Nikola Motor Corporate
Supply: Nikola Motor Corporate
Electrical heavy-truck maker Nikola stated Thursday it produced 133 battery-electric vehicles within the fourth quarter, however delivered simply 20 to sellers, producing income that fell neatly wanting Wall Boulevard’s expectancies.
Nikola stated it made a sequence of adjustments to its battery-electric truck right through the quarter in accordance with comments from early consumers. The corporate additionally showed that the fuel-cell model of its truck continues to be on course to start out manufacturing in the second one part of 2023, in keeping with previous steerage.
The inventory fell greater than 5% Thursday.
Listed below are the important thing numbers from Nikola’s fourth-quarter profits record, when compared with Refinitiv consensus estimates:
Adjusted loss consistent with proportion: 37 cents vs. 43 cents expectedRevenue: $6.6 million vs. $32.1 million anticipated
Nikola’s fourth-quarter web loss was once $222.1 million, or 46 cents consistent with proportion. The truck maker misplaced $159.4 million, or 39 cents consistent with proportion on a GAAP foundation, within the year-ago length.
As of Dec. 31, Nikola had $233.4 million in money and equivalents to be had, down from $315.7 million on the finish of September.
Nikola’s fourth-quarter manufacturing introduced it to 258 vehicles inbuilt 2022. That was once simply sufficient to hit the steerage vary it supplied in November, when it stated it anticipated to provide between 255 and 305 vehicles for the overall yr.
Manufacturing must ramp up slightly in 2023. Nikola stated traders must be expecting it to ship between 250 and 350 battery-electric vehicles and 125 to 150 of its upcoming fuel-cell vehicles this yr. The corporate additionally expects to cut back prices on its battery-electric vehicles through about $105,000 consistent with truck through year-end because it realizes financial savings from its acquisition of battery-pack maker Romeo Energy.
That is breaking information. Please take a look at again for updates.