July 7 Reuters Fisker missed its production target for the second quarter due to shortage of components, the electric vehicle startup disclosed on Friday, sending its shares down 2 in premarket trading.

The Californiabased company produced 1,022 units of its Ocean SUV in the quarter ended June, lower than 1,4001,700 vehicles it had projected.

A few suppliers had challenges ramping to the targeted 2Q levels, as they did not receive components from subsuppliers in a timely manner, Fisker said in an exchange filing, adding that it expected to produce over 1,400 vehicles in early July.

Fisker, which will report its secondquarter earnings on August 4, produced 55 vehicles in the March quarter. It began deliveries in the United States last month.

The production figures come as some EV firms face dwindling cash reserves, pressured by high costs related to production rampups and inflation.

Last month, Lordstown Motors filed for bankruptcy protection, while Electric Last Mile Solutions filed the same last year.

In contrast, EV behemoth Tesla and Rivian Automotive beat market estimates for secondquarter deliveries.

Reporting by Yuvraj Malik in Bengaluru; Editing by Savio D39;Souza and Arun Koyyur

Source Reuters