(Reuters) – Fisker Inc on Tuesday cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and posted a smaller first-quarter loss.
The company’s shares fell 3% in trading before the bell.
The California-based company now expects between 32,000 and 36,000 units to be produced in 2023, compared with its previous target of 42,400 cars.
For the second quarter, the company expects to produce between 1,400 and 1,700 vehicles.
The company reported a net loss of $120.6 million, or 38 cents per share, for the first quarter, compared to a loss of $122.07 million, or 41 cents per share, a year earlier.
(Reporting by Tiyashi Datta and Tanya Jain in Bengaluru; Editing by Sriraj Kalluvila)
