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EV Maker Fisker Shares Open Higher After Positive Ocean Reservation Update, Citi ‘Encouraged’ -Breaking

by Mike Robinson

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© Reuters. EV Maker Fisker FSR Shares Rise After Citi Encouragement of Positive Ocean Reservation Update

Fisker shares (NYSE:) rose 1.5% today, after electric vehicle company Fisker announced that Ocean SUV reservations have exceeded 40,000.

With 5,000 units expected to start in November, the company will open pre-orders to purchase the Ocean One SUV. Fisker indicated that the Ocean Sport model won’t be produced until 2023.

Fisker has no plans to increase the Ocean’s prices in 2022 and 2023 at the moment. However, it cannot guarantee this will happen going forward due to inflation.

Itay Michi, a Citi analyst, reiterated his Buy rating in the wake of an encouraging update.

We caught up with the management (CFO/IR) and noted that (a) Ocean demand seems strong; (b) 2023 planned production range is intact; (c). Company’s focus is shifting from optimizing vehicle margins for the ramp to 2023 to more on opportunities within the existing-base economics. “Net-net, this news is favorable as Fisker continues its commercial momentum,” Michaeli stated in a client letter.

By Senad Karaahmetovic

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