Why Fisker Stock Is Trading Lower Monday
Shareholders in electric vehicle (EV) company Fisker (NYSE: FSR) enjoyed a more than 50% gain in the last week. On Monday, however, shares dropped as much as 11%, and remained down 9.3% as of 10:50 a.m. EST.
Last week was eventful for Fisker after it announced a new partnership with technology company Foxconn with plans to manufacture at least 250,000 electric vehicles annually. A day later, Fisker announced in its fourth-quarter and full-year 2020 earnings, reporting that it now has 12,467 reservations for its upcoming electric Ocean SUV, with the daily reservation rate up 400% since mid-October 2020.
Today's drop comes after a report from industry news site electrek highlighted an interview with Fisker chairman and CEO Henrik Fisker last week, where he said the company has abandoned its plans to develop solid-state batteries for EVs.
Source Fool.com
