© Reuters. FILE PHOTO: Electric car maker Fisker demonstrates its Alaska pickup truck in Huntington Beach, California August 3, 2023. REUTERS/Mike Blake/File Photo
(Reuters) – Fisker (NYSE:) said on Friday its electric vehicle deliveries more than quadrupled in the latest quarter, helping it deliver about 4,700 vehicles for the year.
The increase in quarterly sales volume was mainly due to strong demand for the Fisker Ocean SUV, priced around $69,000, the company said.
Fisker began making its first deliveries to U.S. customers in June.
The company will announce a plan in January to increase sales and deliveries to align production capacity with strong demand for the Ocean SUV, Fisker said.
Shares of the California-based electric vehicle company rose more than 10% in premarket trading. They are down about 79% so far this year.
Smaller electric vehicle companies are facing dwindling cash reserves, pressured by high costs from ramping up production and price cuts aimed at boosting demand.
Fisker, which has an agreement with Magna International (NYSE:) the Austrian unit manufacturing its cars manufactured 10,142 vehicles in 2023.
The company, however, cut its annual production forecast twice in the past two months as it slowed production to meet its working capital needs.