory that you would have expected a year or six months ago?

Yeah. Thanks, very much on the 30000 reservations for the Ocean I know you haven't broken out the geographic mix kind of country by country.

Is it is the distribution evolving along the same kind of trajectory that you would've expected a year over six months ago.

Speaker 1: So first, I'm happy to say that during this call, we broke 31,000 reservations. So we actually did 31,000. And that's on ocean specifically, not ocean and pair. Yeah, that's just ocean.

So first I'm happy to say that during this call. We broke 31000 reservations directly to 31.

And that's on Ocean, specifically not ocean and pair, let's just ocean. So geographically sort of high level I think we're about 80% North America, 20% Europe .

Speaker 1: So geographically, sort of high level, I think we're about 80% North America and 20% Europe .

Speaker 1: We, you must remember we haven't really officially launched in Europe yet. So we are going in a couple of weeks to the mobile world conference in Barcelona and Spain to launch. The vehicle officially, we expect, I think, 40 or so European journalists to attend that event specifically to review the ocean. So I'm very excited about that. We'll have staff and myself over there.

You must remember we haven't really officially launched in Europe , yet. So we are going in a couple of weeks to the mobile World Conference in Barcelona in Spain to launch the vehicle officially we expect I think 40 or so European journalists to attend that event specifically to review the ocean.

So I'm very excited about that will have staff and myself over there 2% the vehicle.

Speaker 1: the vehicle and of course that should drive hopefully a lot of press in Europe and that would kind of become our first launch. I've given the task to our VP of marketing sales in Europe to actually get closer to Europe becoming I think about 40 percent.

Of course that should drive hope that a lot of press in Europe , and that was kind of become our first launch of given the task of our VP of marketing sales in Europe to actually get closer to Europe , becoming I think about 40%.

Speaker 2: Maybe even higher, I think with some of the latest push that's happening in Europe . On electrification, I think we can definitely get to a 40% share in Europe , maybe even 50% if some of the. European governments continue to push for electrification as hard as they have. The other thing that probably will push suddenly. Reservations up in Europe is going to be the fleet orders. Fleet is big in Europe and our.

Maybe even higher I think with some of the latest push that's happening in Europe .

On electrification.

I think we can definitely get to our 40% share in Europe , maybe even 50% if some of the European governments continue to push for electrification as hard as they have.

The other thing that <unk> pushed suddenly reservations op in Europe is going to be the fleet orders fleet is big in Europe in our Ocean is definitely right spot on for our fleet sales in Europe , specifically because of the utility of being an SUV, but an aerodynamic SUV that then also.

Speaker 2: The ocean is definitely right spot on for fleet sales in Europe , specifically because of the utility of being an SUV, but an aerodynamic SUV that then also have an incredible long range. You know, in Europe , we have our two vehicles having a range over 600 kilometers.

<unk>, an incredible long range.

We have our two vehicles, having a range over 600 kilometers, which barely any other vehicle have in this segment, even close to that so thats something thats important for fleet customers because they're used for sales representatives executives et cetera.

Speaker 1: which barely any other vehicle have in this segment, even close to that, so that's something that's important for fleet customers because they're used for sales representatives, executives, etc. So I see that Europe will see a big push here in the next six to nine months, as we

I see that.

Europe will see a big push here in the next six to nine months as we move forward.

Speaker 9: And thanks Pavel Henrik. I'm going to turn it back to Henrik for one more comment and then we're going to close the call. Yeah, everyone.

Thanks Pavel.

I'm going to turn it back to Henrik <unk>.

One more comment and then we're going to close the call.

Speaker 2: Thank you, Dan. So actually, I do want to say thanks to Dan, because Dan has been part of this incredible start-up phase that we've gone through, and now that we're sort of levering out and...

Thank you Dan So actually I do want to say, thanks to Dan because that has been part of this incredible.

<unk> phase that we've gone through and now that we're sort of levering out.

Speaker 1: Everything is running. Dan has decided to take up a new challenge, Dan, so I wish you all the best for that and maybe you can tell a bit about what that is. I'm sure people would like to know.

Everything is running ban has decided to take up a new challenge then so I wish you all the best for that.

Maybe you can talk a bit about what that is im sure. If you would like to know yes. Thanks, Thanks, Henrik listen when I decided to come to <unk> because.

Speaker 9: Yeah, thanks. Thanks, Henrik. Listen, you know, when I decided to come to Fisker, it was because I thought the company had the perfect strategy for building a car company in the 2020s.

Because I thought the company had the perfect strategy for building a car company in the 2020 and everything I've seen since I joined has only increased my confidence in that view.

Speaker 9: And everything I've seen since I joined has only increased my confidence in that view. But I am going to go back to a company I used to work for for a few years called Mobileye, who is going to be.

But I am going to go back to our company I used to work for a.

A few years called mobile I was going to be.

Speaker 9: publicly announced an IPO coming up in Q2. Ultimately, I decided that the chance to go back to my roots with a company that I've missed greatly, that I only left because there was little use for my skills once Mobileye wasn't public anymore, help them go public again was the right decision for myself and my family. I'm really, really fortunate to be starting a new exciting opportunity, but also

Public announced an IPO coming up in Q2.

Ultimately I decided that the chance to go back to my roots with a company that I've missed greatly that I only left because there was little use for my skills. Once once mobile I want the public anymore help them go public again, what's the right decision for myself and my family I am really really fortunate to be starting a new exciting opportunity, but also <unk>.

Speaker 9: able to remain a long-term shareholder in Fisker and a Fisker Ocean owner very soon. Well, Dan, we are going to send you that Fisker Ocean, but it's going to be without cameras. You're going to have to pay for that yourself. So I do want to also say, you know, Eduardo Reyes from ICR, of course, has been with us.

To remain a long term shareholder in <unk> and a fifth corrosion owner very soon well then we are going to send you that fisker ocean, but it's going to be without cameras, you're going to have to pay for that yourself.

I do want to also say.

Eduardo raised from IC are of course has been with US since we went public and he will continue to support us as well as our in house IR, Andrew Mcfarland as well, which is here always on the call. So we have adequate support I think in that area and then finally I just wanted to say.

Speaker 1: Since we went public and he'll continue to support us as well as our in house. I are Andrew as well, which is here always on the call. So we have adequate support, I think in that area. And then finally, I just want to say.

Speaker 1: I am super excited to fly to Europe next week and get in an ocean. One of these first vehicles coming off the production line, so stay tuned. I think that's going to be super exciting. Thank you very much for attending everybody. Thanks everyone for joining the call. Thanks Austin. We're going to sign off. Thanks very much everybody.

I am Super excited to fly to Europe next week and get in an ocean. One of these first vehicles coming off the production line. So stay tuned I think thats going to be Super exciting. Thank you very much for attending everybody. Thanks, everyone for joining the call. Thanks Austin.

Fine off thanks, very much everybody.

Okay.

Speaker 5: That concludes the Fisker Incorporated fourth quarter 2021 earnings call. Thank you for your participation. You may now disconnect your line.

That concludes the <unk> incorporated fourth quarter 2021 earnings call.

You for your participation you may now disconnect your line.