Fisker revises production guidance to release 0 million in working capital

Fisker revises production guidance to release $300 million in working capital

The Start it of electric cars located in California, Fiskerannounced a reduction in its annual production guidance in an effort to provide 300 million dollars in working capital. The company now aims to produce about 10,000 vehicles in December 2023, marking a downward revision from its previous forecast of 42,400 Ocean SUVs by the end of 2023.

The production cut announced on December 1, 2023, the fourth annual cut, is expected to give Fisker “flexibility” in raising additional capital. Despite not meeting his initial production forecast, the president and CEO Henrik Fisker featured a solid performanceinsisting continued growth in sales and delivery.

Likewise, the company too has been revealed a a new strategy to improve transportation in the United States and Europe, to address initial logistical challenges. Although no specifics were released, the strategy includes adding more equipment companies, expanding access to space owners and opening additional facilities for retail, delivery and service.

In turn, Fisker announced a rental program in the US, Canada and Europe, although it did not provide details of its launch dates. The business update also highlighted key new hires, including Dan Quirk as executive vice president of finance and accounting, in response to changes in previous financial management. The company focuses on its focus expansion of their markets such as in improving sales and service offerings for you Fisker Ocean model.