Fisker (NYSE:FSR) stock is falling on Tuesday after the electric vehicle (EV) company announced a cut to its production guidance.
The big news traders need to know about here is Fisker expects to produce between 32,000 and 36,000 vehicles during 2023. That’s down from its prior production outlook of 42,400 EVs for the year.
Fisker says there are a couple of reasons for the cut to its production guidance. Among them are problems with its supply chain and trouble with regulators. Not helping matters is the weakening demand for EVs from consumers.
Earnings Also Hit FSR Stock Today
Not helping FSR stock today is the company’s adjusted earnings per share of -32 cents. That’s worse than the -30 cents per share Wall Street had expected for the quarter. However, it’s better than the -41 cents per share reported in the same period of the year prior.
Fisker is also burning through cash at a rate faster than what investors would like. At the end of Q1 2023, the company had $652.5 million in cash and cash equivalents. To put that in perspective, that number was $1.04 billion at the end of Q1 2022.
FSR stock is seeing strong early morning trading with some 5 million shares on the move as of this writing. That’s quickly approaching the company’s daily average trading volume of about 8.5 million shares.
FSR stock is down 2.6% as of Tuesday morning and down 7% year-to-date (YTD).
There’s even more stock market news traders will want to know about below!
We’ve got all of the biggest stock market stories worth reading about on Tuesday! Among that is what has shares of Nikola (NASDAQ:NKLA), Lucid (NASDAQ:LCID) and Novavax (NASDAQ:NVAX) stock on the move today. You can catch up on all of this news at the following links!
More Tuesday Stock Market News
- Why Is Nikola (NKLA) Stock Down Today?
- LCID Stock Alert: The REAL Reason Shares Are Down 9% Today
- Novavax Layoffs 2023: What to Know About the Latest NVAX Job Cuts
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
