EV maker Nikola posts bigger-than-expected quarterly loss, shares fall

Nikola

31/10/2024 14:04

Oct 31 (Reuters) - Nikola  NKLA.O  reported a
bigger-than-expected quarterly loss on Thursday as the company
continues to grapple with high costs related to the production
ramp up of its fuel-cell electric truck, sending the EV maker's
shares down more than 5%.
    The company's wholesale deliveries of hydrogen-powered
electric trucks jumped 22% in the third quarter from the second
quarter.
    Nikola stuck to its production forecast of 300-350 fuel-cell
powered electric trucks for this year.
    On an adjusted basis, the company lost $2.75 per share in
the third quarter, compared with the average analyst estimate of
a loss of $2.35, according to data compiled by LSEG.
    The Phoenix, Arizona-based company has delivered 200
hydrogen fuel-cell trucks to dealers so far this year.
    Nikola reported revenue of $25.2 million, missing estimates
of $37.2 million.
    Meanwhile, the company's cash and cash equivalents fell
sharply to $198.3 million at the end of September, compared with
$464.7 million at the end of last year.

 (Reporting by Akash Sriram in Bengaluru; Editing by Shounak
Dasgupta)
 ((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti;
+91-74116-87774))