Fisker (FSR.US) rose sharply on Monday after the EV maker confirmed that the deliveries of SUV Ocean models will be launched in spring. Company also upholds previous production guidance as it expects to manufacture 42,400 vehicles in 2023. Upbeat outlook overshadowed weak financial results, which came in line with its competitors - Lucid (Lcid.us) and Nikola (nkla.us) which also turned out to be a disappointment.
-
Revenue: $306k vs expected$ 2.5 million
-
EPS: $0.54 loss ($170.1 million) vs expected $0.42 loss
-
The company in 2022 spent less than expected ($702 million compared to market estimates of $715 -$790 million) and said that the number of reservations for the Ocean models reached 65,000 units, above earlier projections of 62,000;
-
Fisker pointed out that so far 56 cars have been built by the Magna International production partner in Austria, and 15 of them were completed before the end of the year and are currently being tested as part of improving the production process;
-
The company is still testing additional functions and is waiting for approvals from the USA, Canada and Europe- the company estimates that next month the regulators will issue a decision, and production will start in Q2 of 2023;
-
Company made significant progress regarding its second cheaper model called 'Pear', which production is expected to begin in 2024. The number of reservations has also increased compared to November by over 10%.
-
Fisker Ocean is expected to have the longest range among all SUVs priced below $70,000. Current prices for the basic version oscillate from $37,499 to $50,000. Lower prices compared to the competition may attract additional customers especially taking into account ongoing inflationary pressures;
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile appFisker (FSR.US) stock price has been moving south since 2021. The key short -term resistance is located around $8.35 and is marked by the previous price reactions. Break above this level would be a first sign that buyers are regaining control. Source: xstation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
