Electrical automobile startup Fisker mentioned Monday that it spent much less cash in 2022 than it had anticipated, and that it stays on observe to start deliveries of its Ocean SUV this spring and to construct greater than 40,000 autos in 2023.

Shares had been up over 24% in early buying and selling on Monday.

Fisker mentioned that thus far, 56 Oceans have been constructed at manufacturing associate Magna Worldwide’s contract-manufacturing facility in Austria. Fifteen of these had been accomplished earlier than year-end and are getting used for testing by each Fisker and Magna, as the 2 corporations refine the manufacturing course of, take a look at extra options, and work by regulatory approval processes within the U.S., Canada and Europe.

The report comes lower than every week after EV startups Lucid and Nikola underwhelmed with their manufacturing and supply outcomes.

Fisker mentioned beforehand that the Ocean would have about 350 miles of vary in high trims, however CEO Henrik Fisker mentioned Monday that early testing has proven the Ocean has extra vary than anticipated.

“These outcomes reinforce our expectation that, on the time of launch, the Fisker Ocean may have the longest vary of any SUV/Crossover priced under $70,000,” he mentioned.

In base trim, the Ocean has about 250 miles of vary and a beginning value of $37,499; longer-range variations begin at about $50,000.

Fisker expects to finish the testing wanted for regulatory approval of the Ocean subsequent month, and to ramp up manufacturing — and start deliveries — within the second quarter. The corporate reiterated its earlier manufacturing steering — “as much as” 42,400 autos in 2023 — “supplied the availability chain delivers per our forecast and we obtain [regulatory approval] in a well timed method.”

Fisker had “roughly 65,000” reservations for the Ocean as of Feb. 24, up barely from “over 62,000” as of its third-quarter earnings report in early November. As a result of it will likely be in-built Austria, the Ocean will not qualify for the brand new U.S. authorities EV incentives.

Fisker spent a complete of $702 million in 2022, a bit under its steering vary of $715 million to $790 million. The corporate had $736.5 million in money remaining at year-end, together with $57 million raised from its ongoing at-the-market share providing within the fourth quarter of 2022. It at present expects to spend between $535 million and $610 million in 2023.

Fisker is concentrating on a constructive gross revenue margin of between 8% and 12% for the yr and mentioned that it could have constructive earnings earlier than curiosity, tax, depreciation, and amortization, or EBITDA, for the total yr as effectively.

Fisker’s fourth-quarter internet loss was $170.1 million, or 54 cents per share, on income of about $306,000. Each had been in need of estimates: Wall Road analysts polled by Refinitiv had anticipated a lack of 42 cents per share on income of $2.5 million.

Fisker additionally mentioned it has made progress on its upcoming second mannequin, a lower-cost small EV known as the Pear, and it stays on observe to enter manufacturing subsequent yr.

The corporate mentioned it now has “over 5,600” reservations for the Pear, up from “over 5,000” reservations in early November. The Pear, which is predicted to start out at $29,900, can be constructed by Foxconn Expertise Group within the former Lordstown Motors manufacturing facility in Ohio beginning in 2024.