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.

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