Taking a U-turn from last week's disappointing performance, Fisker (NYSE: FSR) reported impressive news about its 2023 vehicle deliveries this morning. In addition to yesterday's announcement regarding its customer loyalty program, this helped the stock to motor considerably higher during this last week of 2023.
As of the end of trading last Friday, shares of Fisker are up 21.9% as of 11:07 a.m., according to data provided by S&P Global Market Intelligence.
Fisker ended the year driving in the right direction
After growing vehicle deliveries by more than 300% from the third quarter to the fourth quarter, Fisker ended 2023 having delivered about 4,700 of its Ocean SUVs. And there seem to be a bunch of vehicles waiting to be placed in customers' hands. Fisker also reported today that it produced 10,142 vehicles in 2023.
The encouraging news today complements yesterday's announcement from the company. In an effort to improve its customer experience, Fisker has upgraded its loyalty program. Those who have existing orders or reservations for any Fisker vehicle automatically gain entrance into the company's loyalty program.
Members can earn additional points in several ways, from scheduling a test drive to referring others to subscribe to the company's newsletter. According to the company, customers can enjoy a variety of benefits through the program: a charging credit, a free first tire replacement, and an extended warranty, to name a few.
Don't accelerate into a Fisker investment just yet
Between its strong vehicle delivery growth and the company's apparent commitment to enhance the customer experience, it's clear why the market is rewarding Fisker stock this week. Despite the stock's rise, it's important for those wondering whether now's the right time to hitch a ride with the electric car stock to do their due diligence first.
The news may seem rosy now, but the company's finances may tell a different story. Much better insight into the company's financial health will be available after it reports its fourth-quarter 2023 financial results, giving investors a chance to check under the company's hood.
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
