Fisker Shares Plunge as EV Maker Slashes Production Targets, Flags Financial Reporting Issues

Company's shares fall to all-time low after revised production forecast and third-quarter results miss analyst estimates

Fisker Inc, the electric vehicle startup, has slashed its production targets for 2023, leading to a more than 24% fall in its shares to an all-time low.
The company now expects to produce between 13,000 and 17,000 electric vehicles in 2023, down from its prior projection of 20,000 to 23,000 vehicles.
Fisker reported a third-quarter revenue of $71.8 million and a net loss of $91 million, both missing analyst estimates.
The company has also flagged issues relating to internal controls over financial reporting following the departure of its chief accounting officer.
Fisker delivered 1,200 vehicles in October, higher than the 1,097 it delivered in the whole of the third quarter, and it was on track to deliver even more cars this month.