Fisker Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Fisker Inc. fourth quarter and full year conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Dan Gallops, BP Investor Relations. Thank you. Please go ahead, sir.

Thanks a lot, David, and welcome everyone to Fisker's inaugural earnings call discussing Q4 2020 results, the 2021 financial outlook, and a comprehensive update on the business. Joining me on the call are Henrik Fisker, Chief Executive Officer, Dr. Bukhar Khunka, Chief Technology Officer, and Dr. Geeta Gupta-Fisker, Chief Financial Officer. One thing before I read the disclaimers, the outlook released today does not assume any impact from the MOU announced with Foxconn yesterday, so keep that in mind. Before turning it over to Henrik, be advised we will make forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, future financial or operating performance. Our expectations and beliefs regarding these matters may not materialize. Actual results in financial periods are subject to risks, uncertainties that could cause actual results to differ materially from those projected. These risks include those set forth in the press release we issued earlier today, as well as those more fully described in our filings with the FCC. Forward-looking statements in this presentation are based on information available to us as of today. We disclaim any obligation to update any forward-looking statements except as required by law. We'll reference our financial measures that don't conform to general accepted accounting principles during today's call, including adjusted operating loss, free cash flow, This information may be calculated differently than the non-GAAP data presented by other companies. Quantitative reconciliation of our non-GAAP financial information to the directly comparable GAAP financial information appears in today's earnings release. With that, I'm happy to turn the call over to Henrik.

Thank you, Dan. Welcome, everybody, to Fisker Inc.' 's first earnings call. I'm extremely excited about all the accomplishments we have achieved over the last six months, so both in 2020 and 2021 until now. And it really has, I think, put forward the vision of what Fiskaring is and has, I think, really put to life our business model. And most people are starting to understand how competitive we really are going to be What we have completed so far is we, of course, completed the merger and listed publicly on New York Stock Exchange. We kicked off the Ocean program, completed PPS milestone in November last year. And then we have accelerated hiring. We have about 148 people as of today. And a lot of people we have hired are really amazing, talented people, both from within the car industry, but also a lot of people from without the car industry, from the tech industry, for instance. We have nominated dozens of global suppliers. We have nominated our battery cell supplier, which is extremely important, ADAS, as well as domain controllers. Plant specifications have improved quite a lot, and that's something I think is really important to emphasize compared to what we showed back in 2020. Daily reservations rate up 400% sustainably since we listed publicly, and we are now at about 12,467 total reservations. In summary, Fisker completed all of our 2020 goals on time and on track to launch the ocean on time, starting at $37,499 next year. On our business model, we are reinventing the automaker's business model in a different way than anyone else. And that alone is creating a competitive advantage versus both startups and traditional car makers. The advantage versus traditional automakers is really platform sharing, our unique development process that we call FF Path. Rapid decision making. I personally sit in engineering meetings starting from 5 or 6 in the morning to late at night. And I do that because I want to be available for the team to make decisions right there and then with zero bureaucracy. And that is really something that enables us to cut development time in half. It also allows us to make technology decisions within 18 months before we launch the vehicle. And that has already paid dividends. in analyzing market segments, improving range and acceleration, state-of-the-art ADAS, which we call FIPilot, and then modern electric architecture. In today's world, locking the product two and a half to three years ahead of time is just going to lead to obsolete products. So what we are able to do is put the latest state-of-the-art technology into our vehicle and thereby get ahead of our competitors. One example, by the way, would be the battery cells, which we first locked in very recently, and we are getting the latest technology, whereas if we had actually locked them in last year, we would have actually got last-generation battery cells. So, again, in today's world, locking a product three or four years before you launch it is just not going to work, in our opinion. So, at Advantage versus startup automakers, Contract manufacturing, small markup is nothing compared to on-time SOP, fast ramp-up, high initial quality, and it allows us to focus on things that matter to the customer. Our relationship with Magna has been outstanding. They have a long-standing experience in producing high-quality vehicles, and we have developed with them the Ocean so far to be a high-quality vehicle, and we can see that, and we expect our expectation in that area to come true. Let's go to the 2021 goals and objectives. The priorities are ocean program remains on track and to a stellar product, building our brand and a reservation growth, kicking off design and development of future vehicles because you're not a car company unless you have a range of vehicles, and we are planning several new vehicles before 2025. And then priority one is really differentiating ocean and creating IP. Our talented team, fast decision-making plus supply chain buy-in has led to improved specifications versus what we originally planned and will turn into a unique FM29 platform filled with Fisker IP. And this will spawn other models on the FM29 platform. In fact, we are already... designing and working on the second vehicle on the FM29 platform. To fill in some of the details and key areas of the vehicle, I turn it over to our CTO, Dr. Burkhard Honke.