EV Start-up Fisker Expands Deliveries. The Stock Is Rising.

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EV start-up

Fisker

is expanding deliveries of its Ocean SUV into more countries. Investors are taking the news in their stride. That’s just what Fisker should be doing at this point.

Fisker (ticker: FSR) on Monday announced it has opened up three new European markets for delivery: Belgium, the Netherlands, and Switzerland. Deliveries in the countries are slated to begin in September.

Fisker has already launched in Austria, Denmark, France, Germany, Norway, Sweden, and the U.K., as well as Canada and the U.S.

“It’s incredibly exciting to expand into new European countries,” CEO Henrik Fisker said in a news release. “Ultimately, we want to sell our vehicles all over the world, but creating a strong early presence in Europe has always been one of our highest priorities.”

Fisker stock was up 0.7% in premarket trading Monday at $5.85 a share.

S&P 500
and

Nasdaq Composite
futures were up 0.1% and 0.2%, respectively.

Fisker and its partner

Magna International

(MGA) produced 1,022 Ocean SUVs in the second quarter. That was short of the 1,400 to 1,700 planned. Only a handful were delivered in the quarter—just 11 found their way to European customers.

For 2023, Fisker expects to produce 20,000 to 23,000 units. In May, management’s production range for the year was 32,000 to 36,000 vehicles. In February, the range was 42,000 to 43,000 units for 2023.

The company blames supply-chain problems for reducing production guidance.

The cuts have weighed on shares. Coming into Monday trading, Fisker stock is down about 20% so far this year and about 10% over the past three months.

Wall Street projects about $860 million in sales in the second half of 2023. Sales are expected to ramp up and hit $3 billion in 2024.

That revenue will come from selling Ocean SUVs. The company’s second vehicle, called the Pear, is slated to begin production in 2025. The Ocean is built by Magna. The Pear will be built by

Hon Hai Precision Industry

(2317.Taiwan), which is better known as Foxconn.

Prices for the Pear should start at about $30,000. Those for the Ocean start at about $38,000.

Write to Al Root at allen.root@dowjones.com