Why You Shouldn't Count Fisker Out of the EV Race Yet
While all eyes are usually on Elon Musk's high-profile Tesla, many other companies are also vying for a piece of the fiercely competitive electric vehicle (EV) pie. These include Fisker (NYSE: FSR), a company bearing the name of its founder Henrik Fisker. It went public slightly more than a year ago. The company's stock has seen several dips recently, though some of these are in tune with drops across the whole EV market. While the company has some risks, it's also got some significant advantages that could help it start achieving sustained growth within the next year or so.
Small and flush with cash, Fisker is aiming at the under-$40,000 electric SUV market with its Ocean, still said to be on schedule to release in November 2022. Made to appeal to the eco-conscious driver, the vehicle will include recycled materials and a "vegan" -- that is, leather-free -- interior. The company also has another vehicle in the works called the PEAR or Personal Electric Automotive Revolution. The PEAR has been kept tightly under wraps but seems to be a small vehicle with a maximum capacity of five people and a price tag under $30,000. The PEAR will be made by Taiwanese manufacturer Foxconn (OTC: FXCNF), though U.S. bans on direct-to-consumer vehicle sales are hampering the project.
Image source: Fisker Inc.
Source Fool.com
