The EV maker said it had built 5,000 Ocean SUVs and expects to ramp up deliveries to 300 units per day later this year, reiterating a plan announced earlier this month by chief executive Henrik Fisker.

Fisker’s shares rose as high as US$6.47, and were on course for their biggest daily percentage gain since April. The stock, however, is down about 12% this year and is a fraction of its all-time intraday high of around $32 reached in March 2021 during a pandemic boom.

Fisker is a “pure-play EV force” that offers investors “exposure to the rapidly growing EV market” given its “lower risk business model” compared to its peers, said Bank of America analysts, led by John Babcock, as the bank reinstated coverage of the company with a “buy” rating.

“The automotive industry is undergoing a once-in-a-century revolution with technology advancement on electrification, autonomy, and digitisation,” the analysts said. “These key mega-trends are creating significant growth opportunities for OEMs (other equipment manufacturers) and suppliers alike that we expect to persist for the next decade plus,” they added.

California-based Fisker has so far delivered about 900 vehicles in the US and Europe. Unlike other EV makers, Fisker has outsourced its vehicle production to Canadian auto part supplier Magna International.