Why Fisker Stock Jumped 32% This Year Through June
In the long parade of electric vehicle (EV) start-ups, Fisker (NYSE: FSR) is toward the back of the pack. It doesn't expect to begin production of its first model, the Ocean SUV, until November 2022. But its unique business model nonetheless has investors excited, and that excitement helped drive Fisker shares up by 31.6% in the first half of 2021.
The stock didn't rise steadily, however -- it tanked along with most EV stocks this spring when investors rotated out of more aggressive growth stocks and into more cyclical sectors. But among the news items relating to Fisker over the past two months were word of an agreement to sell up to 700 vehicles, a new long-term manufacturing agreement with partner Magna International (NYSE: MGA), and a progress update on that manufacturing program.
The electric Fisker Ocean SUV. Image source: Fisker.
Source Fool.com
