Why Fisker Stock Is Trading Higher Thursday

Fisker Inc FSR shares are trading higher Thursday after the company announced the Environmental Protection Agency (EPA) issued a range assessment above company estimates and approved the Fisker Ocean Extreme for sale and delivery in all 50 U.S. states.

What Happened: The Fisker Ocean Extreme was granted an EPA estimated total range of 360 miles, which exceeded Fisker's previous range estimates. The new EPA rating confirms that the Ocean Extreme has the longest range of any electric SUV sold in the U.S. for under $200,000.

The Fisker Ocean Extreme also received both an EPA Certificate of Conformity and a California Air Resources Board Executive Order. The former clears the vehicle for delivery across the U.S. and the latter grants the Fisker Ocean Extreme the maximum four zero-emission vehicle credits per vehicle sold. 

"This is a huge milestone for everyone at Fisker. We are looking forward to getting Oceans to customers in the US, and we plan to send out communications today to our first customers," said Henrik Fisker, CEO of Fisker.

Fisker Ocean deliveries are expected to begin in the U.S. in June.

See Also: Why Lucid Stock Is Hitting The Brakes Thursday

FSR Price Action: Fisker shares were up 5.08% at $6.58 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Fisker.