Fisker (NYSE: FSR) shares soared over 5% on Friday as the company launched its Fisker Electrified Tour. The tour will showcase the company’s flagship Ocean EV across the United States.
The Fisker Electrified Tour commenced its journey in Sunrise, Florida, and Nashville, Tennessee, and will visit 17 cities in 11 U.S. states, including stops in Texas, New Jersey, and Virginia. The tour, showcasing Fisker’s sustainable vehicles, is set to conclude on March 31.
Henrik Fisker, the Chairman and CEO, expressed the team’s excitement, saying,
“We’ve had huge customer demand to test drive the world’s most sustainable vehicle, and we’ve listened. Our team is on the road, ready to give families, EV enthusiasts, and first-time EV buyers the chance to drive the Ocean, and to enjoy the vehicle’s innovative design and world-class leading features.”
During the tour, Fisker aims to conduct over 2,500 test drives of its flagship Ocean EV. For those unable to join the tour, Fisker Lounges in Los Angeles and New York City, and dealer partner locations, offer a chance to explore the vehicle.
Earlier this year, Fisker announced a strategic shift in its business model from direct-to-consumer (DTC) to a dealer partnership approach in the U.S. By the year-end, Fisker anticipates having approximately 100 dealer locations in the U.S. and Europe, with discussions with potential dealers initiated last November. The first dealers will receive vehicles by the end of the first quarter.
Henrik Fisker underscored the advantages of the Dealer Partnership model, stating,
“In keeping with our asset-light strategy, I expect the Dealer Partnership model should enable Fisker to expand its sales and delivery network at a faster pace.”
Key Challenge for FSR Stock
However, amidst the positive news, FSR stock has faced a challenge, closing below the crucial $1 level since January 16. This situation poses a concern as Nasdaq requires a minimum price of $1, and a deficiency notice could be issued if shares remain below this threshold for 30 consecutive trading days. Fisker must maintain a closing stock price at or above $1 for ten consecutive trading days to meet Nasdaq compliance requirements.
Fisker (NYSE: FSR) Stock Movement
FSR stock surged 5.13% to close at $0.81 on Friday. The traders had exchanged hands with 28,156,609 (28.15 million) shares compared to the average daily trading volume of 32.02 million.
