Fisker stock falls as key supplier warns on costs
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Fisker (NYSE:FSR) stock fell sharply on Friday after key supplier Magna International (NYSE:MGA) warned that supply chain issues persist and margins remain under pressure.

âIn terms of headwinds in our outlook, while we experienced some improvement in 2022, we expect continued OEM production schedule volatility, primarily due to semiconductor supply constraints,â Magna (MGA) CEO Swamy Kotagiri told analysts on Friday. âOur business is facing further inflationary input cost impacts compared to 2022, especially in labor and energy as well as lower scrap revenue.â

He added that inefficiencies in European production hampered profit performance in the reported quarter and geopolitical issues continue to loom over the company in the key region. Concerns about production trickled through to key partners of Magna such as Fisker, which has outsourced production of its Ocean model to Magnaâs Austrian plant.

Fisker (FSR) shares fell 8.61% in afternoon trading while Magna International (MGA) tumbled 15.64%. 

A number of EV and low-emission vehicle startups performed poorly on Friday amid concerns on pricing and continued supply chain snags generally. Faraday Future Intelligent Electric (FFIE) -6.19%, Lucid Group (LCID) -3.22%, Arrival (ARVL) -7.13%, Hyzon Motors (HYZN) -16.94%, and Rivian Automotive (RIVN) -3.5% were among notable decliners to close the week.

Teslaâs (TSLA) over 100% run since the start of 2023 also cooled off on Friday as the Austin-based automaker dipped 5.61% in afternoon trading. The slide comes as Reuters reports the company may be forced to open its charging network to non-Tesla vehicles in order to qualify for billions in subsidies.
Read more on why BTIG told clients to ââfade Teslaâ in light of technical signals.