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Fisker Climbs After Passing 14,000 Reservations for Ocean SUV EVs

Fisker says it signed its 'first significant fleet order' for 300 vehicles with Viggo, the Danish ride-hailing service.
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Fisker  (FSR) - Get Fisker Inc. Class A Report moved into the fast lane Tuesday after the electric vehicle maker said it had passed 14,000 reservations for its Fisker Ocean SUV.

Shares of the Manhattan Beach, Calif. company were climbing 5.4% to $22.92 in early trading.

Fisker said the reservations were "boosted by interest and orders from the fleet market globally." 

The company said that in the fourth quarter of last year it had signed its "first significant fleet order" for 300 vehicles with Viggo, the Danish ride-hailing service.

Fisker said it expected to start production on the Ocean electric SUV, its first vehicle, in the fourth quarter of 2022.

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The Ocean will initially be manufactured in Europe and sold across several markets in Europe and North America, the company said.

“We are encouraged by the interest being shown by the corporate sector towards enabling greater access to zero emission mobility,” chairman and CEO Henrik Fisker said in a statement. “The prospect of a breakthrough electric vehicle at a sub-$30,000 price point is generating a lot of excitement and anticipation.”

Last month, Fisker said it had signed a deal to make a new vehicle with Taiwanese electronic contract manufacturer Foxconn. Under the arrangement, Foxconn will manufacture the vehicle at projected annual volumes of more than 250,000.

The vehicle is codenamed "Project PEAR", Fisker said. Progress on defining the terms of the partnership and product program is on track to be completed in the second quarter.

Fisker said that through the work of the Climate Group, over 100 of the world’s leading companies are making commitments to transition their fleets, which represents five million vehicles, to EV by 2030,