Fisker Inc., in collaboration with manufacturing partner Magna International Inc., has revised its electric vehicle (EV) production guidance for 2023 for the second time, significantly lowering its targets. The company now expects to produce approximately 20,000 to 23,000 vehicles, which is less than half of its original projection of up to 42,400 vehicles. In May, Fisker had adjusted its estimate to a range of 32,000 to 36,000 vehicles.
The California-based EV manufacturer cited a "short-term capacity constraint at one supplier" for the reduced production outlook but did not disclose the specific supplier. Fisker started production of its first EV in November 2022 in partnership with Magna, but customer deliveries of the SUV only commenced in June. Since then, the company has faced logistical and other challenges, resulting in the delivery of only 11 vehicles in both Europe and the US.
For the most recent quarter, Fisker reported a loss of 25 cents per share and a revenue of $825,000. Despite the revised production targets, the company's stock saw a mild increase of 1.6% in premarket trading, reaching $6.45. However, the stock has experienced a decline of around 13% throughout the year.
This setback in production highlights the ongoing challenges faced by EV manufacturers in meeting demand and ensuring a smooth supply chain. Fisker's lower-than-expected production figures serve as a reminder that the transition to electric vehicles requires careful management of various factors, including suppliers, logistics, and production capacity. As the company continues to navigate these challenges, it remains focused on delivering its innovative, sustainable vehicles to customers worldwide.