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The New York Stock Exchange welcomes Fisker Inc. (NYSE: FSR), today, Monday, November 9, 2020, in celebration of our latest Initial Public Offering.
Source: NYSE
Starting the electric car Fisker On Tuesday, it reported a bigger-than-expected first-quarter loss and lowered production guidance for the full year, both of which it blamed on last-minute hitches with the start of production of the Ocean SUV.
But CEO Henrik Fisker told CNBC that the company expects to get regulatory approval to begin ocean shipments in the US before the end of May. The company began delivering the vehicles to customers in Europe last week.
Shares fell more than 13% in pre-market trading after the news.
Here are the key numbers from Fisker’s first-quarter earnings a reportalong with the consensus Wall Street estimate as reported by Refinitiv:
- share loss: 38 cents, against an expected loss of 30 cents.
- he won: About $198,000, versus the expected $14.4 million.
Fisker’s net loss for the quarter was $120.6 million, or 38 cents per share, a larger figure than Fisker is expected to attribute to higher research and development expenses that it doesn’t expect to repeat. A year ago, Fisker reported a net loss of $122.1 million, or 41 cents per share, without revenue.
Fisker said it had about 65,000 reservations for Ocean as of May 8, about the same number when it reported fourth-quarter results in February. It has more than 6,000 reservations for its upcoming second model, a low-cost electric car called the Pear that Foxconn will previously build. Lordstown Motors Factory in Ohio starting in 2025.
Fisker now expects from its manufacturing partner, Magna Internationalto build 32,000 to 36,000 oceans at its contract Austrian plant this year, down from 42,400 in its previous guidance.
It said it expects to build 1,400 to 1,700 vehicles in the second quarter, assuming its suppliers increase as expected. After that, it expects production to ramp up rapidly in the third quarter to a run rate of about 6,000 vehicles per month for the rest of 2023.
“We’re ready to go full speed with production next week,” Henrik Fisker told CNBC’s Phil LeBeau on Tuesday. “(By) the end of this month, we will already be producing 55 cars a day.”
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