On Monday, shares of Fisker Inc (NYSE: FSR) were up 3.42 per cent in pre-market trading after the company’s CEO, Henrik Fisker, spoke at the Paris Motor Show. The CEO indicated that the electric vehicle company plans to set up a production site in the US to qualify for EV subsidies. Fisker added that the automaker should be able to produce its Ocean SUV model in the US by 2024.

European-made models are due to enter production in November and are scheduled to become available in 2023 in major markets like the UK. The company’s Austrian production partner Magna Steyr has produced 95 prototypes of the Ocean SUV.

Founded by Henrik Fisker and Geeta Gupta-Fisker in 2016, Fisker Inc is an electric vehicle automaker. Headquartered in California, Fisker Inc is developing the Fisker Ocean, an electric sport utility vehicle (SUV). It has an estimated range of 300–350 miles (480–560 km). The production is expected to begin in late 2022.