EV maker Fisker (NYSE:FSR) is planning to ramp up the production of the Fisker Ocean SUV to 300 units a day from 180 units a day in the fourth quarter.
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The company is also aiming to expand its retail, delivery, and service operations in markets across North America and Europe. As of September 4, Fisker’s production partner Magna Steyr, had produced 3,123 vehicles.
Furthermore, 450 Fisker Oceans have either been delivered or are in the process of delivery in the U.S., and the company expects an additional 1,500 vehicles to arrive in the country, starting this weekend. Fisker has delivered 325 vehicles in Europe and, in total, expects to receive 5,000 Fisker One launch edition vehicles from Magna by the end of this month.
Fisker continues to rapidly widen its geographic footprint. The company recently expanded its presence into three new markets in Europe: Belgium, Switzerland, and the Netherlands, and has opened lounges and center+ locations in multiple major cities in the U.S. and Europe.
Overall, the Street has a consensus price target of $8.50 for Fisker, alongside a Hold consensus rating. This suggests a hefty 38.4% potential upside in the stock.
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