late Thursday reported a narrower quarterly loss than Wall Street expected and said it remains on track to start producing its first vehicle by next year. Fisker said it lost $46.2 million, or 16 cents a share, in the second quarter, compared with a loss of $1.8 million, or 2 cents a share, in the year-ago quarter. Analysts polled by FactSet expected a loss of 24 cents a share for the quarter. Fisker is a pre-revenue company. The electric-car maker said the development of its Fisker Ocean, an all-electric SUV, is on track, with start of production expected in November 2022, ramping up to the production of more than 5,000 vehicles a month by 2023. The timing is “based on rigorous sourcing activity, a comprehensive prototype and testing plan, and entrance into a detailed manufacturing agreement that incorporates full planning and launch phase to SOP and a seamless ramp-up to high-volume production at (Magna International Inc.’s)
world-class manufacturing facility in Europe which is on target to be carbon-neutral in 2022,” Fisker said. The company ended the quarter with $962 million in cash and equivalents and no debt, but increased its full-year operating expenses and capital expenditures guidance to a range between $490 million and $530 million. That compared with a previous guidance of between $450 million and $510 million. The increase is related to a “refinement” of expenses with its prototypes, Fisker said. The stock traded 0.8% lower in the extended session after ending the regular trading day up 5.2%.