China’s domestic growth in the EV market is partly due to the country having an attractive supply chain structure, with many of the materials needed for battery and EV production easily accessible. From 2009 to 2022, the government poured over $29 billion into relevant tax breaks and other financial incentives, according to the MIT Technology Review. Foa says in 2023 to date, that has grown to 27%. Of these, EVs represent 6-7m, or a 25% share. As a new international EV brand, this presents a vast opportunity for Fisker in China.”Īs of 2022, China represents a third of global vehicle sales with roughly 26m cars, according to Foa. “This will enable us to be on the short list for consumer purchase decisions but with a more feature-rich product. “Fisker is one of only two EV international companies which are viable alternatives to traditional brands,” Foa said. The company expects to have a “steep ramp up in Q3” followed by a monthly run rate of around 6,000 vehicles for the rest of 2023, and 32,000-36,000 units forecast for calendar year 2023.ĭaniel Foa, China board member said that while China has always had high acceptance of traditional internal combustion engine (ICE) international brands, there has been a “rapid shift” to electrification both from government policies and consumer behaviour. Depending on supply chain timelines, Fisker said its four-stage production plan will now shift to performance testing.
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The Zhenjiang-based JV was signed in 2019 and is Magna’s first complete vehicle manufacturing JV in China, with the capacity to produce up to 180,000 vehicles per year.įisker’s first customer vehicle was delivered in Denmark in May, with 55 vehicles made to start the registration and delivery process in Germany and Denmark. It is not yet confirmed whether Magna will manufacture the Ocean SUV for Fisker in China. Magna Steyr has a vehicle manufacturing joint venture (JV) with an affiliate of the Chinese state-owned manufacturer BAIC Group.
“We also visited the Magna joint venture plant here in China, since we are looking at the next step of producing or manufacturing the Ocean here in China, so we can get up to higher volumes of sales here.” “After beginning deliveries in Europe and with first vehicles coming to our US customers on June 23 rd, we are excited to move into the Chinese market later this year,” said Henrik Fisker, CEO and chairman, Fisker. The deal allowed Magna a 6% share in Fisker, worth $3 billion at the time. In 2020, Fisker signed a deal with Canadian contract auto-supplier Magna Steyr to build its Ocean SUV in Graz, Austria. The Fisker Ocean SUV is set to start deliveries in China in Q1 next year Automotive Logistics & Supply Chain Europe 2023.Finished Vehicle Logistics North America 2023.Automotive Logistics & Supply Chain Global 2023.Automotive Logistics & Supply Chain Digital Strategies 2023.Automotive Logistics & Supply Chain Mexico 2023.Automotive Logistics & Supply Chain Livestream.Automotive Logistics and Supply Chain Europe 2022 On Demand.Finished Vehicle Logistics North America 2022 On Demand.Automotive Logistics and Supply Chain Global 2022 On Demand.Automotive Logistics and Supply Chain Mexico 2022 On Demand.Automotive Logistics and Supply Chain Europe 2023 Highlights.Finished Vehicle Logistics North America 2023 Highlights.
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