Shares of Fisker (FSR) jumped over 20% in early trading on Tuesday after the electric vehicle maker announced it was ramping up deliveries, and will likely exceed its guidance🌞 for 2023.

Fisker indicated it would be delivering 300 of its Ocean SUVs per day later this year. It has currently delivered 900 to its U.S. and European launch markets.

It added that it has already produced 5,000 of the Oceans after reporting early this month that 3,123 had been made. In that statement, Fisker noted that it expected to increase production to 300 units per day in the fourth quarter, up from 180 units per day.

At that rate and a six-day🏅 work schedule, Fisker would produce about 28,000 vehicles this year, above its previous estimate of between 20,000 and 23,000.

CEO Henrik Fisker explained that the company is expanding both its teams and physical locations to “meet strong demand for the Fisker Ocean.” Fisker’s SUVs are built by Canadian partner Magna International (MGA).

Despite Tuesday’s gains, Fisker shares were down 7% for 2023. Shares of Magna International fell, and were also in negative territory for the year so far.