Shares of EV manufacturer Fisker (NYSE:FSR) witnessed an uptick on Wednesday following the company’s announcement regarding the incorporation of emission credit sales into its U.S. business strategy. The firm has already entered into a contract to sell these credits to a leading automaker at competitive rates.
The company’s all-electric vehicle, the Fisker Ocean, which will start U.S. deliveries later this month, has received necessary certifications approving its sale across all 50 states and the District of Columbia. The California Air Resources Board confirmed that Fisker Ocean models would generate the maximum allowable credits per vehicle, a significant benefit to automakers that can purchase these credits to avoid non-compliance penalties.
As per 2023’s target measurement, each Fisker Ocean sold will also generate approximately 395 NHTSA credits and 159 credits per vehicle sold towards EPA’s greenhouse gas requirements for new vehicles.
A look at the past five trading days for FSR stock highlights the level of impact today’s news had on it. Indeed, shares jumped over 6% at the time of writing. As a result, investors have now recovered most of their losses from earlier in the week.
