Shares of Fisker Inc. rose about 3% on Wednesday night after the electric vehicle company said its Ocean EV was on track for a November launch and bookings for the compact SUV surged.

Fisker FSR,
said it lost $138.4 million, or 47 cents per share, in the fourth quarter, compared with a loss of $87.4 million, or 39 cents per share, a year ago. The quarterly loss hit the FactSet consensus.

Fisker has yet to complete a sale. It said Wednesday that its backlog “suggests” a future gross revenue value of about $1.7 billion.

Delivering the first Fisker Oceans is the “number one priority”, said managing director Hendrik Fisker. “We are now in the next-level prototype construction phase and are progressing with our vehicle testing and certification plan.”

Fisker is working closely with suppliers to “stay on track” and begin deliveries by November, he said. “Amid global semiconductors and other supply constraints, we regularly work with key partners to identify and mitigate any issues.”

Reservations for the compact SUV exceeded 30,000 at the end of the quarter, including 1,600 fleet reservations, compared to 18,600 reservations in November, Fisker said.

“The 2022 year-to-date retail net daily booking rate has increased more than 400% from fiscal 2021 and is at an annualized rate of more than 55,000,” the company said. .

Fisker ended the quarter with cash and cash equivalents of about $1.2 billion, he said.

The company has guided for the year 2022 operating expenses between 435 and 500 million dollars, mainly with research and development, and capital expenses between 280 and 290 million dollars.

The electric car company announced Tuesday that it is taking reservations for a second car, a compact electric vehicle named the Pear.

Reservations are open to retail customers “following strong customer awareness and the potential for a short-term order from a large commercial customer,” Fisker said Wednesday.

The five-passenger electric vehicle starts at $29,900 and production will begin in November.

Foxconn 2354 technology group,
will build the pear into one of the manufacturing agreements Fisker signed last year.

Fisker has outsourced automobile production to keep tight control over design and interfaces in a strategy Wall Street has dubbed the “Apple of Automobiles.”

Fisker shares have lost nearly 34% in the past 12 months, contrasting with gains of around 14% for the S&P 500 SPX index,