: Fisker’s stock turns lower as EV maker’s production miss overshadows narrower quarterly loss

by | Aug 4, 2023 | Stock Market

Shares of Fisker Inc. dropped 6% Friday after the electric-vehicle maker reported a narrower-than-expected loss but revenue and EV production that missed Wall Street expectations, and it also lowered its full-year production outlook. Fisker
started deliveries of the first Fisker Ocean electric SUV and said it was making “positive profit margin” on the first vehicles sold.

The EV maker late Thursday unveiled three new concept EVs that it hopes to bring to market starting in 2025: The Ronin, which the company called an “ultra luxury sports car” with limited production and starting around $385,000; the Pear, Fisker’s $30,000 electric crossover that was already in the works; and the Alaska, an electric pickup truck starting at $45,400 that also had been teased before. The company launched the Ocean last year. Fisker’s slower-than-expected third-quarter production ramp and larger-than-expected 2023 production cut “will detract today from what was an impressive product reveal last night,” said Chris McNally, an analyst with Evercore ISI. McNally said he had “hoped” Fisker would show clear signs of production of about 6,000 units a month production by late September, but that goal looks to be postponed until later in the year. Fisker’s net losses narrowed to $85.5 million, or 25 cents a share, from $106.0 million, or …

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