Fisker (NYSE: FSR) stock continued to rise over the past month. On May 13, the company announced that it has signed binding agreement with Foxconn for co-investment into development and U.S. production launch of Project PEAR in Q4 2023. Project PEAR will be the company's second model and will sell under the Fisker brand into global markets including North America, Europe, China and India.
Image source: Fisker website
In addition, the company also said that from November 17, 2022, it will start production and deliveries of the Ocean electric SUV, its first vehicle, with Denmark, Norway and Sweden among the first European markets to launch. And the company will unveil a production-intent prototype at the Los Angeles Auto Show later this year.
Notably, the company would not have significant revenue from advance orders until late 2022. This is a long-term investment, but the company has cash and cash equivalents of $985.4 million by the end of March this year and zero debt. Therefore, FSR stock is worth tracking for a long-term period.
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