In response to a persistent cash crunch, Fisker has announced a reduction in production for December and a downward revision of its annual production target, the second time it has done so in as many weeks.
In a Business Update, Fisker acknowledged the decision to scale back production comes as part of a broader effort to navigate the tough market conditions for EVs. The company now anticipates producing just over 10,000 vehicles this year, marking a significant adjustment from its initial forecast of 13,000 to 17,000 units it announced last month, which was already significantly down from its original estimate of 40,000 units.
Despite the challenges, Fisker remains committed to accelerating sales and deliveries. After originally hoping to begin deliveries of the Ocean One SUV in Canada in September, the company now says they will finally begin in December.
“Additionally, the company has now achieved all required approvals and licenses, and satisfied insurance requirements, to sell vehicles in Canada. Fisker will commence transporting vehicles from US ports to Canadian customers next week, making deliveries in December.”
To aid in their expansion efforts, the company also announced it is actively engaged in advanced discussions with multiple automakers for potential strategic partnerships.
Additionally, Fisker said it is working with consultants to ensure a timely and accurate filing of its annual report with the Securities and Exchange Commission. While this might seem like an unusual statement to make, it comes after the automaker revealed there were significant deficiencies in its internal control over financial reporting.