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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Fisker delivers first Ocean SUV