Late-to-the-EV-party Fisker Automotive may be dragging down suppliers with its tardiness. A123 Systems lowered its 2011 revenue forecast due to reduced orders, and it's pointing a finger squarely at the hybrid car maker.
Fisker, which began selling the Karma plug-in hybrid sedan in October, cut the number of battery orders from A123. The auto manufacturer said the reduction was to help it balance inventory levels from all suppliers, which could mean that sales of the $96,000 vehicles aren't as brisk as planned, or that production was slowed due to a reported manufacturing strike in Finland.
A123's previous 2011 revenue guidance range was $210 million to $225 million, and now projects that 2011 revenue will be in the range of $165 million to $180 million, which is still a 15 percent increase from 2010 numbers. The news sent A123's battered stock price 11 percent lower at this morning's market opening. The supplier is hoping that Fisker's order reduction is temporary.
"Our relationship with Fisker remains strong, and we expect that this reduction in volume is temporary," said A123 CEO David Vieau in a news statement.