What happened
Investors breathed a large, collective sigh of relief at the latest news from electric vehicle (EV) manufacturer Fisker (NYSE: FSR) on Friday. The company finally delivered its first Ocean SUV, and the market expressed its happiness by trading the stock up by almost 7%. This performance blew past the S&P 500 index, which rose by less than 2% on the day.
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So what
Fittingly, the first customer to take delivery did so in Denmark, the native land of Fisker’s founder, CEO, and namesake Henrik Fisker. More fittingly, Fisker the man personally handed over the Ocean to the customer at the company’s flagship facility in the Danish capital of Copenhagen.
The Ocean is the latest EV SUV to hit the market and roll out onto the world’s streets. It will face competition from determined rivals, most notably Tesla (NASDAQ: TSLA) with its sleek Model X.
Fisker doesn’t seem to be shrinking away from the challenge. It sounded a very confident note in its press release covering that initial delivery, claiming that the Ocean One and Extreme models have the highest driving ranges of any EV SUV on the European market today. The company said that range hits as much as 440 miles per full charge.
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Now what
It’s always momentous when a vehicle company officially rolls out a new model. It’s especially momentous for Fisker, which needs the Ocean to be a success. In technical terms the vehicle can certainly compete, but it’s got significant competition already. Plus, we can be sure that in the near future, more electric SUVs will hit the market and vie for the consumer dollar, euro, and yuan.
