Why Fisker Shares Are Taking Off Today

Fisker Inc FSR shares are trading higher Wednesday after the company announced its Ocean SUV received European certification. 

What Happened: European regulators have certified Fisker's Ocean SUV. The company said it expects to start delivering vehicles to European customers on May 5. All deliveries of the Ocean One launch edition for reservation holders are expected to be completed by September. 

Fisker also said it has pursued a dual homologation process for the Ocean SUV in Europe and the United States simultaneously.

"Our unique business model enables this level of flexibility, which we are now capitalizing on," CEO Henrik Fisker said.

Fisker recently announced a WLTP certification in Europe of up to 707 kilometers. The company noted that it has seen an increase in reservations in Europe since announcing the WLTP range certification. 

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FSR Price Action: Fisker has a 52-week high of $11.57 and a 52-week low of $4.26.

The stock was up 9.39% at $5.36 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Fisker.