Fisker Inc. (NYSE:FSR), often compared to the “Apple (NASDAQ:AAPL) of autos,” experienced a significant setback as its shares tumbled by approximately 14% on Monday. The slide was prompted by the company reporting an expanded third-quarter loss and sales that fell short of Wall Street expectations. Despite the negative outcomes, Fisker maintained its forecast for 2023 operating expenses and capital expenditures, which are expected to range between $565 million and $640 million.

The electric vehicle manufacturer reported a third-quarter loss of $91 million, or 27 cents per share, which is an improvement from last year’s third-quarter loss of $149.3 million, or 49 cents per share. However, the company’s revenue did see an uptick to $71.8 million from just $14,000 a year prior and $825,000 in the second quarter. This increase marks Fisker’s first quarter with “meaningful automotive sales revenue,” yet it still fell below analysts’ expectations of a 23-cent loss per share on sales of $143.1 million.

In a strategic move to boost sales, Fisker announced price reductions for its Fisker Ocean model in the United States, Europe, and Canada—marking the first such price cut since the vehicle’s debut—and adjustments to trim pricing. The company is also optimizing last-mile logistics and expanding its delivery infrastructure to enhance scale effects in the fourth quarter.

Fisker’s production and delivery figures for the quarter were notable. The company produced 4,725 vehicles and sold 1,097 units. Furthermore, they have delivered over 3,000 vehicles globally with hundreds more currently en route to customers.

This news comes amid broader industry challenges, including issues related to Tesla’s Cybertruck contract and continued losses in Plug Power’s stock value. Despite these hurdles, Fisker remains focused on improving its financial performance and scaling up operations as it navigates a competitive electric vehicle market.