Fisker (FSR) posted a loss late Thursday for the second quarter but stuck with a key target for its first electric vehicle, the Ocean SUV, amid the global chip shortage.
Fisker stock lost a fraction in late trading.
Estimates: Analysts on average expected Fisker to lose 24 cents a share, up from an 11-cent loss in Q1 and a five-cent loss in Q4 2020. Fisker is a pre-revenue company.
Results: Fisker lost an adjusted 25 cents per share. It held $962 million in cash and cash equivalents as of June 30.
Outlook: For 2021, Fisker now sees operating expenses and capital expenditures combined totaling $490 million-$530 million, up from $450 million-$510 million prior.
The company reiterated a goal to start production of the Ocean SUV in Nov. 17, 2022. The EV now now has nearly 17,500 reservations, up from 16,000 in May.
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Fisker Stock, New EV Stocks
Fisker stock edged lower after the close. Shares closed up 5.15% to 15.53 in Thursday’s stock market trading, below the 50-day and 200-day lines. The relative strength line for Fisker stock is lagging, with the new EV stock roughly halved from its March high.
Auto parts maker Magna, which reports Friday, gained 2.3%.
Among other new U.S. EV stocks, Nikola (NKLA) posted a worse-than-feared loss Tuesday; Lordstown Motors (RIDE) and Hyliion Holdings (HYLN) report next week.
In June, Magna and Fisker signed a manufacturing deal through 2029. Magna will make the Ocean luxury electric SUV, Fisker’s first EV and a potential Tesla (TSLA) challenger.
The Ocean EV starts under $40,000, excluding subsidies.
In May, Taiwan’s Foxconn, a key Apple (AAPL) partner, agreed to build a second Fisker EV, with plans to open a U.S. plant. This “breakthrough” EV will begin under $30,000, Fisker said. Production is set to begin in Q4 2023.
Analysts say Fisker’s partnerships with manufacturing giants set it apart from other EV startups.
In February, Fisker stock jumped on a bullish Morgan Stanley note. The analysts called Fisker’s strategy “most compelling,” combining Magna’s mastery in manufacturing with Fisker’s own asset-light and clean-sheet design approach.
Many new EV stocks, including Fisker, emerged last year amid a frenzy for EV stocks and SPAC deals. But as the lingering global chip shortage threatens an industry shift to electric vehicles, EV startups may be especially at risk.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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