U.S. electric vehicle startup Fisker (NYSE:FSR) revealed Thursday that the company is currently negotiating with five different carmakers in the hopes to secure additional production capacity for its vehicles.
"We have two cars that are almost ready. We can bring them to market fast - we just need the capacity," said CEO Henrik Fisker.
Fisker said he was in negotiations with five "traditional car companies" and hopes to pick a partner in the coming months.
The California startup currently offers a single vehicle in its lineup, the "Ocean" SUV. This SUV is produced at a factory in Austria that is managed by a division of Magna International (NYSE:MGA) Inc
The company has plans to introduce two additional models, a pickup truck, and a smaller SUV, by the year 2025. The upcoming SUV, named PEAR, will be manufactured in collaboration with Foxconn in Ohio.
However, expanded production capacity is required for both of these upcoming models.
Fisker has manufactured 5,000 Ocean units, as of a September update. The company reduced its annual production goal in August and modified pricing in October, responding to a decline in demand for electric vehicles.
The CEO remains optimistic about the company's trajectory towards profitability. Assuring stakeholders, Fisker affirmed an expected double-digit margin for the current year, aligning with the projected 8-12% gross margin for 2023.
Fisker is scheduled to unveil its third-quarter results on Monday, following a previous report indicating a loss of $0.25 per share in the second quarter.
Shares of FSR are down 4.38% in afternoon trading on Thursday.