Fans of Fisker (NYSE:FSR) stock have plenty to be excited about following some promising new announcements from the electric vehicle (EV) startup. Indeed, in a news release Thursday, the California-based EV maker revealed exciting new details about its soon-to-release Fisker Ocean Extreme and even confirmed it will begin U.S. deliveries of its EVs as soon as June 19.
On Thursday, the Manhattan Beach-based company announced a number of promising features of its all-electric Fisker Ocean models. The SUV will be released in three models, the Extreme, Ultra and Sport, although some trims have apparently already sold out in some markets ahead of launch.
With a total estimated range of 360 miles when fitted with 20″ wheels, the Environmental Protection Agency (EPA) confirmed that the Fisker Ocean Extreme has the longest range of any new electric SUV under $200,000 in the U.S. Not only is this beyond the company’s own expectations, it would mark the farthest range of any electric SUV sold in Europe.
In addition, the company shared that the California Air Resources Board (CARB) act will grant Fisker four zero-emission vehicle credits per vehicle sold, the maximum number of credits possible.
“A lot of hard work went into achieving these results, and it feels great to give our customers a better range than we had estimated. Delivering an EPA 360 mile range in the US and WLTP 707 km range in Europe gives our drivers what they want: a fantastic 5-passenger vehicle, and the confidence they’re driving the electric SUV with the longest range available in an affordable new vehicle,” said Henrik Fisker, Chief Executive of Fisker.
FSR Stock Rises on Delivery Announcement
Despite Fisker’s promising slew of announcements, it seems investors are clearly still hesitant to jump into the unproven EV maker. FSR stock slumped almost 2.5% Thursday, adding to the company’s more than 10% loss over the past five trading sessions. That said, FSR is actually well in the green over the past month, up a little more than 20%. FSR stock is also in the green today at about 1%.
Fisker represents the latest in a long string of EV startups that still need to convince investors their business will last. Indeed, some automobile analysts believe the rapid rush of new EV makers will inevitably give way to a “shakeout,” in which the lesser inclined companies will likely be forced to bow out of the EV race due to stiff competition and dwindling capital.
Fisker’s inclusion in the susceptible side of the EV market isn’t exactly a surprise, either. The company reported a $120 million loss in Q1 of this year and even cut its production target for the year from its previous estimate of 42,400 to between 32,000 and 36,000.
Despite this, it seems spirits are still high at Fisker.
“This is a huge milestone for everyone at Fisker,” Fisker added.” We are looking forward to getting Oceans to customers in the US, and we plan to send out communications today to our first customers.”
On the date of publication, Shrey Dua did not hold (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.
