Fisker Inc’s smaller-than-expected quarterly loss and first revenue from deliveries of its electric sport utility vehicles helped counter an annual production cut, sending its shares up more than 2% in premarket trading on Friday.
The company now expects to produce between 20,000 and 23,000 vehicles in 2023, down from 32,000 to 36,000 units projected in May.
A key supplier required additional time to ramp up capacity to meet the company’s production schedule in the second half of the year, Fisker said.
A month ago the company reported production of 1,022 Ocean SUVs in the second quarter, missing its target of 1,400 to 1,700 units due to a shortage of components.
Electric vehicle startups have faced supply chain issues with component providers prioritizing larger EV makers with proven production capacity and demand.
The California-based company, however, recorded its first quarterly revenue from sales as the electric sport utility vehicle (SUV) maker kicked off deliveries in Europe and the United States.
The company reported USD 825,000 in revenue in the second quarter.
An Austrian unit of Canadian auto parts maker Magna International makes the sports utility vehicle for the company, disqualifying it for USD 7,500 federal tax credit in the United States.
It reported a loss of 25 cents per share, compared with analysts’ expectation for a loss of 28 cents.
Analysts expect the company to record an operating profit in the fourth quarter, according to Refinitiv data.
