According to new documents obtained by TechCrunch, electric vehicle (EV) startup Fisker (NASDAQ:FSR) is falling short of its own internal production and delivery goals. However, given the high, rapidly climbing short interest in FSR stock, the shares could ultimately undergo a huge short squeeze if the firm manages to mount any sort of comeback in the coming weeks and months.
FSR stock is down about 4% this morning and 10.5% for the past month.
FSR Is Reportedly Missing Its Own Goals
Fisker’s founder and CEO, Henrik Fisker, has publicly said he wants to deliver 300 EVs per day. Moreover, last month, the firm had hoped to deliver 100 to 200 EVs daily, according to TechCrunch, which cited “internal documents.”
But the startup was frequently only able to deliver 12 to 24 EVs daily in North America, which is where it is focusing most of its efforts, the website reported.
FSR Stock: A Major Short Squeeze Could Be Triggered
A huge 42% of Fisker’s shares are being sold short. As a result, a huge short squeeze could erupt in FSR stock if the automaker manages to right the ship.
In order to attempt to accomplish the latter goal, the automaker has decided to begin shifting to using dealers to sell its EVs starting at the end of the current quarter.
By the end of 2024, the firm “plans to have 50 dealerships in the U.S. and Canada and another 50 across Europe,” Seeking Alpha reported.
Heading into today, FSR stock had fallen 76.5% in the last six months and tumbled 79% in the last year.
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.
