On November 13, electric vehicle company Fisker announced a third-quarter loss that exceeded Wall Street’s expectations and stated that it only shipped roughly 1,100 Ocean electric SUVs during the period. Despite the disappointing results, Fisker has maintained its prediction for 2023 operating expenses and capital expenditures, which are expected to range between $565 million and $640 million.
However, the company stated that deliveries have increased since the end of the quarter, with over 1,200 Oceans delivered in October and “hundreds” more still on their way to clients. According to Fisker, 4,725 Oceans were constructed, but 1,097 were delivered to customers in Q3 in collaboration with Magna International, its production partner.
CEO Henrik Fisker said in a statement, “We are rapidly scaling our delivery infrastructure to support even higher volumes of deliveries of our class-leading product to our loyal customers. We delivered more units in October than during the entire third quarter as we are picking up steam.”
Before the end of 2023, the business expects to deliver 300 Oceans daily, according to a statement released on September 26.
Moreover, the EV company announced price reductions for its Fisker Ocean model in the U.S., Europe, and Canada—the first since the vehicle’s launch—and additional changes to trim pricing in a calculated attempt to increase sales. To improve scale effects in the fourth quarter, the company is also growing its delivery infrastructure and streamlining last-mile operations.
This announcement coincides with general difficulties in the electric vehicle and clean energy segments, such as problems with Tesla’s Cybertruck launch and ongoing Plug Power stock price declines. Notwithstanding these challenges, Fisker is committed to enhancing its financial results and growing its business while navigating the cutthroat EV industry.