Shares surge as Fisker sells 4,700 electric cars in 2023, marking a fourfold increase in sales

Henrik Fisker Unveils the Fisker Alaska Pickup

Henrik Fisker recently revealed the upcoming Fisker Alaska pickup. The company has experienced significant growth in its electric vehicle deliveries, with a more than four-fold increase in the final quarter of the year. This surge in sales volume can be attributed to strong demand for the Fisker Ocean SUV, which is priced at approximately $69,000.

Fisker commenced its first deliveries to U.S. customers in June, with 4,700 vehicles handed over in total for the year. To further capitalize on the popularity of the Ocean SUV, Fisker plans to announce a sales and delivery strategy in January that will align production capacity with the high demand for this model.

Despite Fisker’s recent success, smaller electric vehicle firms are facing challenges such as declining cash reserves, high production costs, and the need to implement price cuts to stimulate demand. Fisker has a manufacturing agreement with Magna International’s Austrian unit, with 10,142 vehicles produced in 2023. However, the company has revised its annual production forecast twice in the past two months in response to the need to slow down production to address working capital requirements.

As evident in their premarket trading, shares of the California-based EV company have increased by over 10%. Nevertheless, they have also encountered a 79% decrease in value this year. Industry analysts are keenly watching Fisker’s next steps in response to these developments.