Electric-vehicle startup Fisker Inc on Monday flagged increased orders for its sports utility vehicle Ocean and maintained its production forecast for the year, sending its shares soaring as much as 36%.
lower-than-expected 2023 production last week and reported a major drop in orders during the December quarter.Fisker said reservations for the first model of Ocean rose to more than 65,000 as of Feb. 24, from over 62,000 at the end of October.
The company also forecast a gross margin range of 8% to 12% and positive earnings before interest, tax, depreciation and amortization this year, driven partly by lower upfront costs as Fisker, unlike its peers who make their own cars, depends on contract manufacturing. The company, however, reported a wider-than-expected quarterly loss. Its net loss stood at 54 cents per share, compared with analysts' average estimate of a 42-cent loss, according to IBES data from Refinitiv.
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