: Fisker stock bounces after EV maker cuts production guidance to free up more than $300 million in liquidity

Shares of Fisker Inc. FSR bounced 5.7% in premarket trading Friday, following the previous session’s close at a record low, after the electric vehicle maker said it decided to cut December production to free up more than $300 million of liquidity. The company said it now expects 2023 production to just over 10,000 units, compared with guidance provided in mid-November of 13,000 to 17,000 vehicles. Separately, the company also said it has executed a new strategy on deliveries, as it has overcome “logistics hurdles,” expects to start marking deliveries in Canada next week, is launching a leasing offering in 2024 and is in advanced discussions with several automakers regarding strategic partnerships. The stock has plunged 73.5% over the past three months through Thursday, while the Global X Autonomous & Electric Vehicles ETF DRIV has lost 7.9% and the S&P 500 SPX has gained 1.2%.

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