Fisker Inc (NYSE: $FSR) is a pioneer American Automotive company known for manufacturing electric vehicles. The company was founded and established by Henrik Fisker in 2007. The company went bankrupt in 2013. After the bankruptcy, the brand was revived as Fisker Inc. and continued focusing on electric vehicles. One of its notable models is the Fisker Ocean, an electric SUV.
On Friday, Fisker reported a significant surge in electric vehicle deliveries, increasing more than four times in the final quarter. This boost in performance allowed the company to successfully deliver approximately 4,700 vehicles throughout the entire year.
One of the reasons for the surge in quarterly sales is the rising demand for the Fisker Ocean SUV, which was reasonably priced under similar vehicles in it’s class at $69,000, the company mentioned.
Automotive Giant Plans to Boost Its Sales
Fisker also announced that there was a plan for January to uplift sales and align production capacity with robust demand for the Ocean SUV. According to the company, they produced 4,725 cars, in which 1,097 cars were delivered in the third quarter of 2023 and had already planned to boost sales in the fourth quarter.
Starting from Q2, Fisker began delivering vehicles with right-hand drive in seven more European countries, including the United Kingdom. The company also expanded its delivery reach in the United States to encompass over 30 new states. Anticipated deliveries for Canada and the Netherlands are set to commence later this quarter, with Spain, Portugal, and Italy following suit in the first quarter of 2024.
In premarket trading, shares of the California-based electric vehicle (EV) company surged by over 10%. However, it’s noteworthy that they have experienced a decline of approximately 79% over this year.
Furthermore, other smaller electric vehicle manufacturers are facing issues due to the decline in available cash reserves. Fisker has already signed a deal with Magna International’s Austria to manufacture vehicles, which produced 10,142 vehicles this year.
Nevertheless, the company reduced its annual production outlook twice in the last two months due to a deceleration in production to address working capital requirements.
Stock Update: $FSR
At the time of writing, $FSR is currently trading at $1.80 per share, up by 18.54% in 24 hours as of 2:06 PM EST. It was previously closed at $1.50. The current market cap is 623.99M, with a volume of 127,889,483. The stock price has been on a bearish trend for the last six months. However, the recent update from the company has caused price appreciation.
Conclusion
The company’s current plans for next year indicate better growth and results. Fisker is delivering its vehicles all around the globe, including Europe and the United States. The recent news also tells us that the company will also come up with much better numbers at the end of 2023. Fisker is a stock to keep your eyes on in 2024 and beyond.
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