we're also looking at shares of Fisker extending losses in pre-market trading after reporting a huge Revenue Miss in the third quarter results the electric vehicle startup also slashed its full year production forecast as it struggles to ramp up deliveries to the US this comes as other EV makers like Tesla GM Lucid they have warned of slowdowns in the market Tesla CEO Elon Musk pointing to higher rates is one of the contributing factors in the company's latest earnings call you're taking a look at shares of fiser ticker symbol FSR here this morning taking a hit on the head it's down by about 177% here in pre-market trading and one of the huge things to watch of course is the continued price rewards but also how much that is going to impact margins and at the same time you've got to be delivering producing and delivering vehicles and that's where if you're not a Tesla if you're not a lucid even if you are a lucid you've struggled with that delivery and then production as well on the same side does fiser need to be in this market and it's not I'm not trying to be flippant you have you have a but we have a major ramp up in EV production in this country Ford General Motors and they're not putting out garbage these are credible cars with strong mileage or or range capabilities amazing in feature uh technology you have postar out there I think grabbing a lot of market share Tesla doing what Tesla does now trying to lower the cost of its production so come out with more I think cheaper Vehicles the cybertruck I just don't know where Fisker plays in this market longer term and if it does and I look at the finances of this company here's a company in the past three months that blew through almost $35 million in cash and I think you're looking at Fisker next year and why the market remains so concerned and why you're seeing the stock down almost 20% there's probably liquidity concerns uh regarding Fisker now they I think they noted on this release they have $650 million in total liquidity but at some point to bring that Vision to Life by Henrik Fisker they're going to need another Capital raise and at what point does that person or that bank say we're not giving you this Capital it's a Tesla market and we don't really care what you're doing and they're struggling already right we talk about a lot of the fact that production Supply that has obviously been a massive issue not just for Fisker but for so many of the smaller players within the EV Market just simply because of how much it cost to produce an EV so here you have some of the reaction on the street this morning and a lot of that being tied back to deliveries and their potential here to ramp Morgan Stanley Adam Jonas there one of those analysts weighing in right away on this report saying that ocean deliveries are ramping but so is its inventory obviously not something that fiser wants to see at this time looking ahead he's saying that the direction of the stock is going to be driven by their ability to ramp deliveries all back to demand does he have a f does have F do he know he never comes on with us what's with this guy what's with this guy come on with us Adam Jones I bet is probably a Tesla probably a tennis got Tesla maybe it drives a four pickup truck well I mean a lot of people do uh look just key to remember here this was a company that won public vs back um of course the kind of marker to remember that they go public at or at least that the spack uh and then the dpack takes place at $10 usually and then this company traded eventually as high as $28.50 a share you look at it today it's trading at about $339 before the Market opens
