Though it is lorded over by Tesla (TSLA) -), the electric vehicle landscape is rife with competition. Legacy carmakers are doing their best to increase production and deliveries of EVs and hybrids, while a number of smaller EV-only startups have recently inundated the market.
Prominent among these smaller firms is Fisker (FSR) -), an EV company that opened in 2016 and has been seeking to take a bite out of Tesla's business ever since. In positioning itself as another option in the field, Fisker said Thursday that it is ramping up production for its Ocean SUV.
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Production, the firm said, will jump from about 180 units per day to 300 during the fourth quarter of the year; Fisker is working with its suppliers to try and achieve this new production rate by October.
The company said that 3,123 of these models have been manufactured by its production partner, Magna Steyr, as of Sept. 4; more than 450 models have been delivered or are in the delivery process in the U.S.
"Rest assured that we are pushing our logistics providers and teams to get Fisker vehicles in the hands of our exceptional customers," Fisker's CEO Henrik Fisker said in a statement. "Our early customers have been with us as pioneers, giving us valuable feedback to make our car even better. I will never forget the commitment that these customers have shown. The result of their feedback is now showing up in our vehicles!”
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The Ocean is available in a few different models, the cheapest of which — the Ocean Sport — starts at $37,499 and features a range of 250 miles. The Ocean Ultra, starting at $50,000, has a range of 340 and the Ocean Extreme, which starts at $69,000, has a range of 360 miles.
The company's stock, which has steadily declined over the past few years, fell slightly in pre-market trading, closing Wednesday at $6.14 per share.
Fisker's stock, according to nine industry analysts, has been given a hold rating, with an average price target of $9.56.
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