EV manufacturer Fisker (NYSE:FSR) is gearing up for the next stage of production to speed up the global launch of its Ocean SUV, with plans for deliveries to kick off in Europe and the U.S. starting in June. FSR shares gained ground following the news.
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Previously, Fisker laid out a roadmap to ramp up production during May, with a goal of manufacturing 1,400-1,700 vehicles by the end of June. This, of course, depends on all partners delivering as expected. Looking ahead, the company plans to increase production to meet delivery roll-outs in other global markets. This shift into high gear aligns with their 2023 target of manufacturing 32,000 to 36,000 vehicles.
In terms of performance, Fisker’s Ocean Extreme and One models have nailed a combined WLTP range of up to 707 km, topping the charts for any battery electric SUV in Europe right now. Both models are expected to receive EPA range and regulatory approval, along with a CARB Executive Order, later this month.
Turning to Wall Street, analysts have a Hold consensus rating on FSR stock based on two Buys, one Hold, and two Sells assigned in the past three months. Nevertheless, the average price target of $10.75 per share implies over 73% upside potential.
