The electric vehicle or EV industry has experienced exponential growth over the last few years
and is continuing to grow at pace.
A concerted societal and governmental push for lower emissions has accelerated the industry's
growth along with increasing affordability of batteries, improved infrastructure, and
government subsidies.
These tailwinds should help the EV market reach $802.81 billion by 2027, demonstrating
a CAGR of 22.6%.
The two companies who are leading the charge in the ev space are Tesla and Fisker, let’s
begin with the lesser known of the two, Fisker.
Fisker claims to have manufactured the most environmentally friendly electric vehicles
ever crafted.
Fisker Inc. announced in July 2022 that demand for its vehicles has been strong and may increase
production.
In July 2022, the 5,000-unit Fisker Ocean ONE limited launch edition sold out globally
in just 30 days and the waitlist, should any become available, numbers over 1,000.
The Fisker Ocean Sport base model and midlevel Fisker Ocean Ultra followed suit with potential
binding orders for the 2023 U.S. allocation selling out in a matter of days earlier this
month.
There are more than 58,000 reservations for the five-passenger, all-electric SUV from
this company, with at least 80,000 reservations projected by the end of the year.
With $851.9 million in the bank at the end of the second quarter, Fisker's excellent
balance sheet is highlighted by a conservative capital structure, a strong liquidity profile,
a strong cash position, and a flexible model that enables quick spending adjustment.
On August 3, 2022, Fisker reaffirmed its full-year 2022 guidance, and the projected commencement
of Fisker Ocean production for November 17, 2022, is still on schedule.
Let’s now move onto perhaps the most well known EV manufacturer in the world – Tesla.
Tesla designs, develops, manufactures, sells and leases fully electric vehicles and energy
generation and storage systems.
The Tesla Model 3 is the company's flagship product with a starting price between $35,000
to $38,000 USD.
Tesla has predicted that despite ongoing supply chain challenges expected to be resolved by
next year, vehicle deliveries would comfortably increase by more than 50% year over year in
2022.
Elon Musk, the company's CEO, offered an optimistic outlook after the most valuable automaker
in the world reported quarterly sales that exceeded Wall Street forecasts at the start
of this year.
In its latest announcement, Tesla stated that it had slashed the delivery waiting time for
its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after
upgrading production lines.
The company says customers can expect to wait for between four and eight weeks for a rear-wheel
drive Model Y sport utility vehicle and 12 to 20 weeks for other versions of the SUV
and Model 3 sedans.
The company is ramping up production with a target of making 22,000 Model 3 and Model
Y cars combined each week by the end of the year.
Although demand for Tesla's electric cars is strong, the company has struggled to increase
production in its Berlin and Texas plants.
Production losses during a two-month COVID-19 lockdown in Shanghai hurt Tesla's profit margin
in the second quarter.
Comparing Fisker and Tesla is a difficult task.
Still, the difference lies in that Tesla has been expanding their market overseas and in
the United States.
In contrast, Fisker has just started the journey and is increasing its presence exponentially
in the United States.
Whilst Tesla still rules the roost, Fisker has hit the ground running in their quest
to emerge as the worlds premier ev manfucaturer.
Can Fisker emerge as the primary force in the EV industry moving forward?
Let us know your thoughts in the comments below and don’t forget to like and share
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I’m James reporting for Kalkine!