Fisker (FSRN -12.70%) stock has been struggling this year. Shares are down by about 75% year to date. But investors are jumping in on the final trading day of the year. After spiking by more than 25% at one point on Friday morning, Fisker shares were still up by 19.9% as of 10:50 a.m. ET.

The jump came after Fisker announced it produced 10,142 Fisker Ocean SUVs in 2023, and said that deliveries had soared by more than 300% in the fourth quarter compared to the third quarter.

Hitting its (latest) EV mark

In a business update released on Dec. 1, management predicted Fisker would produce "just over" 10,000 units for the year, so Friday's update confirmed that prior forecast had been accurate. However, the company had recently revised its production guidance downward -- twice. In August, Fisker said it hoped to manufacture more than 21,000 of its electric Ocean SUVs this year -- a figure that was down from its prior forecast. Supply chain challenges then led the company to reduce its outlook to 15,000 at the midpoint of a new predicted range in November.

The company now says it has largely overcome those challenges. It has delivered about 4,700 EVs in the fourth quarter, up from under 1,100 in the third. Fisker also says it will announce a plan to further accelerate production and deliveries in January.

Test drives impress

One part of its strategy will be to increase the number of test-drive events for potential customers in the U.S. and Europe. Fisker says it has seen higher rates of sales after potential customers are able to try driving the Ocean in person. Specifically, drivers have been positive on how the Ocean compares to competitive EVs, as well as impressed by its unique features, according to the company.

Investors are happy to see production and sales momentum, and some are buying the stock Friday after 2023's massive drop. A more important data point -- which we'll see when the company releases its fourth-quarter financial report -- is how much revenue those increasing sales are generating. When that report arrives, investors should also pay close attention to how much Fisker has left in cash and cash equivalents on its balance sheet compared to the $625 million it held as of Sept. 30.