Shares of Fisker Inc., the electric-vehicle maker, experienced a 6% drop on Friday following the company’s announcement of lower-than-expected revenue and electric vehicle (EV) production. Despite reporting a narrower-than-anticipated loss, Fisker missed Wall Street’s expectations and revised its full-year production outlook. However, the company did mention that it was achieving a positive profit margin on the initial sales of its Fisker Ocean electric SUV.
The EV manufacturer recently launched three new concept vehicles that are planned for release starting in 2025. These include the Ronin, an ultra-luxury sports car with limited production expected to start at approximately $385,000. Additionally, Fisker unveiled the Pear, an electric crossover priced at $30,000 which was already in development, and the Alaska, an electric pickup truck with a starting price of $45,400. These new offerings were introduced after the successful launch of the Ocean SUV last year.
However, Fisker’s slower-than-expected third-quarter production ramp and a larger-than-anticipated production cut for 2023 have caused concern among analysts. Chris McNally, an analyst with Evercore ISI, noted that these setbacks could overshadow the impressive product reveal. McNally expressed his hopes that Fisker would demonstrate clear signs of production reaching approximately 6,000 units per month by late September, though this target appears to have been postponed until later in the year.
Fisker’s net losses showed improvement, narrowing to $85.5 million, or 25 cents per share, compared to $106.0 million, or …
