Fisker (NYSE:FSR) stock is in full focus today after the electric vehicle (EV) company announced it would complete its first U.S. deliveries of the Ocean SUV today. Later this afternoon, the company will deliver 22 Ocean One launch edition SUVs to customers at its facility in California.
“We have been waiting for this moment ever since we started the development of the Fisker Ocean in October 2020,” said Chairman and CEO Henrik Fisker. “As a California-based company, we are thrilled that our first US customers are finally getting behind the wheel of the Fisker Ocean and will experience its innovative features, class-leading 360-mile range, and highest levels of sustainability.”
Back in May, Fisker successfully delivered the first Ocean EV to Europe, specifically in Denmark. The company has stated that it’s engaging in a “unique dual-market certification strategy” with deliveries in the U.S. and Europe.
FSR Stock: Fisker Begins Deliveries in U.S.
Fisker is moving quickly through the delivery stage and already has plans to open a delivery center in China this year. Following the completion of the center, Fisker estimates that it will begin delivering Ocean EVs in China during the first quarter of 2024. Additionally, management has already “engaged in productive discussions with officials and business leaders in Shanghai” to explore further opportunities.
China is a massive player in the global automotive market and accounts for about a third of all sales. Last year, EVs accounted for about 25% of all Chinese automotive sales. Henrik Fisker has stated that China could eventually account for the production of about 75,000 Oceans per year. To get a head start, Fisker first opened an office in China back in 2022.
Both the Fisker Ocean One and Ocean Extreme carry a range of 360 miles, the highest among mid-size SUVs with an MSRP under $200,000. The Ocean Extreme has a starting price of $68,999 while the Ocean One is a launch edition model of the SUV. Fisker also offers the Ocean Sport for price-conscious customers, which starts at $37,499 in the United States.
The initiation of deliveries should help Fisker begin to eat away at its net loss. During Q1, the company reported a net loss of $120.6 million.
On the date of publication, Eddie Pan 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.
