Fisker Inc. announced Tuesday an agreement to deliver up to 700 of its electric vehicles (EV) to Onto, the U.K.-based EV subscription service. The announcement comes after Fisker reported late Monday a wider first-quarter loss and forecast a rise in expenses. said it will start delivering its right-hand-drive Ocean SUVs to Onto in the first half of 2023. Onto will be the exclusive partner of Fisker, and will offer the Ocean SUVs on a monthly subscription. Financial details were not disclosed. “We are seeing the rapid growth of innovative companies like Onto that are enabling the transition to electric mobility,” said Fisker Chief Executive Henrik Fisker. “Our partnership with Onto is a significant step in rapidly building our presence in the U.K. electric vehicle market.” Fisker’s stock rose 0.6% in morning trading Tuesday, after being down as much as 3.1% in premarket trading after first-quarter results. The stock has now dropped 37.7% over the past three months, while shares of fellow EV makers Nikola Corp. have shed 33.2% and Tesla Inc. have declined 27.1%. The S&P 500 has gained 6.4% over the past three months.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.