Nov 13 Reuters Electricvehicle startup Fisker slashed its 2023 production guidance on Monday as it struggles to ramp up deliveries and flagged weakness in internal controls over financial reporting, sending its shares down 14 after the bell.

Fisker now expects production of 13,000 to 17,000 electric vehicles in 2023, down from its prior projection of 20,000 to 23,000 vehicles to make sure the company does not sit on too much inventory and to better manage working capital.

This may be shortterm pain and it may not be something that Wall Street wants to hear but it is extremely responsible for us, and it is essential for us that we do this for the long term, Chief Financial Officer Geeta Fisker said on a postearnings conference call.

Fisker had already cut its production forecast in August, blaming a key supplier that needed more time to lift capacity, and on Monday said that though supply chain had stabilized it still expects the occasional bottleneck from a few suppliers going ahead.

Fisker39;s latest cut comes amid fears of a slowdown in EV demand, with market leader Tesla CEO Elon Musk warning that high interest rates, meant to cool stubborn inflation, are souring consumer sentiment and cautious commentary from Ford and General Motors.

Last week Luxury EV maker Lucid also slashed its production forecast to align with the lower number of deliveries.

Fisker cut prices of its highend Ocean Extreme SUV last month, joining peers in a profitsapping price war sparked…