CEO Henrik Fisker assured analysts that orders for its Ocean EV are climbing, Magna is poised to produce 20 EVs per day and will ramp up its efforts in Q2 2023.
Magna International this year.
Pavel Molchanov, an analyst at Raymond James, shared that folks were worried that Ocean production would be delayed. He calls Fisker stock spike a"relief rally," as investors' and analysts' worries may have been cast aside, at least temporarily. Meanwhile, he believes the EV maker will only produce some 30,000 vehicles this year.
"borderline ludicrous given the struggles of EV peers and Fisker's production of 56 vehicles so far." That said, CEO Henrik Fisker assured analysts during the automaker's recent earnings conference call that Magna is poised to produce 20 EVs per day now. He also added that the manufacturer plans to ramp up its efforts in Q2 2023.
The company expects expenses of $610 million for 2023 as a whole. At the end of December 2022, it had over $730 million on hand. Fisker also expects gross margins to come in between 8% and 12% for the year.
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