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Fisker reduces battery orders for Karma
Posted on November 4, 2011 by Jonathan Starkey
A123 Systems, the Massachusetts-based company that supplies batteries for Fisker Automotive’s Karma hybrid, reduced its full-year sales forecast today, and its stock sunk more than 10 percent on the news.
Company officials say Fisker’s to blame for the discrepancy. Apparently the Anaheim-based carmaker unexpectedly called in a reduction in battery orders “as it balances inventory levels from all suppliers,” according to the A123 announcement. Fisker has just begun to sell its $100,000 hybrid, with a few dozen models now parked at dealership locations across the country.
“Our relationship with Fisker remains strong, and we expect that this reduction in volume is temporary,” said David Vieau, chief executive of A123.
A123 now says it will report 2011 sales in the range of $165 million to $180 million, down from an earlier forecast of $210 million to $225 million. The company will announce third-quarter results on a Nov. 9 conference call that may offer additional clues about Fisker’s reduction in orders. The call is scheduled for 8 a.m., before markets open. Details in the bottom of today’s announcement here.
Fisker recently pushed production of its second line of hybrids, the Nina, in Delaware to mid-2013.
Posted on November 4, 2011 by Jonathan Starkey
A123 Systems, the Massachusetts-based company that supplies batteries for Fisker Automotive’s Karma hybrid, reduced its full-year sales forecast today, and its stock sunk more than 10 percent on the news.
Company officials say Fisker’s to blame for the discrepancy. Apparently the Anaheim-based carmaker unexpectedly called in a reduction in battery orders “as it balances inventory levels from all suppliers,” according to the A123 announcement. Fisker has just begun to sell its $100,000 hybrid, with a few dozen models now parked at dealership locations across the country.
“Our relationship with Fisker remains strong, and we expect that this reduction in volume is temporary,” said David Vieau, chief executive of A123.
A123 now says it will report 2011 sales in the range of $165 million to $180 million, down from an earlier forecast of $210 million to $225 million. The company will announce third-quarter results on a Nov. 9 conference call that may offer additional clues about Fisker’s reduction in orders. The call is scheduled for 8 a.m., before markets open. Details in the bottom of today’s announcement here.
Fisker recently pushed production of its second line of hybrids, the Nina, in Delaware to mid-2013.
