The electric car company Fisker announced on Wednesday that it is on schedule to start producing its first model, the Ocean SUV, later this month as anticipated and that it has received more than 62,000 bookings for the car, up from more than 56,000 as of early August.
42,400 Oceans will be produced by the end of the year, CEO Henrik Fisker told CNBC. In order to allow Fisker’s suppliers to grow their manufacturing to match Magna’s, The Ocean will be constructed in Austria by a division of Magna International. Production will ramp up in four phases.

According to Fisker, the majority of those cars will be produced in the second half of 2023.
Fisker stated that his team is considering relocating Ocean production to the United States before 2025, but as of right now, there are no concrete plans to do so.
The car manufacturer recorded a net loss of $149.3 million, or 49 cents per share, for the third quarter, compared to a loss of $109.8 million, or 37 cents per share, in the same quarter last year. As of September 30, it still had $824.7 million in cash on hand, including roughly $116 million from a stock sale that was announced earlier this year.

According to Fisker, progress on its second model, a low-cost EV dubbed the Pear, is ahead of schedule.
The Pear, which will be produced by Foxconn Technology Group in the former Lordstown Motors facility in Ohio beginning in 2024, has more than 5,000 bookings, according to the business.