Forza X1, Inc. (NASDAQ: FRZA) is an electric boating company, which is focused on the manufacture, marketing and distribution of electric sport boats. Shares of the electric boat company surged 45% during trading on Wednesday, November 2, 2022. Over the past three months, Forza X1 has seen average daily volume of 1.63 million shares. However, volume of 57.23 million shares or dollar volume of around $140.21 million exchanged hands during the day’s trading session.
Shares of Forza X1 jumped after the company announced it has received fifty non-binding, pre-production reservations for its FX1 Dual Console and FX1 Center Console electric boat models since the end of July 2022. If these fifty reservations are ultimately finalized, Forza X1 says they could generate over $8.5 million in revenue for the company.
The company says it charges $100 as a reservation fee and allows customers to personalize their electric boat with specific hull colors, upholstery, and battery capacity. Management says the company will continue to accept FX1 model reservations until Forza X1 is ready for commercial launch.
“The FX1 model line will be our first commercially available electric boat and exemplify our mission to inspire the adoption of sustainable recreational boating. Our FX1 boats are intended to work seamlessly and simply, while offering families and water recreation enthusiasts an enjoyable time for an affordable price,” explains Visconti. “The excitement around our products and vision have been thrilling to watch. The customer interest from the reservations we received in the last ninety days supports our efforts to design and engineer the FX1 and build the Forza X1 brand. This incredible support also reinforces our resolve to continue designing, creating, manufacturing, and selling stylish, fully integrated electric sport boats that promote environmental sustainability and allow for a much more serene and enjoyable time on the water.”
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