Fisker is quickly discovering how hard it is to manufacture and sell compelling electric vehicles, cutting its production target for this year from 20,000 vehicles to between 13,000 and 17,000 units. The company is also continuing to lose money, prompting a 24% drop in its share price during trading.
The small car manufacturer built a total of 4,725 Ocean SUVs during the third quarter of the year, or more accurately, contract manufacturer Magna Steyr built 4,725 Oceans during Q3. Some 1,097 vehicles were delivered during the quarter, a significant increase from the 11 units that were delivered in Q2. While deliveries are tracking below production, Fisker did reveal that handovers are ramping up and more than 1,200 vehicles were delivered in October alone.
Deliveries are also now underway in seven additional European countries compared to Q2. Customers in Canada and the Netherlands will also start to receive their Oceans this quarter, followed by those in Spain, Portugal, and Italy in Q1 2024.
Read: 2026 Fisker Pear Detailed, Will Get A High-Performance Extreme Variant
It’s not all good news. Fisker posted a net loss of $90.9 million for the third quarter while revenue was just $71.8 million, significantly below analyst estimates of over $143 million, The Wall Street Journal reports. While speaking with the media on the firm’s quarterly earnings call, chief executive Henrik Fisker said it was struggling with the intricacies of exporting its vehicles from Magna’s Austrian factory to customers in the U.S.
A new flagship lounge has been opened by Fisker in Los Angeles while another has also opened its doors in New York City. A host of other locations across multiple U.S. states are also in the works and by the end of 2023, Fisker expects to have a dozen facilities in the country and roughly the same amount in Europe. A lounge will also open in Shanghai, China in January 2024.
Fisker has separately confirmed that it is bringing both the new Pear and the Alaska pickup truck to this week’s Los Angeles Auto Show, providing Americans with their first opportunity to see the two compelling new models in the flesh for the first time.
