Fisker Reports Q2 2023 Losses, Cuts Production Target Due To Supply Woes

The automaker missed production targets for both quarters in 2023.

fisker ocean

Photo by: Fisker

Suvrat Kothari

By: Suvrat Kothari

Aug 4, 2023 at 1:11pm ET

Add InsideEVs as a preferred source in Google

Comment

California-based Fisker has cut its production forecast for the year due to supply chain troubles, the brand said in its Q2 earnings call.

Its original projection was to manufacture between 30,000 to 36,000 electric vehicles in 2023, although Fisker has now slashed that forecast to between 20,000 and 23,000 units.

The production woes are also contributing to its operational losses – the brand lost $87.9 million in Q2 2023, marginally less than the $88.6M it lost in Q2 2022.

The company said in its Q1 2023 earnings report that it lost $120M in the first three months of this year, but an operating profit is expected in Q4 2023, as per Automotive News.

Fisker is among many EV start-ups facing troubles in ramping up production, and they continue to post operational losses in an effort to grab a share of the growing EV pie.

Gallery: Fisker Pear Livestream Debut

Screenshot 2023-08-03 9.20.18 PM

Screenshot 2023-08-03 9.19.43 PM Screenshot 2023-08-03 9.19.11 PM Screenshot 2023-08-03 9.18.24 PM Screenshot 2023-08-03 9.17.26 PM Screenshot 2023-08-03 9.17.12 PM Screenshot 2023-08-03 9.16.49 PM

It’s a common trend among start-ups to burn through cash before they can turn a profit. Rivian’s Q1 2023 losses amounted to $1.35 billion. Lucid appears to be in the same boat.

However, note that the Fisker Ocean SUV has finally entered production, and deliveries are underway in Europe and the US. Its first quarterly sales revenue totaled $825,000.

The brand’s contract manufacturing partner Magna produced 1,022 units of the Ocean in Q2 2023, missing its initial target of between 1400 to 1700 units due to a components crunch.

What do you think?

View

Comments

The brand has yet to prove its mettle but seems to forge ahead with new promises. During yesterday’s Production Vision Day, it revealed four new models, including the Pear small electric hatchback, a high-performance electric grand tourer called the Ronin, an electric pickup christened Alaska, and an off-road package for the Ocean called the Force E.

The brand’s CEO Henrik Fisker has big ambitions for the Pear, which he says will be made in the US, and aims to produce one million units annually.