Fisker misses second-quarter production target due to parts shortage

[July 07, 2023]  (Reuters) - 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 logo of Fisker Automotive is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022. REUTERS/Stephane Mahe

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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