PRISM Analysis: Why Investors are Looking at Fisker This Week
Investors have been paying close attention to Fisker Inc. (NYSE: FSR) this week after the company provided a business update for the month of December. The company reported strong operational and sales performance, including the production of 10,142 Fisker Ocean vehicles, the delivery of approximately 4,700 vehicles, which resulted in 300% growth in deliveries from Q3 to Q4, 2023. Fisker is now operating in 12 markets worldwide and has branched into right-hand drive vehicles, completing deliveries to customers in the UK during the year.
The company implemented two key software updates between November and December 2023, and its flagship Fisker Ocean SUV won six awards in 2023 in Germany, France, Denmark, and the UK.
Remarking on the year’s progress, Fisker Chairman and CEO, Henrik Fisker, said, “We became a revenue-generating company in 2023, but we also faced numerous challenges. Emerging from COVID-19 created several issues for our supply chains, but we have largely overcome them, and we have delivered approximately 4,700 Fisker Oceans.
“This accomplishment represents substantial revenue, and as we accelerate our delivery pace in 2024, I am excited to see faster growth. We have a solid business with relatively low overhead and an award-winning vehicle that customers enjoy. I am looking forward to a year of new milestones and opportunities for the Fisker brand and everyone on our team.”
In 2024, Fisker has stated it will have a renewed focus on accelerating sales and deliveries, responding to strong demand for its Ocean SUV. The company says it will increase the number of test-drive events it conducts in the US and Europe, to capitalize on higher sales rates noted “after customers experience the Ocean firsthand”.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by designing and developing individual mobility in alignment with nature. Passionately driven by a vision of a clean future for all, the company is on a mission to create the world’s most sustainable and emotional electric vehicles. To learn more, visit Fiskerinc.com and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube, and LinkedIn.
