Why Fisker Shares Are Trading Higher Today

Fisker Inc FSR is trading higher Tuesday after the company announced it's now accepting reservations for its second vehicle, the Fisker PEAR.

The Fisker PEAR, or Personal Electric Automotive Revolution, is a five-passenger all-electric vehicle starting at $29,900. Customers can reserve the vehicle with a $250 deposit.

Fisker set a minimum initial production expectation of 250,000 units per year. The company does not expect to begin delivering the "agile urban EV" until 2024.

The PEAR will come with intuitive controls, sporty driving, clever storage options and focus on industry firsts.

"PEAR will feature the very latest technology in a beautifully designed, affordable urban mobility device," said Henrik Fisker, CEO of Fisker.

"Our customer wants to take a step into the future with us. We are opening up reservations for PEAR following continued demand."

Fisker partnered with Foxconn for PEAR production. The company expects to begin production of its first vehicle, the Fisker Ocean, in November. 

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FSR Price Action: Fisker has traded as low as $9.61 and as high as $31.96 over a 52-week period.

The stock was up 7.55% at $12.53 Tuesday afternoon.

Photo: PEAR, courtesy of Fisker.