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Shares of the EV maker, which has been struggling with a cash
crunch, rose 7% in premarket.
"Fisker has made a strategic decision to reduce December
production to prioritize liquidity to unlock over $300 million
of working capital," the company said.
Fisker cut its production target for the year - at least a
second time - to just over 10,000 units, compared with its
earlier forecast of 13,000 to 17,000.
The company said it delivered 123 vehicles on Thursday, adding
it plans to accelerates sale and deliveries despite the tough
market conditions for EVs.
Some EV firms are facing dwindling cash reserves, pressured by
high costs related to production ramp-ups and inflation and
price cuts by rivals such Tesla.
In its most recent financial results, which were filed after a
delay due to the departure of its former accounting chief,
Fisker reported a loss of $91 million and revenue of $71.8
million for the third quarter, both missing expectations.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Sriraj
Kalluvila and Krishna Chandra Eluri)
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