surged 30% to $7.40 on Monday after the electric-vehicle startup confirmed that deliveries for its first vehicle, the Ocean SUV, would commence in the spring.
said on a Monday call with investors that an approval process for the EV would be completed in March, with deliveries set to begin shortly after, pending additional regulatory approvals.
Fisker maintained its 2023 production target of 42,400 vehicles, which it plans to make with manufacturer
Magna International Inc.
The company is currently averaging 100 new cars a week and expects the process to become more efficient. Magna has made 56 cars with Fisker since November.
“When we are ramping up, specifically in Q2, we are going to have such a strong ramp that any units that may have been lost early on can easily be caught up later in the year, and that’s why we maintain our guidance,” Mr. Fisker said.
Fisker’s stock is on the rise despite fourth-quarter earnings falling short of expectations. The electric-vehicle startup posted a loss of $170.1 million, or 54 cents a share for the quarter ended Dec. 31, down from $138.4 million, or 47 cents a share, in the same period a year earlier.
The company had $736.5 million in cash and cash equivalents in the fourth quarter. It expects to spend between $535 million and $610 million, down from the $702 million it spent in 2022.
Fisker shares are down nearly 40% in the past 12 months.
The company said orders for its sport-utility vehicle continue increasing despite rising competition and price cuts from other EV makers such as
Fisker said it expects demand to rise once its deliveries begin and its brand awareness grows.
Write to Dia Gill at [email protected]
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Appeared in the February 28, 2023, print edition as ‘Fisker Says EV Deliveries Set to Begin.’
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