Electric vehicle (EV) maker Fisker (NYSE:FSR) is trending on social media, and FSR stock is jumping 19% in early trading after the company announced that it would significantly step up the deliveries of its EVs by the end of 2023.
Additionally, the automaker noted that it had so far produced 5,000 of the firm’s only EV, its SUV called the Ocean. Magna (NYSE:MGA), Fisker’s partner and parts manufacturer, began producing the EV about 10 months ago.
Fisker noted that it now plans to deliver 300 SUVs per day by December. As of Sept. 7, the automaker had reportedly only delivered 775 of its SUVs.
On the same date, 3,123 Ocean SUVs had been produced. But given the automaker’s production of nearly 2,000 EVs in less than three weeks, it is clearly accelerating the manufacturing of its SUV.
Also importantly, Fisker noted today that it had carried out a total of more than 900 EVs cumulatively, while “Several hundred more (SUVs) are expected to be delivered this week.”
“We are expanding both our teams and our physical locations, and we are targeting deliveries of 300 vehicle [sic] per day to meet strong demand for the Fisker Ocean,” CEO Henrik Fisker said in a statement.
FSR Stock: What Investors Should Watch Going Forward
Of course, investors should attempt to determine the extent to which the automaker is able to meet its targets. Over the longer term, they should try to gauge whether the demand for the Ocean is rising and to what extent it is doing so.
The automaker has reportedly begun shipping Oceans to its customers in Canada, and it plans to offer test drives of the Ocean in Canada from sept. 28 to Oct. 1. Also noteworthy is that the Ocean is making its debut in a number of regions in Norway.
FSR stock has climbed 18.5% in the last three months, but it is down 17% in 2023.
On the date of publication, Larry Ramer 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.