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Fisker , the California - based EV inauguration , cut its annual production guidance in an crusade to free up $ 300 million in working capital , the fellowship sound out in a business update Friday .
Fisker said it expects to produce about 10,000 vehicles this year . The decision comes less than a month since Fisker cut its production object to between 13,000 and 17,000 vehicle for 2023 . The production direction is just a quartern of Fisker ’s bullish forecast from a year ago . In November 2022 , Fisker said it planned to produce42,400 Ocean SUVsby the end of 2023 due to strong demand in the U.S. and Europe . That rosy projection was slashed in May to 32,000 - 36,000 vehicles and then prune again in August to 20,000 - 23,000 vehicles . This latest update makes four decrease since the springiness .
The production cutting will allow the company to access $ 300 million in working capital , giving the company “ tractability , ” according to the business update .
“ Our teams have work severely to overcome some early deliverance challenges and are now setting an impressive pace as we prepare to fill up out 2023 , ” Chairman and CEO Henrik Fisker read in a statement . “ We may not have collide with our original forecast but taking current market conditions and negative sentiments around EV sales into account , I would say we are doing quite well , as we extend to speed up sales and deliveries . This is yielding considerable revenue as we rage up our business . I expect by the end of this year we will have deliver more client car than any Western EV startup did in their first year of deliveries . The company stay to sharpen its focus on growing its current markets and heighten our sales and serving oblation for the Fisker Ocean . ”
Fisker saidin its business organization updatethat it has also set in motion a new strategy to better deliveries in the U.S. and Europe , which helped it overcome early logistics hurdle . While Fisker did n’t elaborate on on the dot what those challenges were , it appear the strategy involves adding more transportation logistics companies to speed up manner of speaking , increased outreach to reserve holder and open more facilities dedicate to retail , delivery and service .
The caller order it ’s also launch a leasing program in the U.S. , Canada and Europe , but did n’t include details on when that might occur .
Fisker also provided an update around hiring , significantly Dan Quirk as its new executive vice chairwoman of finance and account . The hiring come after Fisker lost two master accounting officers in light succession and delayed the filing of its quarterly net income story with the Securities and Exchange Commission . Other hires admit Axel Buhr as frailty President of the United States of finance and controller operations , Ram Iyer as aged VP of EE integration and validation and Wolfgang Hoffmann as area manager in Canada , where Fisker is about to set about deliveries .
