EV maker Fisker (NYSE:FSR) plans to open its first retail location in Shanghai, China. The company set up an office in the country in 2022, and its first Fisker lounge continues the roll-out of its China business.
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The EV industry in China, the world’s second-largest economy, is an important market, and Fisker plans to open its Shanghai location in December 2023 or January 2024. The company is already delivering its electric SUV in the U.S. and Europe, and expansion into China takes Fisker closer to its global ambitions.
While the company’s all-electric Fisker Ocean Sport starts at $37,499 in the U.S., its Fisker Ocean Extreme is priced at $68,999. Impressively, the SUV offers a range of 707 km, which is the longest range of any SUV available in the European market at present.
Looking to ramp up deliveries and accelerate its vehicle programs, Fisker recently announced a major debt offering to an existing institutional investor. The company is aiming to accelerate Ocean SUV deliveries to nearly 300 per day in the U.S. in the fourth quarter.
What Is the Prediction on FSR?
Overall, the Street has a Moderate Buy consensus rating on Fisker. The average FSR price target of $10.20 implies a mouth-watering 64.2% potential upside.
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