There are plenty of electric vehicle companies to invest in. However, Fisker (NYSE:FSR) stands apart from the competition with a bold, creative vision — and for the most part, FSR stock holders are perfectly okay with that.
For one thing, Fisker’s vehicles are futuristic-looking — quite unlike the typical cars you see on the road today. Also, Fisker is dedicated to building vehicles that are extremely eco-friendly.
The company ended the first quarter of 2021 with no debt, and cash and cash equivalents of $985.4 million. So Fisker should be sufficiently capitalized to pursue its ambitious objectives.
Among those objectives, it seems, is revolutionizing the automotive industry — and delivering all-electric transportation to places you might not expect.
FSR Stock at a Glance
Let’s rewind the clock to July of 2020, when there was a shell company called Spartan Energy Acquisition. The company traded under the ticker symbol SPAQ, and the share price was close to $10.
On July 13 of that year, Spartan Energy Acquisition announced that it would merge with Fisker. As a result, the share price quickly spiked above $16.
Fast-forward to October, when Fisker closed the business combination with Spartan Energy Acquisition.
FSR stock proceeded to chop around after that. A breakout moment happened in February of 2021, when the share price launched to a 52-week high of $31.96.
However that rally was unsustainable, and the stock price sank to $10 in mid-May.
Still, it appears that the market hasn’t given up on Fisker, as its share price is recovering. As of June 21, FSR stock was trading above $17; key levels to watch will be $22.50, followed by $25.
Charging Up and Making Progress
Fisker’s first quarter of 2021 wasn’t exactly rife with revenue milestones.
However, the company did make progress with its flagship vehicle, the Ocean:
- Moved into the Ocean execution phase;
- Ramped up spending across a variety of areas, including product engineering, as well as vendor engineering and tooling;
- Completed Ocean engineering milestone on time in March; and
- Enabled the start of long-lead production tooling, early prototype builds and meaningful serial production supplier sourcing.
Fisker also completed a comprehensive test, validation, certification and homologation plan.
This should enhance the stakeholders’ confidence that vehicle deliveries can be made to the U.S. and Europe in the fourth quarter of 2022.
And speaking of vehicle deliveries, Fisker recently announced that it plans to partner with Mekonomen Group for delivery, servicing and fleet management across Denmark, Norway and Sweden.
Furthermore, Fisker confirmed that deliveries of the Ocean SUV are projected to start in Denmark, Norway and Sweden in the fourth quarter of 2022.
Those regions will be among the first European markets to launch for the Ocean, according to Fisker Chairman and CEO Henrik Fisker.
Cruising Toward Climate Neutrality
As I alluded to earlier, Fisker is among the most ambitious electric vehicle manufacturers when it comes to making its cars as eco-friendly as possible.
Thus, as part of Fisker’s environmental, social and governance (ESG) strategy, the company aims to produce a climate-neutral vehicle by 2027.
Among other things, Fisker intends to achieve this by developing emission-free products with finished goods suppliers, and by maximizing the use of rail and electric-powered transport.
Fisker reportedly also seeks to reduce combustion and energy intensity in the recycling process. Additionally, Fisker intends to source recycled materials and remanufactured components.
The company’s CEO made it clear that Fisker will prioritize partners that are committed to achieving climate neutrality:
“We already deployed cross-company teams focused on sourcing climate positive materials and critical components such as aluminum, steel, electronics and lithium-ion batteries from companies with carbon-neutral commitments.”
Ambitious Investors Can Confidently Drive FSR Stock Off the Lot
As you can see, Fisker is an unusual company. Yet, that isn’t a bad thing at all.
FSR stock is best suited to folks with an open mind and an ambitious spirit. If that describes you, then check out Fisker as the company is advancing towards production — and an emissions-free future.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
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