Later this month, Fisker will start producing its highly-anticipated Fisker Ocean SUV in Graz, Austria, with the cooperation of its manufacturing partner Magna International. As per TechCrunch, the American automaker has already raised its 2023 manufacturing target to 42,400 cars.
Fisker Ocean SUV orders
Fisker’s high demand for the SUV supports its ambitious production goal for the initial year. In fact, recent reports from the company revealed that over 62,000 orders for the new car have already been placed. By the end of the year, the automaker expects to receive approximately 20,000 more orders.
It may seem too ambitious, but it is possible with the expertise of Magna International, which is building the car.
The IRA disqualifies the Fisker Ocean SUV for the tax credit
Unfortunately, Fisker’s Ocean will no longer be eligible for the federal tax credit under the Inflation Reduction Act (IRA) because it is manufactured in Graz, Austria. That said, the newly passed law temporarily benefitted the automaker as buyers hastened to reserve cars before the law was implemented.
It is yet unknown how the vehicle’s ineligibility for a $7,500 incentive will affect subsequent order figures. Nonetheless, the brand has more credibility for its plans as the start of manufacturing gets closer.
Fisker’s stock has risen after a one-month drop due to this news. Compared to 30 days prior, it rose by slightly more than 2%. However, the stock offering is still down by more than 50% from a year ago.
Hopefully, the stock will start to rise once the company begins producing cars, as it will provide investors with something to look forward to in terms of improving financial results.