In a business update released Friday, electric-vehicle startup Fisker again cut its production forecast for the second time this year. The company now says that it will build about 10,000 all-electric Ocean SUVs in 2023. That’s a noticeable drop from November, when the company stated it intended to build as many as 17,000 units. But that was down from the May forecast of 36,000 units that Fisker projected selling in 2023. As a result, the company’s stock price has declined nearly 77% since the beginning of the year. But Fisker’s stock to rose 3.81% to $1.64 by mid-day Friday.
Chairman and CEO Henrik Fisker remained optimistic despite the downbeat news.
“We may not have hit our original forecast but taking current market conditions and negative sentiments around EV sales into account, I would say we are doing quite well, as we continue to accelerate sales and deliveries,” Fisker said. “This is yielding considerable revenue as we ramp up our business. I expect by the end of this year we will have delivered more customer cars than any Western EV startup did in their first year of deliveries.”
In an effort to free up more than $300 million in working capital, the firm announced that it will be decreasing output in December. Fisker stated that as it expands manufacturing, it is aiming to accelerate client delivery. Fisker had 123 automobiles delivered or in route to customers as of Thursday, Nov. 30.
But the automaker also slashed the price of the Fisker Ocean Extreme, the Fisker Ocean’s highest trim level, to $61,499 from $68,999 – a $7,500 price drop. Like other EV manufacturers, all are being affected by Tesla’s recent price decreases.
Fisker’s revenue of $71.8 million resulted in a loss of $91 million in its most recent third quarter financial reports. Both were below company forecasts. Results were delayed owing to the retirement of its former accounting director.
So it’s little surprise that Fisker is negotiating agreements with larger automakers to offer EPA Greenhouse Gas emission credits. The business also said that it is in advanced talks to form strategic alliances with a number of automakers.
The post Fisker Reduces EV Production to Conserve Cash appeared first on The Torque Report.
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