Goldman Sachs analyst Mark Delaney downgraded Fisker to Sell from Neutral with a price target of $10, down from $15. The analyst is “incrementally concerned” about the company’s “late time to market” as competition increases. Fisker is planning to enter the industry starting in Q4 of 2022 with its Ocean SUV and also announced a plan for a “unique follow-on vehicle” with Foxconn that could enter the market around Q4 of 2023, Delaney tells investors in a research note. By the time this vehicle may be ramping, the competitive landscape “could be even more challenging,” Delaney tells investors in a research note. He see benefits to Fisker’s planned use of outsourced manufacturing, but does not consider the manufacturing model itself to be the key determinant of long-term product success.