The logo of Fisker Automotive is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022.
REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsDec 1 (Reuters) - Electric-vehicle maker Fisker (FSR.N) 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.
Stephane Mahe, Fisker, Yuvraj Malik, Sriraj Kalluvila, Krishna Chandra
Fisker, REUTERS, Thomson
Paris, France, premarket, Bengaluru