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      Why did Fisker Inc. (FSR) stock plummet on Wednesday? - Stocks Telegraph

      By Asim Kamal

      Published on

      November 18, 2021

      5:19 AM UTC

      Why did Fisker Inc. (FSR) stock plummet on Wednesday? - Stocks Telegraph

      Fisker Inc. (FSR) shares declined 3.36% in after-hours on Wednesday, November 17, 2021, and closed the daily trading at $20.69. In the regular trading session, FSR’s stock also lost 9.59%. FSR shares have risen 30.31% over the last 12 months, and they have moved up 13.34% in the past week. Over the past three months, the stock has gained 62.32%, while over the past six months, it has surged 73.64%.

      Let’s see what’s going on with the company?

      Production-Intent Version of FSR Ocean

      On November 17, 2021, Fisker Inc. (FSR) revealed its Fisker Ocean SUV on the first media day of the Los Angeles Auto Show.

      The Fisker Ocean is manufactured at a carbon-neutral factory in Graz, Austria by Magna-Steyr. The base model is priced at $37,499 excluding taxes. Whereas the top variant Fisker Ocean Extreme is priced at $68,999.

      FSR latest financial results

      On November 03, 2021, Fisker Inc. (FSR) released its financial results for the third quarter ended September 30, 2021.

      Q3 2021 financial highlights

      • FSR reported total revenue of $15,000 in Q3 2021, compared to $27,000 in Q3 2020.
      • Total operating costs and expenses were $109.5 million in Q3 2021 compared to $53.15 million in Q3 2020.
      • It suffered a net loss of $109.8 million and $0.37 loss per share in Q3 2021 compared to a net loss of $46.2 million and $0.16 loss per share in Q3 2020.
      • As of September 30, 2021, the company had cash and cash equivalents of $1.40 billion.

      FSR and CATL agreement

      On November 02, 2021, Fisker Inc. (FSR) and Contemporary Amperex Technology Co Ltd (CATL) announced a formal agreement increasing battery capacity for the Fisker Ocean SUV.

      CATL will supply two different battery solutions for the Fisker Ocean SUV, with an initial battery capacity of over 5 gigawatt-hours annually, from 2023Y-2025Y. Fisker and CATL teams have been working seamlessly together in close collaboration since 2020 to develop battery solutions for the vehicles.

      FSR new division in the UK

      On October 01, 2021, Fisker Inc. (FSR) established The Fisker Magic Works, its UK-based specialty vehicle engineering and development division. This newly created operation will focus on low-volume, rapid-development vehicle programs and specialized versions of the Fisker portfolio.

      The new UK division will be led by highly respected industry veteran, David King as senior vice president of engineering. Most recently, David served as vice president and chief special operations officer at Aston Martin Lagonda.


      Well, as of this writing, there is no such reason which could justify its poor performance on Wednesday. Let’s see how it commence trading on Thursday?

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