At a time when troubled electric vehicle startup Fisker is looking for a life raft to stay afloat in 2024, the company hired to build its Ocean crossover doesn't seem terribly optimistic about its prospects.
Magna International, the contract auto manufacturer that builds the Fisker Ocean, doesn’t expect to build the electric crossover anymore this year. During a recent earnings call, CEO Swami Kotagiri revealed that Magna had to adjust its outlook for 2024 after “assuming no additional Fisker Ocean production and lower sales on program delays and mix.”
Kotagiri, quoted by Yahoo Finance, added that “production of the vehicle is currently idled. Our current outlook issued today assumes no further production. Consistent with disclosure, we provided in our annual information form, this assumption reduces our 2024 sales by about $400 million and impacts our adjusted EBIT margin by about 25 basis points.”
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