Fisker expects to ramp up Ocean EV production in fourth quarter
Reuters
Published Sep 07, 2023 06:43AM ET
Updated Sep 07, 2023 07:45AM ET
(Reuters) -Electric-vehicle startup Fisker (NYSE:FSR) said on Thursday it expects to increase the production of its Ocean sports utility vehicle to about 300 units a day in the fourth quarter from around 180 units.
The company has a manufacturing tie-up with Canadian auto part supplier Magna International (NYSE:MGA), which produces its vehicles for the European and North American markets.
Vehicle deliveries are expected to accelerate in North America in September, CEO Henrik Fisker said.
As of Sept. 4, Magna has manufactured 3,123 vehicles, with just under 3,000 handed over to Fisker, the company said, adding that more than 450 Fisker Oceans in the US have been either delivered to customers or are in the process of being delivered.
Last month, Fisker cut its annual production target due to supply chain issues. That overshadowed a smaller-than-expected quarterly loss and its first revenue from deliveries of electric sport utility vehicles.
Even as suppliers recovered from a "COVID hangover" to keep pace with Fisker's production ramp-up, one key supplier of a complicated part which needs specific skilled labor, is taking longer than expected, the company had said.
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Written By: Reuters
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