Fisker (NYSE:FSR) stock is on the move Friday after the company provided investors with an update on its production targets for the second quarter of 2023.
According to a press release from the electric vehicle (EV) company, Fisker missed production targets for Q2 2023. Fisker says that this miss was due to parts shortages which kept it from assembling its EVs. That resulted in only 1,022 of its EVs being made during the quarter, “lower than 1,400-1,700 vehicles it had projected.”
Despite this, Fisker is confident about the future of its EV production. The company went beyond its targeted assembly rate of 80 units per day at the end of June. That should allow the firm to “exceed 1,400 in early July.”
To go along with this, Fisker says it intends to release its earnings report for Q2 2023 before markets open on Aug. 4. Current estimates have the company reporting EPS of -28 cents alongside revenue of $143.2 million.
What’s Happening With FSR Stock Today?
Fisker’s trading volume on Friday is sitting at around 5.6 million shares as of this writing. That’s still a ways off from the company’s daily average trading volume of about 8.1 million shares. However, FSR stock is also sitting 8.5% higher as of Friday morning.
Investors keeping an eye out for even more of the most recent stock market news are in the right place!
We have all of the latest stock market coverage that traders need to know about on Friday! Among our stock coverage is the latest details concerning shares of Mullen Automotive (NASDAQ:MULN), First Solar (NASDAQ:FSLR) and Alibaba (NYSE:BABA) stock today. All of this news is ready to go at the following links!
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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.
