Fisker Reaches Major Milestone

Fisker Reaches Major Milestone

Fisker built its first Fisker Ocean on the high volume production line at Magna Steyr hitting a major milestone in company history.

Today, Fisker did something that every automotive startup company hopes to achieve some day. The company built its very first Fisker Ocean on the high volume production line at Magna Steyr. Fisker achieved this major milestone and investors rewarded the company. Investors bid up the company’s stock on the news. Fisker shares closed flat on the day at $8.88 while the stock market crashed.

Magna and the Fisker Ocean
Fisker and Magna teams gather around the first Fisker Ocean built on the high volume assembly line in Graz, Austria.

Yes, the stock market crashed today. Investors sold everything, especially tech stocks, after the release of August inflation numbers. Fears of higher interest rates ensued. The Nasdaq was the worst of the major averages down -5.16%. The S&P 500 fell -4.32% and the Dow dropped 3.94%. Today marked one of the worst trading days we’ve seen in a very long time. It was a blood bath on Wall Street and Fisker escaped the carnage.

Yesterday, Henrik shared the first production intent vehicle was being assembled on the high volume production line. Then, this morning Henrik took to social media again and said, “First Fisker Ocean built on the high volume line! Now, we start building some marketing vehicles before the November SOP!” We all should have seen this one coming. Congrats to Fisker, Magna, and all stakeholders that played a part in achieving this major milestone.

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