Shares of Fisker, the electric vehicle company, experienced a notable increase after announcing that it had surpassed its production target in late June. The company also revealed plans to invest more capital in order to produce vehicles at even higher volumes next year.
Stock Performance
At 12:46 p.m. ET on Friday, Fisker’s shares rose by 7.1% to $6.18. Although the stock has grown by 14% over the past three months, it has declined by 15% since the beginning of this year.
Production Milestone Achieved
Fisker, headquartered in Manhattan Beach, Calif., shared that it expects to manufacture over 1,400 electric vehicles (EVs) in early July. This significant output surpasses their previous goal of producing 80 units per day by the end of June.
During the second quarter, Fisker successfully produced 1,022 of its highly-regarded Fisker Ocean sports utility vehicles (SUVs) in Austria. These vehicles were intended for customers and served marketing and engineering purposes.
Investment for Future Growth
To ensure a streamlined manufacturing timeline for this year and support increased production levels for next year, Fisker is actively investing in additional battery pack capacity. This strategic move will safeguard their ability to meet growing demand and anticipated higher volumes.
