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In the second quarter, Fisker made and delivered fewer all-electric Ocean SUVs than Wall Street projected.
Kyle Grillot/Bloomberg
Fisker
earnings, reported Friday morning, topped analyst expectations, but that was the extent of the good news. Sales were far worse than Wall Street projected. Production guidance was cut, too.
The stock was up 3.1 % initially on new vehicles unveiled by the auto maker late Thursday. Those gains, though, evaporated. By midday, shares were down 6.4%. The S&P 500 and Nasdaq Composite were off 0.5% and 0.7%, respectively.
Fisker (ticker: FSR) lost 25 cents from $825,000 in sales. Wall Street was looking for a 27-cent loss from $48.9 million in sales. The loss was smaller than expected, but losses at start-ups with little in the way of sales can be all over the place. The sales number is the bigger surprise.
So were the production numbers. Fisker and its partners produced 1,022 Ocean SUVs in the quarter. That’s short of the 1,400 to 1,700 planned. What’s more, only a handful were delivered. Just 11 found their way to European customers.
Looking ahead, the company said it expects to produce 20,000 to 23,000 units in 2023. In May, management’s production range for the year was 32,000 to 36,000 vehicles. The May range was cut from February when management’s goal was 42,000 to 43,000 units for 2023.
“A couple of suppliers had challenges ramping to targeted Q2 levels,” reads part of Fisker’s Q2 earnings press release. “But the company is intently focused on working with all suppliers to swiftly ramp.”
Full-year sales are expected to be in the range of $565 million to $640…
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