Fisker Shares Soar on Production, Spending Data

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Updated February 27, 2023
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Fisker

Key Takeaways

  • Electric vehicle (EV) maker Fisker (FSR) announced that it was keeping its 2023 production target intact and that it had spent less than expected in 2022.
  • The positive news from Fisker came after rival EV companies Lucid (LCID) and Nikola (NKLA) reported disappointing manufacturing and delivery numbers.
  • Fisker shares jumped 30% higher following the announcement, but even after those gains, the stock remains down 38% over the past 12 months.

Shares of Fisker (FSR) skyrocketed after the electric vehicle (EV) maker said that it was maintaining its production target for this year and reported that it spent less money than anticipated in 2022. 

Fisker indicated that it expects to build up to 42,400 of its inaugural Ocean SUVs in 2023, provided its supply chain delivers as expected and it gets regulatory approval "in a timely manner." During the previous week, shares of rivals Lucid Group (LCID) and Nikola Corporation (NKLA) plunged after they reported lower-than-anticipated manufacturing and delivery totals.

Fisker noted that orders for the Ocean jumped to approximately 65,000 as of Friday, Feb. 24, compared with more than 62,000 in November. It expects to complete the necessary testing in March and begin manufacturing and delivering the vehicle in the second quarter.

Top Priority

CEO Henrik Fisker explained that launching the Ocean is the company's number-one priority. He added that, when it hits the market, the Ocean will have the longest range of any SUV/crossover priced less than $70,000.

Fisker also reported that it spent $702 million in 2022, below its earlier estimate of $715 million to $790 million. The company's fourth quarter loss of $0.54 per share and revenue of $306 million missed analysts' forecasts.

Fisker shares soared 30% on Feb. 27, although even with the day's gains, they're still down 38% in the past year.

Chart showing the percentage change in the share price of Fisker (FSR) over the past year

YCharts
Article Sources
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  1. Fisker. "Fisker Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results."

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