Startup elecrtric carmaker Fisker slashed its production forecast for the year on Friday due to supply chain woes, a common issue among smaller EV-only brands.
Fisker now expects to produce between 20,000 and 23,000 vehicles in 2023, down from 32,000 and 36,000 units that it projected in May.
The California-based company said it lost $87.9 million during the second quarter, slightly less than the $88.6 million it lost during the same quarter last year.
Fisker, however, recorded its first quarterly revenue from sales — $825,000 — as the EV maker kicked off deliveries in Europe and the U.S.
Fisker made 1,022 units of its Ocean compact crossovers in the second quarter — missing its target of 1,400 to 1,700 units due to a shortage of components. The vehicle is being produced by Magna International’s contract manufacturer Magna Steyr in Graz, Austria.
Analysts expect the company to record an operating profit in the fourth quarter of the year, according to Refinitiv.