Fisker’s’ (FSR) stock is soaring after announcing EV deliveries climbed over 300% from last quarter. The EV maker plans to accelerate its pace after delivering around 4,700 Fisker Oceans in 2023.
Fisker stock on the rise following EV deliveries update
In its December business update, Fisker announced it had built 10,142 Ocean electric SUVs this year, delivering roughly 4,700.
“We became a revenue-generating company in 2023,” CEO Henrik Fisker explained. The growth comes despite several supply chain issues that led to early delays. Fisker said the company has “largely overcome” them as it looks ahead to a new year.
Fisker began delivering vehicles in June. The company said EV deliveries rose over 300% from Q3 to Q4.
With 1,097 Ocean EVs sold in Q3, that suggests Fisker delivered around 3,600 EVs in the fourth quarter. Fisker began delivering in Canada in December and is now in 12 markets in total.
Most of the EVs delivered were the Fisker Ocean One launch edition, starting at around $69,000. Earlier this week, Fisker handed over its first Ocean Sport model. The electric SUV features up to 231 miles EPA range and starts under $40,000.
The brand has opened four flagship lounges (LA, NYC, London, and Munich) and several delivery locations in the US and Europe as it expands its network.
Fisker said it intends to announce a plan in January that includes further accelerating sales and EV deliveries. The company claims the new strategy aligns with strong demand for the Fisker Ocean and its production capabilities.
Fisker’s stock was up around 20% on Friday following the news. However, Fisker shares are still down nearly 74% over the past 12 months.
Although Fisker is growing, the EV maker is still far from where it had expected to be at this time. Fisker initially said it aimed to produce 42,400 EVs this year, but that was lowered to 32,000 to 36,000 in May.
Since then, Fisker cut its production guidance three times to “just over 10,000 EVs” earlier this month.
Despite ramping output over the past few months, Fisker is still far from where it expected to be at this time.
With 10,142 EVs built in 2023, that’s over 75% off its initial target of 42,400. Several EV startups, including Lucid, cut production goals this year amid rising interest rates and new competition. Other automakers, including Ford and GM, are slowing EV initiatives.
One of the exceptions is Rivian (RIVN), which raised its production goal following strong Q3 results.
EVs are expected to continue gaining market share globally. However, some companies with more competitive models, like Tesla, are pulling away from the pack. Others, like Ford and Toyota, are leaning on hybrids with less competitive models. Those doubling down on EVs now will continue winning buyers over.
Fisker plans to accelerate the momentum in 2024 as it expands its network globally. We’ll keep you updated with the latest.
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