Fisker Targets Chinese Market Even As It Kickstarts US Deliveries On June 23

California-based EV maker Fisker Inc FSR on Friday said that it intends to start delivering Fisker Ocean SUVs in China by Q1 2024.

What Happened: Fisker, which already has an office in China established in 2022, intends to open a delivery center in the country this year.

Fisker delivered the first Ocean SUV to a customer in Denmark in May and is set to deliver its first vehicle in the U.S. on June 23.

However, the company sees China being an important growth market for EVs in the future. China represents a third of global vehicle sales — about 26 million — of which electric vehicles account for 25%, China board member Daniel Foa said.

Fisker fits into the premium and affordable luxury segment which is growing faster than general segments, Foa added. “Fisker is one of only two EV only international companies which are viable alternatives to traditional brands,” Foa said, without naming the other company.

"I believe we can get production up and running in China as early as next year, potentially adding capacity of 75,000 Fisker Oceans annually," CEO Henrik Fisker said.

Why Is It Important: Fisker Ocean SUV is available in four trims — extreme, ultra, sport and one. Sport is the base trim priced at $37,499 and Ultra has a price tag of $49,000.The Extreme and One models are priced at $68,999. 

Price Action: Fisker shares closed 0.88% higher at $5.75 on Friday and rose 0.17% in after-hours trading, according to data from Benzinga Pro.

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