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 up 30 percent to $7.40.
EV makers, like the broader auto industry, have been struggling with production bottlenecks sparked by the pandemic and many now face waning demand amid rising interest rates and recession fears.
But Fisker reiterated its 2023 production target of 42,400 vehicles with its manufacturing partner Magna Steyr of Austria, despite certain suppliers still facing challenges.