By Sabela Ojea
Shares of Fisker on Friday climbed after the electric vehicle company said it exceeded its production target late in June and that it is investing more money so it can produce at higher volumes than originally expected next year.
The shares rose 7.1% to $6.18 at 12:46 p.m. ET. The stock, which has increased 14% in the past three months, is down 15% this year.
The Manhattan Beach, Calif. company said it expects to produce more than 1,400 EVs in early July, as it exceeded its rate of 80 units per day at the end of June.
During the second quarter, Fisker said it produced 1,022 of its class-leading Fisker Ocean sports utility vehicles (SUVs) in Austria for customers, as well as for marketing and engineering purposes.
“Fisker is investing in additional battery pack capacity to protect the compressed manufacturing timeline this year and support higher volumes than originally anticipated next year,” the company added.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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