Fisker (FSR) stock bounces after EV deliveries climb 300% in Q4

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 in 2023. In its , 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 in June. The company said EV deliveries rose over 300% from Q3 to Q4. With 1,097 Ocean EVs , 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 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 to 32,000 to 36,000 in May. Since then, Fisker 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, 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 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 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. and subscribe to the . Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising