Fisker (FSR) falls short of Q2 target despite over 1K Ocean electric SUVs produced

California-based Fisker Inc. dropped its Q2 production numbers Friday, showing over 1,000 Ocean electric SUVs built over the past three months. Although this is up significantly from the first quarter, the total falls short of Fisker’s guidance due to supplier challenges.

Fisker produces 1,022 EVs in Q2, falling short of its target

After starting production this past November, Fisker delivered its first Ocean SUV model in May, marking a major milestone.

Despite the progress, the EV maker continues falling short of its production targets. Fisker produced 55 Ocean SUVs in the first three months of the year, well below its target of 300 by the end of March.

Following its first quarter release, Fisker said it expected to produce between 1,400 and 1,700 EVs in Q2.

According to Fisker’s Q2 production figures released Friday, the company came up shy of its targets again. Fisker produced 1,022 Ocean electric SUVs in the second quarter, below the expected 1.4K to 1.7K.

Fisker says it missed its goal because of parts shortages and supplier issues. The company explained:

A few suppliers had challenges ramping to the targeted 2Q levels, as they did not receive components from sub-suppliers in a timely manner.

On the positive side, Fisker surpassed its 80-units-a-day assembly rate target at the end of June as it expects to produce over 1,400 EVs in early July.

The EV startup remains focused on improving supplier relations to meet the demand needed to scale production. Fisker also says it’s exploring addition battery pack capacity options to meet its 2023 manufacturing timeline and to “support higher volumes than originally anticipated next year.”

Fisker will relase its Q2 financial results before the market opens on Friday, August 4, 2023, with the earnings call following. Like many EV startups, Fisker is facing higher costs with diminishing cash and funding options while it ramps production.

The company ended the first quarter with $625.5 million in cash and equivalents while its net loss totaled $120.6 million.

This past month, Fisker delivered its first Ocean electric SUV in the US as it gears up for an expansion. Fisker also recently announced its all-electric Fisker Ocean Extreme model achieved an EPA estimated total range of 360 miles, the most of any new electric SUV under $200K in the US. With 707 WLTP km/ 440 UK mile range, the Ocean Extreme also has the longest range of any electric SUV currently in Europe, according to Fisker.