EV maker Fisker rallies after production update

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EV maker Fisker rallies after production update
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The EV maker said it had built 5,000 Ocean SUVs and expects to ramp up deliveries to 300 units per day.

NEW YORK: Shares of electric-vehicle startup Fisker Inc rose by more than 20% on Tuesday after the company reaffirmed its plan to increase deliveries of its flagship Ocean sports utility vehicle, and a bullish Wall Street analyst report.

Fisker’s shares rose as high as US$6.47, and were on course for their biggest daily percentage gain since April. The stock, however, is down about 12% this year and is a fraction of its all-time intraday high of around $32 reached in March 2021 during a pandemic boom.

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