Fisker missed its manufacturing goal for the second quarter on account of scarcity of elements, the electrical automobile startup disclosed on Friday, sending its shares down 2% in premarket buying and selling.
The California-based firm produced 1,022 models of its Ocean SUV within the quarter ended June, decrease than 1,400-1,700 automobiles it had projected.
“A couple of suppliers had challenges ramping to the focused 2Q ranges, as they didn’t obtain elements from sub-suppliers in a well timed method,” Fisker mentioned in an change submitting, including that it anticipated to provide over 1,400 automobiles in early July.
Fisker, which can report its second-quarter earnings on August 4, produced 55 automobiles within the March quarter. It started deliveries in the US final month.
The manufacturing figures come as some EV corporations face dwindling money reserves, pressured by excessive prices associated to manufacturing ramp-ups and inflation.
Final month, Lordstown Motors filed for chapter safety, whereas Electrical Final Mile Options filed the identical final 12 months.
In distinction, EV behemoth Tesla and Rivian Automotive beat market estimates for second-quarter deliveries.
Associated video: