Fisker (NYSE:FSR) news for Thursday concerning the future of its manufacturing have FSR stock taking off on Thursday.
According to a news release from Fisker, the company has signed a platform deal with Magna International. This is a follow up to the previous agreement between the two announced in October.
The agreement between Fisker and Manga will have the latter acting as the exclusive manufacturer of the Fisker Ocean in Europe. The Fisker Ocean is the company’s new electric vehicle (EV) that is currently in development.
Fisker notes that it’s moving forward with the development of the Ocean and plans to have a production-intent prototype ready in summer 2021. The company is still aiming to start production of the EV in the fourth quarter of 2022.
Henrik Fisker, chairman and CEO of FSR, said this about the news boosting its stock higher today.
“With the recent completion of the PPS gateway, the Fisker and Magna teams are working literally around the clock to ensure we can keep our rapid development program on track towards the delivery of the all-electric Fisker Ocean SUV, projected to commence in Q4 2022.”
FSR stock was up 4.1% as of noon Thursday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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