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Nikola’s Results Surprise Analysts in the First Quarter

Nikola shares rise after announcing the start of production and publishing surprising revenues during the first quarter

Heavy electric truck maker Nikola announced the first shipment of its semi-trailer trucks to customers last April, and the company revealed it had offers and messages of customers’ intent to purchase more than 500 Tre battery-powered trucks.

The company is also working with other customers, including Anheuser-Busch Inbev, to complete a new hydrogen-battery, longer-range model that should be introduced next year. Read more [Nikola Begins Production of Electric Semi-Trailer Truck].

Production of the battery-powered Nikola semi-trailer began in late March and the first 11 Tre vehicles were shipped to dealers in April. Revenues related to its services, which helped it beat Wall Street analysts’ estimates, pushed its stock up 9% before giving up some of its gains amid sell-offs in the broader market, and the stock ended the day up 6.4%.

Nikola’s adjusted loss per share was 21 cents, which is better than analysts’ expectations, which was a loss of 27 cents. For trading in June 2020, it’s still weak, and no Wall Street analyst expected Nikola’s revenue to cross the $1 million mark.

Nikola also revealed that it is on track to deliver between 300-500 Tre trucks in 2022 in line with its guidance published last February. Read more [Nikola Begins Its First Ever Electric Truck Delivering].

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