Fisker Stock Surges 30% in 2023 Amid Strong Production Outlook and Cost Savings
Fisker (FSR) shares jumped significantly after the company confirmed its 2023 production goals and revealed lower-than-expected 2022 expenses, positioning itself ahead in the competitive EV market.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading news teams to cover prominent global events.
Highlights
- Fisker maintains its 2023 production target of up to 42,400 Ocean SUVs, contingent on supply chain stability and regulatory approvals.
- 2022 spending was $702 million, under the previously projected $715-$790 million range.
- Following these announcements, Fisker’s stock soared 30%, outperforming rivals Lucid and Nikola, which reported disappointing results.
Electric vehicle manufacturer Fisker (FSR) experienced a substantial stock price increase after confirming its commitment to meet 2023 production goals and reporting cost savings from 2022 expenditures. The company plans to produce up to 42,400 units of its flagship Ocean SUV this year, assuming smooth supply chain operations and timely regulatory approvals.
Notably, Fisker’s order backlog for the Ocean has grown to approximately 65,000 as of late February, up from over 62,000 in November. The company expects to complete all necessary testing by March and commence manufacturing and deliveries in Q2 2023.
Strategic Focus
CEO Henrik Fisker emphasized that launching the Ocean remains the top priority, highlighting that it will offer the longest driving range among SUVs and crossovers priced under $70,000 once available.
Despite missing analyst expectations with a Q4 loss of $0.54 per share and $306 million in revenue, Fisker’s controlled spending in 2022 bolstered investor confidence.
The stock surged 30% on February 27, although it still trades 38% lower than its value one year ago, reflecting ongoing market volatility.
Discover engaging topics and analytical content in Company News as of 05-03-2023. The article titled " Fisker Stock Surges 30% in 2023 Amid Strong Production Outlook and Cost Savings " provides new insights and practical guidance in the Company News field. Each topic is meticulously analyzed to deliver actionable information to readers.
The topic " Fisker Stock Surges 30% in 2023 Amid Strong Production Outlook and Cost Savings " helps you make smarter decisions within the Company News category. All topics on our website are unique and offer valuable content for our audience.