The American EV revolution is in full swing today. EV plays are soaring higher, with shares of innovative upstart Fisker (NYSE:FSR) shooting more than 11% higher at the time of writing. Indeed, it appears investors are pricing in some bullish sentiment into FSR stock on a relatively mixed day in the markets.
Fisker’s Ocean SUV model is attractively priced at less than $30,000, after U.S. federal tax credits. This model is appealing both in terms of design as well as price point. Accordingly, investors looking to ride the EV wave into the future have gravitated toward this name of late.
That said, FSR stock has been on a relatively rocky ride this year. After shooting up to nearly $32 per share in February, shares have settled down to below the company’s SPAC IPO price of $10. Today’s move in combination with some recent buying has pushed FSR stock to above $12 at the time of writing.
Let’s dive into the Ocean SUV news driving this stock higher today.
FSR Stock Moving on U.K. Order and Partnership News
Today, Fisker announced an agreement to partner with Onto, a United Kingdom-based all-inclusive electric car subscription service. The agreement sets out a purchase template for the delivery of up to 700 vehicles in 2023.
Fisker notes in its press release that this officially marks the company’s expansion into Europe. Given the size and growth the European market provides, investors seem to welcome this news. Fisker had previously announced that the global reveal of the Fisker Ocean will be at the LA Auto Show in November 2021. However, it appears the company is getting a head start on orders. Undoubtedly, investors are cheering this news.
Additionally, the growth potential a global rental/subscription partner provides could be a game-changer for Fisker. Other companies have touted subscription models, and Fisker is a company that has dabbled in this space as well. Any sort of catalyst that could drive long-term growth appears to be welcomed by the markets today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
