Fisker misses second-quarter production target due to parts shortage
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2023-07-07 19:47
Fisker missed its production target for the second quarter due to shortage of components, the electric vehicle startup

Fisker missed its production target for the second quarter due to shortage of components, the electric vehicle startup disclosed on Friday, sending its shares down 2% in premarket trading.

The California-based company produced 1,022 units of its Ocean SUV in the quarter ended June, lower than 1,400-1,700 vehicles it had projected.

"A few suppliers had challenges ramping to the targeted 2Q levels, as they did not receive components from sub-suppliers in a timely manner," Fisker said in an exchange filing, adding that it expected to produce over 1,400 vehicles in early July.

Fisker, which will report second-quarter earnings on August 4, produced 55 vehicles in the March quarter.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Savio D'Souza and Arun Koyyur)

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