Fisker Inc (NYSE:FSR) shares are trading higher by 6.25% at $19.20 Wednesday morning after RBC Capital initiated coverage on the stock with an Outperform rating and announced a $27 price target.

Fisker CEO Henrik Fisker last week tweeted, "On time! ; in a sea of delays from others, The Ocean remains on time, for November 17th 2022 start of production & 1st deliveries in November 2022."

Fisker engages in the provision of e-mobility solutions. It develops and manufactures eco-friendly electrically powered vehicles. The company was founded by Henrik Fisker and Geeta Gupta-Fisker in 2016 is headquartered in Manhattan Beach, California.