MW Fisker's stock soars as EV maker to announce plan to boost sales, deliveries
By Tomi Kilgore
Stock's surge bucks weakness in the EV sector, as Tesla and Nio shares end 2023 with selloffs
Shares of Fisker Inc. charged higher Friday, after the electric vehicle maker said it will announce in January a plan to accelerate sales and deliveries.
The stock's rally bucked the weakness seen in the broader EV sector, as well as the broader stock market.
As part of its look into 2024, the company said it will increase the number of test-drive events in the U.S. and Europe, as it has witnessed higher sales rates after customers experienced the Fisker Ocean vehicles firsthand.
The stock $(FSR)$ shot up 14.2% in midday trading, putting it on track to close at a one-month high. It was trading 22.7% above the record closing low of $1.41 hit on Dec. 6.
Fisker also provided an update of its business in 2023, saying it has produced 10,142 EVs as it has "largely overcome" the supply chain issues results from the COVID pandemic. And deliveries have totaled about 4,700, including a jump of more than 300% from the third quarter to the fourth quarter.
The rally in Fisker's stock comes in the face of a 1% selloff in the Global X Autonomous & Electric Vehicles ETF $(DRIV)$, and a 0.5% drop in the S&P 500 .
Among other more-active shares of EV maker's, Mullen Automotive Inc.'s (MULN) was one of the few gainers, as it rallied 5.7% toward a three-week high. It has now rocketed 86.5% since closing at a split-adjusted record low of $8 on Dec. 20.
The EV sector leader Tesla Inc.'s stock $(TSLA)$ slumped 1.8%, and is set to end 2023 with a two-day losing streak in which it has lost 4.9%. (Read a Verge report about the first reported Cybertruck crash, and Barron's take.)
But even with the decline, Tesla's stock has still more than doubled in 2023 (up 101.9%), which puts it on track for the third-best yearly performance since going public in June 2010.
Shares of China-based EV maker Nio Inc. $(NIO)$ took a 4.4% hit, to pullback from a 3 1/2-month closing high on Thursday. The stock has powered up 26.2% since closing at a 3 1/2-year low of $7.15 on Dec. 1.
Elsewhere, shares of Nikola Corp. $(NKLA)$ slid 2.7%, of Rivian Automotive Inc. $(RIVN)$ gave up 0.4% and of Lucid Group Inc. (LCID) shed 2%.
-Tomi Kilgore
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December 29, 2023 11:49 ET (16:49 GMT)
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