Fisker, Lordstown Could Be EV Latecomers, Goldman Sachs Says In Downgrade

Fisker, Lordstown Could Be EV Latecomers, Goldman Sachs Says In Downgrade

Shanthi RexalineApril 22, 2021, 9:26 AM·3 min readA Goldman Sachs analyst turned bearish on one electric vehicle stock Thursday and dropped their bullish position on another. Here's what EV investors should know.The Fisker, Lordstown Analyst: Goldman Sachs analyst Mark Delaney downgraded shares of Fisker Inc. (NYSE: FSR) from Neutral to Sell and reduced the price target from $15 to $10.The analyst downgraded Lordstown Motors Corp. (NASDAQ: RIDE) from Buy to Neutral and lowered the price target from $21 to $10.Why Fisker Could Be Late To The Market: The steps that Fisker has taken to differentiate its upcoming products, such as the ADAS platform; added range; and the usage of recycled materials are commendable, Delaney said in a note.The analyst said he is incrementally concerned about the company being late to the market given that it has set a timeline of the second quarter of 2022 to enter the market with its Ocean SUV.Fisker has also announced a plan for a unique follow-on vehicle with Hon Hai Precision Industry Co., Ltd. (OTC: HNHPF) that is scheduled to enter the market in the fourth quarter of 2023, he said.By the time the second vehicle is ramping, the competitive