Shares of electric vehicle (EV) startup Fisker Inc (NYSE:FSR) led other EV stocks higher on Tuesday after it said it expects to ramp up its deliveries to 300 vehicles per day in the United States and Europe.
It also said it has built 5,000 of its Fisker Ocean SUVs and has delivered more than 900, with several hundred more to be delivered this week.
Also supporting the stock was a bullish report from analysts at Bank of America, who believe Fisker will achieve earnings before interest, taxes, deprecation and amortization (EBITDA) break even in 2024 on its production ramp-up.
Increased production should be a “key catalyst” for the company which has a lower-risk business model than its EV peers, the BoA analysts wrote in a note to clients.
They awarded the stock a ‘Buy’ rating and a $8 price target.
Fisker shares traded almost 10% higher shortly before the market close on Tuesday, up 9.6% at US$5.82.
Investors also threw their support behind other EV stocks, including Polestar, which had also gained 9.6% at US$2.39, and Rivian Automotive Inc (NASDAQ:RIVN), which added 5.2% at US$22.23.
Lucid Group Inc (NASDAQ:LCID) was up 3.4% to US$5.30 and NIO Inc (NYSE:NIO) had added 0.5% at US$8.40.
Tesla, however, traded down 1.2% at US$244.12 following a report by the Financial Times which claimed the car-marker is being investigated by the European Union as part of their probe into alleged unfair subsidies for China exports.
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