Why Fisker Stock Tanked This Week
Many electric vehicle (EV) stocks have been having a bad week. But start-up EV maker Fisker (NYSE: FSR) was one of the biggest losers. Fisker shares have dropped to an all-time low of about $0.80 per share and are down by about 23% just this week, according to data provided by S&P Global Market Intelligence.
The company's recent struggles have led to a sales strategy shift, and a new safety investigation related to braking issues with its initial deliveries is now taking a toll. One analyst even lowered Fisker's price target by over 90% this week.
Fisker is doing all it can to stem the negative momentum in its stock. It has struggled to ramp up deliveries and sales of its first fully electric Ocean SUV models. As of last week, Fisker had delivered more than 5,000 of the European-made EV in the U.S., Canada, and Europe. The vehicle has an impressive EPA battery range of 360 miles, which it notes is the longest of any electric SUV in its class. The company produced more than 10,100 of those vehicles in 2023.
Source Fool.com
