EV start-up Fisker is expanding deliveries of its Ocean SUV into more countries. Investors are taking the news in their stride. That’s just what Fisker should be doing at this point.
Fisker has already launched in Austria, Denmark, France, Germany, Norway, Sweden, and the U.K., as well as Canada and the U.S. Fisker stock was up 0.7% in premarket trading Monday at $5.85 a share. S&P 500 and Nasdaq Composite futures were up 0.1% and 0.2%, respectively. For 2023, Fisker expects to produce 20,000 to 23,000 units. In May, management’s production range for the year was 32,000 to 36,000 vehicles. In February, the range was 42,000 to 43,000 units for 2023.The cuts have weighed on shares. Coming into Monday trading, Fisker stock is down about 20% so far this year and about 10% over the past three months.
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