Volcon (NASDAQ:VLCN) stock is rocketing higher on Friday after the electric vehicle (EV) company revealed massive pre-production orders for its Stag.
The Stag is the first EV being made by Volcon. It’s an all-wheel drive, electric UTV that makes use of General Motors’ (NYSE:GM) electric propulsion system technology.
According to the company, its pre-production orders for the Stag have surpassed $100 million. 90% of these orders come from its domestic and international dealer network. Investors will note that the Stag has an MSRP of $39,999.
Jordan Davis, CEO of Volcon, said the following about the Stag news that’s boosting VLCN stock higher.
“Stag pre-orders have surpassed our 2023 sales forecast, with dealer demand remaining prevalent following our June 27, 2022 dealer launch. While we firmly believed we would achieve our pre-production sales targets, we have been pleasantly surprised at the pace at which we achieved our goals.”
Even though pre-production orders for the Stag have surpassed production capacity for 2023, the company is still taking orders. However, it’s doing so through a wait list that’s open to both dealers and consumers.
News of the pre-production orders brings heavy trading to VLCN stock. As of this writing, more than 36 million shares of the stock have changed hands. That’s an incredible leap over its daily average trading volume of about 1.4 million shares.
VLCN stock is up 56% as of Friday morning.
Investors seeking out more of the hottest stock market news are in the right place!
InvestorPlace is home to all of the latest stock market coverage for Friday! That includes what has shares of Axsome Therapeutics (NASDAQ:AXSM) and Weber (NASDAQ:WEBR) stock rising, as well as this morning’s biggest pre-market stock movers. You can find out all about these matters at the following links!
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On the date of publication, William White 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.