Why is Forza X1, Inc. (FRZA) stock trending today?

November 03, 2022 01:41 AM AEDT | By Rupam Roy

Why is Forza X1, Inc. (FRZA) stock trending today? — Image source: © Shutter999 | Megapixl.com

Why is Forza X1 rising?

Forza X1 specializes in developing and manufacturing recreational vehicles. The company primarily engages in manufacturing electric-powered sport boats, and intends to enhance the adoption of these kinds of recreational vehicles.

The company, on November 2, revealed that through the end of July 2022, it had secured 50 non-binding pre-production boat reservations. The reservations were made for its two early models, FX1 Dual Console and FX1 Center Console.

According to the release by Forza, the deal, if finally happens, could generate over US$ 8.5 million in revenue for the company after the completion of delivery.

The company said that a customer could personalize the initial models directly through its website with a reservation price of US$ 100. The personalization of the models includes selecting hull color, battery capacity, etc.

Forza would continue to take reservations for its FX1 models till it is ready to start the formal sales, it said. Notably, the reservations already made are non-binding and could be canceled before production completion.

Meanwhile, on November 1, the company announced that it has already started the water testing phase of its FX1 electric boat. The company said that it has "successfully" started and sea-trialed its 25 ft electric-powered FX1 catamaran last Friday.

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Bottom line:

The price of the Nasdaq-listed FRZA stock went up 53.84 per cent at 9:40 am ET on November 2, to trade at US$ 2.5999, while its trading volume was over 16.38 million during writing.

On October 31, Forza said that it would be releasing its Q3 FY22 operating and financial results next Monday, November 7, at 3 pm ET.

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