Fisker Automotive disclosed a larger-than-expected third-quarter loss on Monday, and claimed it delivered just approximately 1,100 Ocean electric SUVs in the third quarter.
- IMPORTANT NOTES
- Fisker, an electric vehicle startup, posted a larger-than-expected third-quarter loss on Monday.
- It stated that it only delivered roughly 1,100 Ocean electric SUVs in the third quarter.
- However, it stated that deliveries had quickened since the end of the quarter, with over 1,200 Oceans delivered in October and “hundreds” more on their way to clients currently.
However, it stated that deliveries had quickened since the end of the quarter, with over 1,200 Oceans delivered in October and “hundreds” more on their way to clients currently. It’s shares fell more than 10% in after-hours trade following the news. The firm and its production partner, Magna International, built 4,725 Oceans in the third quarter and delivered 1,097 to customers, according to the company. In the second quarter of 2023, Fisker produced 1,022 Oceans.
“We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers,” stated CEO Henrik Fisker. “We are gaining momentum and delivered more units in the month of October than in all of the third quarter.”
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In a statement issued on September 26, the business stated that it intended to produce 300 Oceans each day by the end of 2023. The announcement was made as part of it’s third-quarter results report, which was released on Monday. It’s net loss for the quarter was $91 million, or 27 cents per share, which was higher than the 19 cents projected by LSEG, formerly known as Refinitiv.
The period’s revenue was $71.8 million. Wall Street expected revenue of $109 million, but due to little analyst coverage, CNBC is not comparing recorded revenue to predictions. It reported a net loss of $149.3 million, or 49 cents per share, and revenue of almost $14,000 a year before.
As of September 30, It has $625 million in cash and cash equivalents on hand, up from $521.8 million as of June 30. In July, the EV producer obtained an extra $300 million through a convertible note offering, followed by another $150 million in September. They did not immediately alter its full-year production forecast. In August, Magna stated that it intended to manufacture 20,000 to 23,000 Oceans at its contract manufacturing unit in Austria by the end of the year.
They had planned to release its third-quarter results last week, before the markets opened in the United States on November 8. However, it abruptly delayed its report early that morning, citing the retirement of its chief accounting officer on Oct. 27 and the appointment of a new one on Nov. 6 as having “delayed the completion of the financial statements and related disclosures.”
They did not say why its chief accounting officer resigned. Burkhard Huhnke, it’s chief technology officer, also departed the business in late October for “personal reasons,” according to a regulatory filing. On November 3, the business selected David King, a senior engineer who formerly oversaw its vehicle-body engineering team, for the position.
Frequently asked questions
Is Fisker coming to India?
Ocean EV, Fisker’s first forthcoming car, is slated to come shortly in India at a price of Rs. 60.00 Lakh. Fisker Inc. established its Indian headquarters, Fisker Vigyan Pvt Ltd, in April 2022.
What is the cost of a Fisker?
Ocean EV, Fisker’s first forthcoming car, is slated to come shortly in India at a price of Rs. 60.00 lakh. Fisker Inc. established its Indian headquarters, Fisker Vigyan Pvt. Ltd., in April 2022.
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