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Fisker EV Fallout: Who Is Next

When Fisker (FSR) posted a troubling $2.22 a share GAAP earnings per share loss, worries mounted that the electric vehicle maker could continue operations.

FSR stock plunged by 33.7% last Friday, Mar. 1. CEO Henrik Fisker admitted that the firm is unable to deliver the affordable Ocean SUV quickly enough. Fisker blamed unexpected headwinds in the firm’s efforts to establish a direct-to-consumer sales model in the North American and European markets concurrently.

In after-hours trade, shares added around 7.7% on reports that Fisker is in discussion with Nissan for a rescue package. It needs Nissan to invest up to $400 million, funds it needs to build an assembly plant. Still, Fisker is potentially unwise to continue plans to manufacture the Alaska pickup starting in 2026.

Rivian (RIVN) is the stronger EV truck supplier compared to Fisker. Even so, Rivian is struggling to win shareholder confidence. Demand for EVs is falling too fast for Fisker or Rivian to achieve economies of scale.

Tesla (TSLA) is the ultimate winner as the EV fallout plays out. It dominates the sedan, luxury vehicle, and SUV EV markets. Its Cyber Truck, despite its unattractive design, is unique enough to take the truck EV market.

Beware of Fisker and Rivian stock at this time.