(Reuters) – Electric-vehicle maker Fisker said on Friday it will scale down production this month, and produce lesser cars this year than its previous guidance, to prioritize cash for working capital needs.
Shares of the EV maker, which has been struggling with a cash crunch, rose 7% in premarket.
“Fisker has made a strategic decision to reduce December production to prioritize liquidity to unlock over $300 million of working capital,” the company said.
Fisker cut its production target for the year to just over 10,000 units, compared with its earlier forecast of 13,000 to 17,000.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Sriraj Kalluvila and Krishna Chandra Eluri)
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