Market Overview

How Fisker's Media Coverage Could Boost EV Reservations For Tesla Rival

How Fisker's Media Coverage Could Boost EV Reservations For Tesla Rival

A piece in Forbes over the weekend profiled Henrik Fisker and Geeta Gupta-Fisker as the “Billionaire Couple Taking On Tesla.”

What Happened: The piece from Forbes profiled the pair as the first husband-and-wife power couple in the auto industry.

Henrik is the leader of Fisker Inc (NYSE: FSR) and is responsible for the design of the vehicle. Geeta handles the finances and is the CFO of the company.

Related Link: Elon Musk Tweets “Caution” On SPACs As Tesla Rivals Go Public

Why It’s Important: On Monday, Henrik tweeted that Fisker saw a “Big spike in reservations of the Fisker Ocean EV, over the weekend.”

The tweet said a total of 10,370 people have placed pre-orders for the Fisker Ocean SUV.

Reservations cost $250 for the Fisker Ocean SUV.

The company had over 9,000 reservations in the last figure shared by Henrik. 

The spike came after the media coverage from Forbes and could be a good sign of things to come for Fisker.

Fisker’s name is well-known in the auto world, with prior stints designing cars at BMW, Aston Martin and Tesla Inc (NASDAQ: TSLA).

The company is going head-to-head with Tesla, the leader in EV sales in the U.S. The Fisker Ocean EV is expected to price at $38,000, which is $12,000 cheaper than the comparable Tesla Model Y.

Cowen analyst Jeffrey Osborne initiated Fisker with a Buy rating and $22 price target in November.

The company added influencers and celebrities to help build its brand, the analyst said. 

Media coverage such as the Forbes story could be important, as it's free marketing for Fisker.

Tesla has spent very little on marketing over the years, instead relying on word-of-mouth and strong brand awareness.

FSR Price Action: Shares of Fisker were trading down 0.47% at $14.76 at last check Wednesday. Shares have traded between $14.32 and $23.63 since the company completed its SPAC merger.

Click here for more from Benzinga on electric vehicles.

Courtesy photo. 


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