Fisker (NYSE:FSR) stock is a hot topic among traders on Tuesday as they prepare for a potential catalyst from the electric vehicle (EV) company.
The latest news from Fisker includes plans for the EV company to open a new factory in Shanghai. The company intends to open this facility sometime this year. When that happens, it will likely be a catalyst for FSR stock.
Opening a new factory in China makes sense, as Fisker is planning to start EV deliveries in the country next year. Those deliveries should start in the first quarter of 2024. Fisker hopes to reach 75,000 EV deliveries per year in the country.
Daniel Foa, a member of Fisker’s China board, announced the new factory coming to the China. Foa says that Fisker is looking to expand its business in the country as the growth rate for EV adoption is high.
FSR Stock Movement on Tuesday
With today’s latest news, some 2.1 million shares of FSR stock are on the move. That’s not strong trading when compared to its daily average volume of about 8.1 million shares. That means a strong catalyst may occur when the factory actually opens.
FSR stock is down 2.6% as of Tuesday morning. The EV stock is also down 16% since the start of the year.
Investors on the lookout for even more of the most recent stock market news will want to keep reading!
We have all of the latest stock market coverage that traders need to keep up with on Tuesday! Among these are updates from other EV companies. A few examples include why shares of Nikola (NASDAQ:NKLA), Faraday Future (NASDAQ:FFIE) and Rivian (NASDAQ:RIVN) stock are on the move. You can find out more on these matters at the following links!
More Stock Market News For Tuesday
On the date of publication, William White 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.
