Fisker (NYSE: FSR) Seems To Be Working on Revealing an Electric Pickup Truck
Fisker (NYSE:FSR), the company aiming to retail sustainability-focused EVs, traversed a gradual upward ramp in the stock market following a endorsements from financial analysts in recent weeks. However, ever since hitting an all-time high of 23.62 on the 25th of November, Fisker shares have experienced a sizable correction, currently trading at $15.18 in the pre-market, corresponding to a loss of over 35 percent relative to the stock’s all-time high.
Nonetheless, Fisker appears ready to reveal new EV models, which should translate into a revival of bullish spirits in its shares. The clearest indication of this eventuality came yesterday when Henrik Fisker, the company’s founder, teased the launch of new models via a tweet:
I predict we will launch a range of vehicles faster than any other pure EV company has ever done! In less than 1/2 the time!With radical Design, UI & customer UX! Ohh; & We hired our terrific VP of IR from Wolf research! He is doing an amazing job! #fisker #love #EVs #integraty pic.twitter.com/ITsdNLV7Fr
— Henrik Fisker (@henrikfisker) December 10, 2020
Crucially, this tweet contains a CAD image of what may well turn out to be Fisker’s electric pickup truck. Bear in mind that pickup trucks are one of the fastest growing automobile segments in the United States. Even in the electric sphere, the pickup truck market is growing crowded, with the upcoming launches of Tesla’s Cybertruck, Rivian’s R1T, Ford’s electric F-150, etc. Consequently, it makes sense for Fisker to try to increase its market share by tapping this lucrative niche.
Fisker’s current product lineup only includes the Ocean SUV, a “five-passenger vehicle with potentially a 250- to over 300-mile range and state-of-the-art autonomous driving capabilities”. The company claims that the EV will offer a high degree of sustainability through the use of “recycled rubber, eco-suede interior trim made from recycled polyester, and carpeting from fishing nets and bottles recycled from ocean waste, among many other sustainable features”. The production of the Ocean SUV is currently slated for Q4 2022 and the vehicle is expected to retail at $37,499. As far as production semantics are concerned, Fisker has adopted a CAPEX-light approach by inking an agreement with the Austrian automaker, Magna Steyr Fahrzeugtechnik, for the production of its Ocean electric SUV, based on Magna’s FM29 EV platform.
— Henrik Fisker (@henrikfisker) December 1, 2020
Of course, Fisker continues to garner healthy interest for its Ocean EV. As per a tweet by Henrik Fisker on the 1st of December, reservations for the vehicle have now surpassed the 10,000 mark. Added media glare in the runup to Fisker’s merger with the SPAC Spartan Acquisition, and the attendant debut of the shares of the combined company on the stock exchange, may have played an important role in beefing up these reservation numbers.
Consequently, given the successful manner in which Fisker has been able to market its Ocean SUV, it makes sense for the company to diversify its offerings by introducing other models, including an electric pickup truck.