Fisker Inc. (FSR) CEO Henrik Fisker Presents at Morgan Stanley Conference Call (Transcript)
Fisker Inc. (NYSE:FSR) Morgan Stanley Conference Call January 5, 2022 12:40 PM ET
Company Participants
Henrik Fisker - Co-Founder & Chief Executive Officer
Dan Galves - Vice President of Investor Relations
Conference Call Participants
Adam Jonas - Morgan Stanley
Adam Jonas
Okay. Good morning, good afternoon and good evening, everybody. I'm Adam Jonas from Morgan Stanley's Global Auto & Shared Mobility team. Absolutely delighted to have live from Las Vegas; Henrik Fisker, CEO and Founder of Fisker, as well as Dan Galves, Vice President, Investor Relations at Fisker. I've known -- I first met Henrik well over 10 years ago. The guy really doesn't need an introduction. He's known for his legendary designs and innovative next-gen thinking and pushing the envelope of renewable and sustainable propulsion and has built a really a formidable team and is in a position to continue to change the world here with that lovely vehicles he's sitting in the ocean. That interior looks so sick by the way. Breaking my heart I can't be in there with you.
And Dan Galves, as many of you know, I think sets the standard for Investor Relations and autos and has a ton of experience across tech and auto and both outside as well. So thanks to both of you for joining. Look forward to a great discussion. I'm going to encourage everybody to get your questions in now. We've got a couple of hundred people here. Your questions are better than mine. So get them on in and I'll do my best to synthesize or get to them. This webcast is for Morgan Stanley clients and approved observers only. So no press, please drop. And for important disclosures, refer to our research in the drop-down menu of the webcast and go to www.morganstanley.com/ research disclosures.
So maybe just to kick off the top here, you guys, why don't you give us some of your key messages, Henrik, at the show? What are you most excited about for 2022? And if you want to weave in some of the recent new important disclosure around the business that you -- towards the year-end, you just released a few days ago, feel free to talk about those as well.
Henrik Fisker
One of the exciting things is that I wrote a letter to all our stakeholders, where I announced we had 23,500 reservations and I'm sitting here with you five days later. And now we had 24,500 reservations. So this is just great to see this increase we've had in the New Year. And I don't know if it's only because our cars come out this year, I don't have to say next year anymore, so that makes it a little closer. But it's probably also that we have started some mutual marketing specifically in Europe, we see some uptick there. Here at CES what I'm really excited about is we are showing our ADAS features, our autonomous features. And because of our fast development time, we will be the first car company in the world to have a 4D digital radar in our vehicle in production vehicles this year. And I think that really shows what our business model is about -- it's about getting new technology in the vehicle faster than anybody else. And we are explaining that in detail here what that means and that's why we're at CES and I won't go into full details here but that's what we are highlighting here is how fast you can get technology into a vehicle to be the first in the market.
Adam Jonas
That's great. That's one of the advantages of the model. It's definitely different because I think investors are accustomed to thinking if you're not full stack vertically integrated, then you're going to fail. And perhaps some of the big -- there will be certainly big winners and Tesla has shown at least to date, that vertical integration has it's benefits. Apple perhaps has done it in more of a hybrid way. I mean very vertically integrated in the key domains where they want to own in terms of compute and screen and form factor, etcetera, although outsourced manufacturing. You seem to be more in perhaps the Apple approach. It's not such a bad strategy. It hasn't worked out too bad in them, let's say.
Let's go back to those reservations, they're 24,500. Thanks for the update, Henrik. So can you give us a little more color geographically? I know you said that the split there was like 1,400 of the previous one was fleet. I'd be curious what kinds of fleet. How you see that fleet opportunity emerging? And then anything else on Europe and confirm other areas that maybe haven't been opened yet. Is that fully a global reservation book? Or is that just limited to U.S. and Europe at this point?
Henrik Fisker
Right now, it's limited to U.S. and Europe. We don't think reservations, let's say, out of China, for example. Right now, we have about 85% of all reservations come from North America, that's included Canada and 15% from Europe. I see a huge potential from Europe. We haven't launched the car officially in Europe yet. We are going to the World Mobile Conference in Europe in the end of February. That's going to be our launch. We're just starting to launch a digital marketing campaign. But my expectation is there's a huge acceleration in reservations in Europe this year. It's going to be borne out of several things.
One, again, Europeans are generally much more conservative than Americans when it comes to trying out new things and definitely waiting for things like reserving a car more than a year or two ahead of time. So this year, the car is coming out, so I think in Europe, we're comfortable. They're going to get reviews, they're going to hear about it. So that's going to help a lot. Secondly, we are pursuing fleet reservations in Europe in fact, is to the point where we kind of have to say no to a few of them. And the reason what we try to separate between if we get, for example, a big bank like BNP Paribas, they came to us and they gave us a reservation, we take that because we know it's very serious. But there's also a lot of upstarts that want to create these EV fleets, rental fleets and short-term subscriptions. And we want to make sure that somebody actually makes a fleet order that it's for real because we don't want to people sort of occupy reservations and then they cancel them later but we try to be very diligent about it.
Now, when it comes to the larger rental car companies; I don't see them as competitive to us because they are renting sort of daily or maybe weekly where we have our flexible lease which I expect to be very different. So we are in discussion with a few rental car companies about making some larger deals there. And I -- actually, I'm sure the Tesla announcement and Hertz was required where now the rental car companies are realizing that they need to have a fleet of EVs, cool, affordable EVs. Yes, there's a lot of $100,000 EVs out there. Most people can’t afford to rent those. So the fact that we have a vehicle in that affordable price range where a family can fit with luggage, I think we're super attractive, some of those could be rental companies and I hope we can make a deal with at least one of them this year.
Adam Jonas
That's fantastic. So just one more on the reservations for me. If I were to put a reservation in right now and be number 24,501, when can I expect to receive delivery? I realize that -- I don't know. Can you tell?
Henrik Fisker
Look, yes, it's definitely going to be somewhere around middle of '23, clearly. We're sold out. It will probably be Q3 '23. And of course, the longer you wait, the later you're going to get it and that's unfortunate. We are going to try to accelerate production maybe beyond what we had originally planned but we cannot put until we have completed the ramp up. So sometime in the end of '23 or second half of '23 we'll try. And we're already talking with Magna about how can we potentially increase volume higher than we have planned and it's something that's in the planning stage right now. We see more demand than we originally thought for our vehicle which is great. I also think it means we have to think about our long-term strategy in the U.S. as well in terms of making sure we have enough capacity for the vehicle. So we are definitely looking into these areas. But it's all encouraging. It's always better to have more demand than supply.
Adam Jonas
Yes. I mean I'll jump around here but when would you feel it would be appropriate to be again thinking about a second site, like a North American site? Is it something where you would want to get learnings from scaling production in Graz first? Or is it something where you could begin site selection and have some announcements even before you scale up well past November of this year.
Henrik Fisker
I think we are monitoring very closely over the next sort of six to nine months before we launch is going to be the reservation numbers. And I think originally our pull was to have first year production sold out at the end of this year, meaning roughly 45,000, 50,000 vehicles. Now if we exceed that quicker, I think that's going to be a trigger for us to decide to actually move into a U.S. production quicker than originally thought.
Adam Jonas
Okay, makes sense. That's a great heuristic. Thanks, Henrik. Let's discuss the November 17 start-up production target. I think you dropped a few breadcrumbs in the fourth quarter -- sorry, in the third quarter call about perhaps having some candidates out a little earlier than that. What are you -- I mean, obviously, you're technically pre-revenue but are you able to -- what are you able to gauge from this incredibly tight supply chain environment in every way, even I would imagine, even on the capital equipment side of it and logistics and everything even leading up to production, what are you gauging from that, that still gives you confidence for that November start of production? And how should we be thinking about what's still at play?
Henrik Fisker
Adam, the way I think about our strategy and my strategy is really to find a way through our partners to procure as much volume as I can in the next two or three years, I think entire EV race is going to be decided over the next two or three years.
Adam Jonas
Interesting.
Henrik Fisker
And that's -- and the reason I'm saying that is because it's -- there's still so many categories of vehicles which having these where people have a choice. And whoever is going to get in that market first has the ability to take the market share. And once you're taking it, it's very hard for anybody to take that away from you. I mean you see it with Tesla. It's going to be hard for any traditional carmakers to get people back out of that Tesla and into them even if they make an EV. So whoever gets first in these segments, I think it's going to be the winner. So my goal strategically is how can I secure a maximum volume in the next two, three years maybe beyond 1 million. Now the way to do that is not just to have a factory. You need a supply chain with all the key components that makes it possible to mass manufacture EVs. And some of the key components is microchip, obviously. Other is battery. The fact is so we stuck a deal with CATL, that deal gives us almost endless ability to scale. That's super important. The fact, of course, that they're in China means when we go into China, we've got a local supplier. They have plans for global expansion. I think Magna is -- because of all the Magna companies, they're securing chips for all their products and all the other technologies that we need [Technical Difficulty].
Adam Jonas
We will let this freeze here. Looks like it's -- we will give them a second. Daniel, do you want to reach out and make sure they have the backup number. Great. Sorry for the technical difficulty folks. The irony, of course, is that the -- apparently, the WiFi at CES needs some boosting. Maybe there's different signals competing with each other. But Henrik, you were discussing supply chain and the kind of the confidence of not only reiterating November 17th start of production but even potentially some units before that and explaining why you are in a position to do so.
Henrik Fisker
Yes. As I was saying earlier, the whole thing about getting a car out on time, of course, there's a lot of components that has to be lined up and available and ready. And of course, with Magna, we are using a lot of Magna companies which obviously Magna is the world's third largest automotive supplier. So I think they have a lot of pull in getting all these components for us and whether it's microchips or whatever it is. And of course, we have secured our battery with the great CATL deal we did where we have the ability to even expand and get a lot more batteries if we need. So all this makes me very confident. We constantly have dialogue with our suppliers. We are even actually preordering certain components with chips that's needed. So all these things are part of what we are doing. So I'm, at this point, still very confident not only in November 17 SOP but the fact that we will be building probably a couple of hundred vehicles before the start of production. And from September on, we will actually be building what's called sellable vehicles which means we can sell them and we'll see how many we will sell of those but start of production is still November 17. So everything is on schedule as planned.
Adam Jonas
Let's go into the battery partnership a little deeper. This past November, again, as you mentioned, you announced CATL will be the global battery supplier for Ocean across two chemistries, NMC and LFP importantly. So you got those covered. Tell us what drove your selection of CATL and the decision to use those two chemistries? And I've got a couple of follow-ups.
Henrik Fisker
So we have an in-house battery team of about, I think 25, 30 people and they did a lot of research, a lot of testing looking at different battery technologies. We've known CATL for a long time. A good personal relationship there with the top people over there. And honestly, I think looking at these different technologies, what CATL is doing right now, I think they have the best sales both in terms of pricing and energy density. And of course, they went in an interesting way where they created very energy-dense cells with NMC which obviously is -- have a certain cost to it but then they also decided to create this and work on this LFP which is less energy dense but it's lower cost. And as you know, Tesla is using those in China for good reason.
And we decided to use those for our base model to keep the pricing and get to the pricing where we wanted to get still with a pretty good range of 250 miles. And that's only achievable to get into that price range if you use LFP. So that was part of what drove the decision. LFP also happens to be a lot more safe then NMC. So therefore, inside the battery pack, you're also able to save some money in certain areas. So it's just -- it was really a decision about we wanted to have a vehicle that ultimately was under $40,000 a base price but still needed to have the attractive range of 250 miles.
Now, that's only possible if you have the volume; meaning the actual space in the car because you need more space for LFP. So if you have a normal car that has 250 miles in an NMC but now you put an LFP in, you will not get 250 miles. So we already designed the car from the beginning with that in mind. And I think that gives an advantage in the market. So even if you would see a competitor saying, "Oh, we're also going to do LFP." Well, they won't get that range because they don't have the volume.
Adam Jonas
Now the -- this agreement was for five gigawatt hours from 2023 to 2025. Now you're clearly going to need a multiple of this capacity going forward. So how should we think about Fisker's sell strategy going forward? And how you think about diversifying across geographies and suppliers?
Henrik Fisker
Well, we don't have any limitations on what we can order from CATL. But the way the battery industry work, I know you know it, Adam but for everybody else here, is that there is no free ride. You have to pay tens of millions of dollars to secure capacity. So you kind of don't want to over-reach because that's the money from my pocket upfront that I have to pay. So I think we have an excellent deal with CATL where we secured exactly the minimum of what we need and that's why we didn't have to pay monstrous amount of money for that. But in our contract, we are allowed with a 12 months' notice to expand on that and then pay later. So the advantage is -- the reason we are taking these reservations now is that we can see already in six months that we need a lot more capacity. We have plenty of time to go back to CATL and say, "Hey, guys, we need 50% or 20% more capacity and then they get it ready for us. So that's the advances of our contract with CATL is very flexible.
Adam Jonas
So I want to go back to a point you made before because you think that the EV rates will be decided in the next two or three years. And because of the stickiness of once you grow kind of like a snowball, you grow quickly and it's hard to -- or harder to lose people. So you saw Tesla have a pretty decent blowout fourth quarter deliveries. And I -- there's two kind of schools of thought. I talked to some investors that say, "Oh, that's great. They all win. It shows that there's demand for EVs and therefore, you can buy all the EV companies." And kind of it seemed to lift a lot of the sector.
And then maybe there's your view of, well, if you take the person that's in the first place of a race, then you give them a jet pack. It's like "why -- tell me how that's good for everybody else." So kind of where -- and you can elaborate a little bit more on that and kind of how big does -- what is that escape velocity point that you think is in your mind for Fisker to be included in one of those winners?
Henrik Fisker
So I've been part of this sector for at least 10 years. And when Tesla and Fisker originally started out, we started out with luxury vehicles and it's a fairly limited market in the luxury segment. It is the first market to sort of conquer. And Tesla conquered with the Model S and the Model X. Now you're seeing a huge influx of not only start-ups but also traditional carmakers making $80,000 to $100,000 to $150,000 luxury cars. And I think this segment almost already, for sure next year, is going to be saturated with these luxury electric vehicles. So where I see the real potential to take market shares actually in the affordable segment because nobody has yet done a really cool affordable electric car, except maybe if we include Tesla with the Model 3. So that's one car in the largest segment in the world.
Adam Jonas
That's interesting.
Henrik Fisker
So now if you think about it, if I ask you or anybody here, pick five electric luxury cars that you would love to have. You would rattle them off like super-fast. But if I tell you, pick five electric cars under $40,000 you would love to have. You're going to need to start thinking which one? Which one do you love to have? And that's the problem nobody's attacked the largest market in the world, you're talking about more than 50 million vehicles. That's where we are going in. And that's where we want to take a big market share faster than anybody else because nobody else has the product ready.
Dan Galves
And it's starting to happen but it's starting to happen with cars that don't look like they should cost $45,000, right and ours does, so...
Adam Jonas
That's a great point.
Henrik Fisker
And the other thing I just want to say is that the traditional carmakers they are now waking up but they're waking up to kind of what we did three, four years ago, meaning they're going in the luxury segment first. And that's fine. It's a great but it gives us the opportunity because normally, you would expect to see another 10 classic car makers having a $40,000 SUV out there but they don't. They have an $80,000 SUV. And that's really where I see the opportunity is in the next two or three years.
Adam Jonas
Great color, Henrik and Dan. So I'm getting a few questions about the PEAR here. I want to try to synthesize them because there's a lot of questions here. There was a pretty important milestone a couple of months back with Foxconn acquiring the Lordstown, Ohio plant from Lordstown. And it's the location where they intend to make and the PEAR. Have you had a chance to visit the Lordstown plant? What do you think? And kind of how do we think about the next steps and the milestones for PEAR in 2022?
Henrik Fisker
Yes, I've visited Lordstown plant and it's a great facility. It's actually been really cleaned up. And it's one of the biggest facilities in America can do about 500,000 vehicles a year, so there's ample room for us in there as well as, of course, the other vehicles there you're going to build. Now in terms of the milestones for PEAR, we are building the first drivable prototype this year. It's on time, on schedule. But what's unique about this vehicle is it's not another electric car. This isn't mobility revolution. And I can't say it any other way. And it has so many revolutionary things in it that I am in no hurry to show it. It will be shown just before we launch and I know a lot of people want to see it that's exciting but I just don't want to show it to our competitors because it's just too revolutionary.
And the way we are thinking about this car on a very high level is and why we went with Foxconn is because Foxconn was part of the revolution with Apple moving a normal flip phone with a button into a screen and a computer. And that's the way we are thinking about the PEAR. We're thinking about the PEAR as a piece of super cool hardware where we're actually going to make the money on the software. But to make the money on the software, we've got to have to have the latest technology in this car. And to be able to afford that, we have to find a way to make this vehicle in such an efficient way that has never been done before. And that's what we're working on right now with our engineering team. We're working with Foxconn manufacturing and supply chain.
So we're going to drive the hardware cost down to be able to put in technology that enables software revenue. And that's our main aim. I still believe that design is going to be important in the future. So this car will look like a spaceship coming from maybe Mars, I don't know. But the idea is it has to be sexy and cool and futuristic but you need to be able to have the hardware being such a low cost, you can afford to put this technology and because this car has to be under $30,000. And that's what's going to drive, in my view, eventually 1 million vehicle units a year.
Adam Jonas
Now I've asked you about this before, about whether it'd have a steering wheel or not. And if I remember correctly, you said, "Yes, it will. It will be for drivers." So what kind of customer or business model would the PEAR target? And I don't want to get too far down here, of course, because I'm sure you don't want to give too much away but what can you tell us? What would you like to tell us on of how it might differ from an Ocean, let's say, in terms of retail versus fleet or owned versus pay-as-you-go or city, residential, that kind of thing, use case?
Henrik Fisker
Yes. So as we create this vehicle out of what we looked at future use cases. And the vehicle -- so it was not created obviously saying, "Hey, you want to make a car in that class." We said, how are people going to use mobility in five years from now? How are they going to access this? What do they want? What do they need? So of course, as you know, we've got our flexible lease which this time will be a big part of but it's also created for people, quite frankly which has got used to that the car itself is not anymore the center of their life but mobility is still needed. So how do you make that bridge? And what is -- who is offering mobility? So I could see many different companies buying a vehicle to offer a certain type of mobility.
It's also for private people as well. So there is no limit to where we can go but it's done in a different way. Now I don't believe, for example, making our cars just for Uber because the whole point is Uber driver doesn't want an ugly taxi. He wants his own car. So -- but this car is super cool and it could be used by an Uber driver. It could also being used by somebody who wants to have a cool city car or it could be used for a fleet. So we are looking at this vehicle as a user scenario-based mobility concept but with a cool design. I'm a designer and I think a car should be sexy. There's no reason why cars look boring. And believe that this car will look like a set of spaceship -- a sexy spaceship.
Adam Jonas
Well, so I don't want to mess up the WiFi here with you touching the phone too much but for a lot of people on this webcast is the first time they maybe seeing this view of the interior of the vehicle. Tell us a bit about it, Henrik? I mean, you're known for your exteriors but I think you're equally passionate about what can go on in the car. So tell us what we're seeing here?
Henrik Fisker
One of things, of course, is the screen here that as you see that turns. So when you -- upright which is really cool. And then when you want to watch a movie and you're sitting charging, it turns around into landscape mode. Nobody is coming around here and just say that's a 70.1 inch, probably can't see resolution here but it's -- it's going to be the highest resolution [indiscernible]. And obviously, we did that together with Foxconn. You still have buttons down here that you can see. And then you've got inductive charging here for your phone. So you've got a button island. So we didn't want to abandon the button because I believe you still want this part when you're going 100 miles an hour somewhere, you don't have to look at screen. So you don't care, you get going.
We got a small screen up here in the front. So you still have the base information about speed, etcetera. You've got super nice materials. You've got freeform seats which means you don't have the typical stitches. You see how they are carved out. This is like a designer's dream, by the way, where you don't have all the stitches you normally have. This is a whole new technology, a new type of foam [ph]. We've got a lot of space in the rear and then you got, of course, this version has a solar roof which has slightly transparent pattern. And that will give you about probably in California three to four miles a year. If you live in New York, it's probably a lot less but this is one of the benefits of being in California.
Adam Jonas
There's a lot of benefits about being in California, I think but it depends what day you catch Elon Musk and ask him the question, perhaps. So we've got a few more minutes left here. I wanted to make sure we touched on -- and by the way, that interior looks fantastic. Thank you so much for showing us. I would have been really remiss if I didn't ask.
Dan Galves
Looks better in person.
Adam Jonas
I'm sure it does. I sure feels better in person. So Henrik and Dan, on capital allocation strategy, you -- in your recent announcement, you said you expect to end -- you ended last year with $1.19 billion of cash. Tell us how far out this cash pile can fund your business and -- or kind of to what milestones? How much of the -- clearly gets you to start of production but how much of the ramp? And then when you layer in PEAR preparation and/or preproduction. How far does this cover?
Henrik Fisker
We always said that we are covered for the Ocean. I think everything else is opportunistic. Like I said, I want to set up the company for maximum growth. And we do have to be opportunistic. We were opportunistic last year when we did this convertible note. It was the right time. We got a great deal. And we're looking at some different potential other ideas that could bring capital and it could be partnerships. It could be new businesses that we are establishing. Of course, we are in talks with Foxconn about some unique future ideas that could make us expand much more. For me, the goal here is we are going to have -- we want to set us up for maximum expansion over the next two or three years, having the capability to launch four vehicles before '25, having attributability to make over 1 million vehicles as soon as possible; those are my key goals.
In terms of the capital, that can come from many, many areas. And I don't want to fixate on some particular area right now because there's opportunities that's going to come up and they can come up in many different shapes and forms and our CFO, great strategist. She constantly is talking to businesses all over the world, coming up with ideas. I think this is a whole new world where there is not a traditional form factor here. We're going to come up with things that has never been done before. And believe me, you're going to be in for some surprises in the near future.
Adam Jonas
So we're coming up on time. I just want to get a couple more questions here. You mentioned at the top, Henrik, one of the benefits of your strategy is the ability to iterate quickly and to kind of move quickly so you can get the latest technology and kind of operate at a shot clock that's more like advanced consumer electronics like best-in-class instead of maybe a bit more calcified movement. So with that in mind, I would imagine that your ability to integrate the best value and/or highest capability safety technology, in particularly ADAS puts you in a unique position. So what can you say about that, how that's iterating and what could go into Ocean and beyond?
Henrik Fisker
Yes. So we are here in Las Vegas because we are showing our ADAS system, our autonomous Fisker Intelligent Pilot System which include the first -- world's first digital radar as well as -- and I can't remember the number of this but Dan can, the Mobileye camera, we have in here...
Dan Galves
Yes, eight Megapixel IQ 5-based vision system which is the latest generation.
Henrik Fisker
So one of the advances by the way, of our system is even the most advanced ADAS systems today do not work in tunnels. And in Europe, there's a lot of tunnels that you drive it through. But this digital radar actually works in tunnels. It also sees smaller objects, it differentiate objects better. So we are focusing this system on safety. And I think we're going to have one of the best systems in the market when we come out later this year.
Adam Jonas
Henrik or Dan, any closing comments with a minute left?
Henrik Fisker
I think it's really going to be an exciting year for us as we go into building the vehicles here. And we're already building them. But as we get into two vehicles a day and end of March, I'm excited about that. I'm excited to see spike in reservations. We are launching more of a digital marketing campaign in the next few weeks, specifically in Europe. We need to get the sales in Europe up to the same as in the U.S. And if we achieve that, then I think we're going to generally overachieve on our sales forecast which I'm excited about.
Adam Jonas
And the test drives, you want to do some test drives, we're going to do those -- are those going to be on both continents?
Henrik Fisker
So we're going to -- I think we're in the test drives probably over in Europe since the vehicles are built over there and we're shipping them over here. So we're probably going to do that this summer, invite a few analysts over and we'll get our racecar driver, Abbie Eaton, that we are working with. She'll take you for the test drive and scare the heck out of you. I guarantee it. I just drove the car out in the desert. This thing is insane.
Adam Jonas
Do you have a location -- could that be in Austria? Are we going to do that? Where are we doing this?
Dan Galves
We're going to do in Austria.
Adam Jonas
Awesome.
Dan Galves
We just -- I just took the vehicle out here between Christmas and New Year in the desert and I didn't want to pay for a stunt driver. We want to spend all the money on development. So I did it myself. And I'm really happy because it was a lot of fun and I don't want to pay anybody else to do that. But I can tell you, it's fun to just haul for this vehicle. I mean four-wheeled drive, just -- it was just a lot of fun.
Adam Jonas
That sounds like a fun trip.
Dan Galves
It was awesome. And just to clarify, test drives for customers will happen on both continents once the vehicles in production.
Henrik Fisker
Eventually.
Adam Jonas
Yes. Well, I don't care about that. I want the analyst thing. But yes, I mean, mixing a little Mozart. Of course, we'll get some Falco in there and some hauling on Austrian track. It sounds pretty cool, brings me back to my old European auto days. Henrik and Dan, thanks so much for joining us. Thanks for being patient with us folks for the -- with the CES WiFi. No, it's not Fisker's fault.
Henrik Fisker
It's the high tech stuff.
Adam Jonas
There you go. But thanks and best of luck and we'll be in touch throughout the year. Appreciate it.
Henrik Fisker
See you, everybody. Thanks, Adam. Take care.
Dan Galves
Thanks, everybody.
Adam Jonas
Thanks. This concludes the webcast with Fisker.
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