HomeBusinessFisker's loss narrows as...

Fisker’s loss narrows as EV deliveries begin despite supplier snags


Fisker began deliveries of its battery-electric Ocean SUV in the second quarter of 2023.

Courtesy: Fisker

Electric vehicle startup Fisker on Friday reported a second-quarter loss that was narrower than expected, despite struggling to get the electric Ocean SUV into full production during the period amid supplier issues.

Fisker produced just 1,022 Oceans in the second quarter, less than the 1,400 to 1,700 vehicles it had expected to make, and it cut its full-year production guidance in light of those lingering supply-chain challenges.

Fisker now expects its manufacturing partner, Magna International, to build 20,000 to 23,000 Oceans at its contract-manufacturing plant in Austria in 2023. That’s down significantly from 32,000 to 36,000 in its earlier guidance.

Fisker’s net loss for the quarter was $85.5 million, or 25 cents per share, narrower than the 28 cents per share expected by Wall Street analysts, according to Refinitiv consensus estimates.

Revenue was just $825,000, as Fisker managed to deliver just 11 Oceans to customers before quarter-end following the production delays. Wall Street had been expecting revenue to come in at $159.3 million, but CNBC isn’t comparing reported revenue to projections because of thin analyst coverage.

A year ago, Fisker reported a net loss of $106 million, or 36 cents a share, and about $10,000 in revenue.

Fisker had $521.8 million in cash on hand as of June 30, versus $652.5 million as of March 31. The EV maker raised an additional $300 million via a convertible note offering in July.

Fisker didn’t provide an update on the number of reservations it has for the Ocean and its upcoming models. It had about 65,000 reservations for the Ocean when it reported its first-quarter results in May. Fisker’s next model, a low-cost EV called the Pear, is expected to go into production at a Foxconn plant in Ohio in 2025.

Fisker at an event in California on Thursday presented three upcoming battery-electric models: The Pear, a small car expected to start at about $30,000 when it arrives in mid-2025; a high-end luxury sports car called the Ronin with an expected price of $385,000; and a new pickup truck called the Alaska, based on an extended version of the Ocean’s platform and due in 2025 with a starting price just over $45,000.

Fisker had previously announced the Pear and Ronin, but the Alaska was shown for the first time on Thursday. Fisker is now taking reservations for all three of the upcoming models.

The company also previewed a new off-road package for the Ocean, called Force E. It’s expected to be available starting in the first quarter of 2024. Pricing wasn’t announced.



Source link

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

Read Now

Does New CFIUS Data Show U.S. Constraints On Foreign Investment Intensifying?

Washington’s executive branch interagency Committee on Foreign Investment in the U.S., “CFIUS”, the entity that oversees the country’s national economic security screening of inbound foreign direct investment is required by statute to submit to Congress and publish an annual report cataloging decisions it took the preceding...

What’s Coming to Netflix in October 2023

Illustration by What’s on Netflix Welcome to your comprehensive look ahead at what will arrive on Netflix in October 2023. Below, we’ll run through all the currently planned new movies, series, and games headed to the service throughout the month.  As always, keep an eye on our removals...

The New York Film Festival opens with the industry in limbo

Comment on this storyCommentNEW YORK — The New York Film Festival got off to a stylish start Friday night with a party at Central Park’s famed Tavern on the Green — or as stylish as you can get when none of the striking actors in this...

Live updates from Week 5 of college football

No. 6 Penn State 10, Northwestern 10 Early turnovers were always apart of Northwestern’s upset formula against top-10 Penn State, but even the most optimistic Wildcat fans likely couldn’t imagine forcing a turnover on the very first play.  After fielding the opening kickoff on a triple hop, Penn...

YouTube Music rolls out auto-downloads for podcasts

Following the news that Google Podcasts is shutting down next year, YouTube Music now has the ability to auto-download podcasts. To enable, visit a show page and tap the new settings gear icon to “Save/d to library.” This slides up the “Turn on auto-downloads” button and will...

Apple Says iPhone 15 Pro’s Titanium Frame Does Not Contribute to Overheating Issue

Apple today said it plans to release an iOS 17 software update with a bug fix for the iPhone 15 Pro and iPhone 15 Pro Max overheating issue, and the company has since shared additional details about the matter with MacRumors. Importantly, Apple said the issue is...

Beyonce in Final Talks to Release ‘Renaissance’ Concert Film Through AMC Theatres Following Taylor Swift Deal (EXCLUSIVE)

Mason Poole A film based on Beyonce‘s smash hit Renaissance World Tour is in advanced talks to distribute directly to AMC Theatres, sources with knowledge of the project told Variety. Mega-agency CAA held preliminary talks with major studios and streamers two weeks ago, another source added, urging...

These are the top 4 Club stocks — and the bottom 4 — during the third quarter

September, historically the worst month of the year for stocks, once again brought pain to Wall Street, sending the market lower for the third quarter. A steep rise in Treasury yields and oil prices, combined with fears that the Federal Reserve would keep interest rates "higher...

Apple Says iPhone 15 Pro Overheating Due to iOS 17 Bug, Not Hardware Design

Widespread complaints about overheating of the new iPhone 15 Pro and Pro Max can be traced to several factors, including a software bug in iOS 17, Apple told CNET on Saturday. The company said the new phones' titanium frame and aluminum substructure aren't contributing to the issue, and that...