Fisker reports smaller quarterly loss, says EV production remains on track

Fisker Inc. FSR,
late Thursday reported a smaller quarterly loss than Wall Street had expected and said it remains on track to produce its first vehicle next year. Fisker said it lost $46.2 million or 16 cents a share in the second quarter, compared to a loss of $1.8 million or 2 cents a share in the same quarter a year ago. Analysts polled by FactSet were expecting a loss of 24 cents a share for the quarter. Fisker is a pre-income company. The electric car maker said development of its Fisker Ocean, an all-electric SUV, is on track, with production expected to start in November 2022, rising to more than 5,000 vehicles per month by 2023. timing is “based on rigorous procurement activities, a comprehensive prototype and test plan, and access to a detailed manufacturing agreement that covers the full planning and launch phase up to SOP and a seamless move to large-scale production at (Magna International Inc.’s) MGA,
world-class manufacturing facility in Europe that is on track to be carbon neutral by 2022,” Fisker said. The increase is related to a “refinement” in costs with its prototypes, Fisker said. The stock traded 0.8% lower in the extended session after the close of the regular trading day is 5.2% higher.