Fisker slashed its 2023 production forecast in a downbeat third-quarter earnings report, as the electric vehicle startup struggled to deliver its recently launched Ocean crossover to customers due to logistics failures.
The California-based automaker now estimates production at between 13,000 and 17,000 vehicles this year from 20,000 to 23,000 previously.
"We have not been able to follow through with deliveries fast enough," CEO Henrik Fisker said on the earnings call Monday. "People have paid and are waiting for their cars, and some of them are getting really annoyed."
He said Fisker is delivering the Ocean in 10 countries, including the U.S. and much of Europe.
In after-market trading, Fisker's stock price fell 14 percent to a new 52-week low.