Electric vehicle startup Fisker has fallen short of its production target for the second quarter due to component shortages.
The California-based company produced 1,022 units of its Ocean SUV, lower than the projected 1,400-1,700 vehicles.
Fisker cited challenges faced by some suppliers in ramping up production levels due to delays in receiving components from sub-suppliers. However, the company expects to produce over 1,400 vehicles in early July.
The production shortfall comes at a time when some EV firms are grappling with dwindling cash reserves and high production costs amid inflation. That said, both Tesla and Rivian Automotive have outperformed market estimates for second-quarter deliveries.
Fisker is set to report its second-quarter earnings on August 4.
Shares of the New York-listed company were down around 0.4% before the bell on Friday.
Contact Angela at angela@proactiveinvestors.com
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