The news today that EV startup Fisker’s chief accounting officer quit the company after only two weeks on the job continues its week of bad. This comes after the delayed third-quarter results reveal much lower EV production numbers than the rosy predictions it has been making for over a year. Fisker has been trumpeting production of close to 25,000 of its EV SUVs for 2023. Now, it thinks that number will plunge to between 13,000 and 17,000. 

Investors believe somewhere closer to the lower figure is Fisker’s reality. That’s still better than some EV startups, but investors are having none of it. Fisker Fear continues its week of bad, with its share price losing one-quarter of its value right after the low production news. Reuters says that is the biggest drop in value since Fisker went public in early 2020. 

The initial public offering began at $10 a share. By March 2021, Fisker shares were selling at their peak of $13. Today, they’re at barely above $2, a record low. Barrons was requesting comment from Henrik Fisker today, but he is declining, which is unusual from the normally euphuistic founder. He has not made an announcement concerning who will replace CFO Florus Beuting.

How many EVs did Fisker make last quarter?

The other bad side to the investor Fisker Fear is the amount of shares they’re shorting. Almost 50% of its public shares are shorted, according to S3 Partners. “From our perspective, this raises major questions and is likely to add insult to injury for one of the market’s most highly-shorted names,” CFRA Research analyst Garrett Nelson just wrote. Nelson’s 12-month price target on November 14, the day the low numbers came out, dove to $1.

Fisker only made around 1,000 EVs in the third quarter. Part of its explanation for delaying the announcement was because of the change from outgoing CFO John Finnucan to Beuting on November 6. It said there were “issues relating to internal controls over financial reporting,” which necessitated the report delay. 

How low is Fisker EV stock today?

Fisker said it received a non-compliance notice for the late filing from the New York Stock Exchange (NYSE). This happens to companies that file late 10Q reports. The NYSE gives companies six months to catch up. 

Today Fisker stock hit $2 with the close of trading. That means Fisker stock has fallen about 60% since the beginning of November. In contrast, Tesla shares are up again. And EV startup VinFast, which is barely making any cars, sees its shares continuing to climb.

Fisker continues to reveal new models like the Pear and is seeking other outside sources for production. The company does not manufacture vehicles themselves. Instead, it uses suppliers like Magna for its Ocean to assemble its cars.