Nikola’s fourth-quarter revenue falls short as it delivers just 20 trucks

Business News

In this article

Nikola Motor Company
Source: Nikola Motor Company

Electric heavy-truck maker Nikola said Thursday it produced 133 battery-electric trucks in the fourth quarter, but delivered just 20 to dealers, generating revenue that fell well short of Wall Street’s expectations.

Nikola said it made a series of changes to its battery-electric truck during the quarter in response to feedback from early customers. The company also confirmed that the fuel-cell version of its truck is still on track to begin production in the second half of 2023, in line with earlier guidance.

You Might Like

The stock gained about 3% in premarket trading.

Here are the key numbers from Nikola’s fourth-quarter earnings report, compared with Refinitiv consensus estimates:

  • Adjusted loss per share: 37 cents vs. 43 cents expected
  • Revenue: $6.6 million vs. $32.1 million expected

Nikola’s fourth-quarter net loss was $222.1 million, or 46 cents per share. The truck maker lost $159.4 million, or 39 cents per share on a GAAP basis, in the year-ago period.

As of Dec. 31, Nikola had $233.4 million in cash and equivalents available, down from $315.7 million at the end of September.

Nikola’s fourth-quarter production brought it to 258 trucks built in 2022. That was just enough to hit the guidance range it provided in November, when it said it expected to produce between 255 and 305 trucks for the full year.

Production should ramp up somewhat in 2023. Nikola said that investors should expect it to deliver between 250 and 350 battery-electric trucks and 125 to 150 of its upcoming fuel-cell trucks this year. The company also expects to reduce costs on its battery-electric trucks by about $105,000 per truck by year-end as it realizes savings from its acquisition of battery-pack maker Romeo Power.

This is breaking news. Please check back for updates.

Articles You May Like

Woman who killed six in Nashville school shooting was former student
Church Fights in Federal Court for Right to Defend Itself With Firearms
Female officer says she was pressured into oral sex with coworker, cops took bets on who would have sex with her first
CNN gets obliterated for accusing white people of racist ‘digital blackface’ for sharing black memes: ‘The stupidest thing I’ve read in all of 2023’
Footage shows loose tire send Kia Soul flying above LA freeway

Leave a Reply

Your email address will not be published. Required fields are marked *