Nikola Motor Company
Source: Nikola Motor Company
Electric heavy truck maker Nikola stated on Tuesday that it’s “refocusing the company on North America” as it left a European joint endeavor with its chassis provider,
The news came as the business reported its first-quarter outcomes. Here are the essential numbers, together with Wall Street approximates as reported by Refinitiv.
- Adjusted loss per share: 26 cents, versus 26 cents anticipated.
- Revenue: $111 million, versus $125 million anticipated.
Shares were down about 10% in early trading following the report.
Nikola’s bottom line for the quarter was $1691 million, or 26 cents per share, changed. A year back, Nikola lost $1529 million, or 21 cents per share on an adjusted basis, on profits of $1.9 million.
Nikola had $1211 million in money staying since March 31, below $2334 million at the end of 2022.
As part of an adjustment to save money, Nikola revealed over night that it has actually offered its share of a European joint endeavor to its long time partner, Italian heavy-truck maker Iveco Group, for $35 million in money and 20.6 million Nikola shares that will be returned byIveco Under the offer, Iveco will continue to provide chassis and associated elements to Nikola and will stay a financier in the business.
“Manufacturing and energy are capital intensive businesses, and we need to remain focused where we have competitive and first mover advantages,” Nikola stated in a declaration.
Nikola produced 63 battery-electric trucks and provided 31 to dealerships in the quarter. Its dealerships offered 33 trucks to end clients throughout the duration. Production of Nikola’s next design, a longer-range fuel-cell powered variation of its semitruck, is on track to start in July as formerly anticipated.
Nikola presently has orders for an overall of 140 fuel-cell trucks for 12 fleet clients, it stated.
Nikola stated it will momentarily suspend production of the battery-electric truck while it reconfigures its assembly line to develop both the battery-electric and fuel-cell trucks. While it anticipates the fuel-cell truck to become its main item, it will continue to develop battery-electric trucks to purchase after production of the fuel-cell truck starts, 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.”
