Fisker Cuts 2023 Production Forecast On Underwhelming Q1 Results

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Fisker Cuts 2023 Production Forecast On Underwhelming Q1 Results
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The EV startup lowered its production guidance for the full year to 32,000-36,000 Ocean SUVs, down from an earlier target of 42,400.

Fisker released its first-quarter financial results on May 9, and the numbers don't look that good despite the fact it was the company's first quarter as a revenue-generating company.

The EV startup reported a wider loss for the period than expected and cut its production guidance for the full year to 32,000-36,000SUVs, down from 42,400 in its earlier guidance. Fisker blamed both setbacks on last-minute snags as it is in the very early stages of production at contract manufacturer Magna Steyr's plant in Graz, Austria.

CEO Henrik Fisker said on the earnings call that the company expects to build between 1,400 and 1,700 vehicles in the second quarter, assuming its suppliers ramp up as expected. After that,expects to quickly increase production in the third quarter to a run rate of about 6,000 vehicles per month for the rest of 2023.

"We are ready to go full speed on production next week. [By the] end of this month, we are already going to produce 55 cars a day," Henrik Fisker toldThe company said it had about 65,000 reservations for the Ocean as of May 8, which is roughly the same number it reported in February.

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