Nikola Motor Company
Source: Nikola Motor Company
Electric heavy truck maker Nikola stated that it is “refocusing the company on North America” because it exited a European three way partnership with its chassis provider.
The information got here as the corporate reported its first-quarter outcomes. Here are the important thing numbers, along with Wall Street estimates as reported by Refinitiv.
- Adjusted loss per share: 26 cents, versus 26 cents anticipated.
- Revenue: $11.1 million, versus $12.5 million anticipated.
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Nikola’s web loss for the quarter was $169.1 million, or 26 cents per share, adjusted. A 12 months in the past, Nikola misplaced $152.9 million, or 21 cents per share on an adjusted foundation, on income of $1.9 million.
Nikola had $121.1 million in money remaining as of March 31, down from $233.4 million on the finish of 2022.
As a part of a realignment to preserve money, Nikola introduced in a single day that it has bought its share of a European three way partnership to its longtime companion, Italian heavy-truck maker Iveco Group, for $35 million in money and 20.6 million Nikola shares that will likely be returned by Iveco. Under the deal, Iveco will proceed to produce chassis and associated parts to Nikola and can stay an investor within the firm.
“Manufacturing and energy are capital intensive businesses, and we need to remain focused where we have competitive and first mover advantages,” Nikola stated in an announcement.
Nikola produced 63 battery-electric vehicles and delivered 31 to sellers within the quarter. Its sellers bought 33 vehicles to finish prospects through the interval. Production of Nikola’s subsequent mannequin, a longer-range fuel-cell powered model of its semitruck, is on observe to start in July as beforehand anticipated.
Nikola at present has orders for a complete of 140 fuel-cell vehicles for 12 fleet prospects, it stated.
Nikola stated it should briefly droop manufacturing of the battery-electric truck whereas it reconfigures its meeting line to construct each the battery-electric and fuel-cell vehicles. While it expects the fuel-cell truck to turn out to be its main product, it should proceed to construct battery-electric vehicles to order after manufacturing of the fuel-cell truck begins, it stated.
“As we move forward, we will be focusing on the North American market, hydrogen fuel cell trucks, the HYLA hydrogen refueling business, and autonomous technologies,” CEO Michael Lohscheller stated. “We have the right products at the right time.”
Source: www.cnbc.com”