Fisker delivers 4,700 electric cars in 2023, shares jump

(Reuters) – Fisker said on Friday its electric vehicle deliveries jumped more than four-fold during the final quarter, helping it hand over about 4,700 vehicles for the year.

The rise in quarterly sales volume was primarily driven by strong demand for the Fisker Ocean SUV, priced at about $69,000, the company said.

Fisker started making its first deliveries to U.S. customers in June.

The company will announce a plan in January to boost sales and deliveries to align production capacity with strong demand for the Ocean SUV, Fisker said.

Shares of the California-based EV company were up more than 10% in premarket trading. They have lost about 79% so far this year.

Smaller EV firms are facing dwindling cash reserves, pressured by high costs related to production ramp-ups and price cuts to boost demand.

Fisker, which has a deal with Magna International’s Austrian unit to manufacture its cars, made 10,142 vehicles in 2023.

The company, however, slashed its annual production forecast twice in the past two months as it slowed down production to meet working capital needs.

(Reporting by Akash Sriram in Bengaluru; Editing by Shweta Agarwal)