Fisker has lowered its 2023 production target in what Reuters said was the latest sign US electric vehicle startups were struggling to ramp up output in the face of supply chain constraints, easing demand and a tight cash position.
The news agency noted that followed a report of weak earnings and a production outlook cut from Lucid Group.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Reuters said US EV startups’ hopes of shaking up the industry have collided with rising interest rates and sluggish demand, with many grappling with production challenges.
Even market leader Tesla has cut prices to boost demand.
The news agency said Fisker now expects to produce between 32,000 and 36,000 units in 2023, compared with a previous target of 42,400. The company blamed the cut on supply chain issues and an updated timing for homologation, or the certification for roadworthiness.
The company expected to produce between 1,400 and 1,700 vehicles in the second quarter, Reuters added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFisker delivers first Ocean SUV
