EV Maker Nikola Beats Revenue Estimates on Higher Semi-Truck Deliveries

Reuters2022-11-03

Nov 3 (Reuters) - Nikola Corp beat Wall Street expectation for third-quarter revenue on Thursday as it delivered more electric semi-trucks to dealers.

The company produced 75 vehicles in the quarter compared with estimates of 70 units, according to Visible Alpha, and has been benefiting from a shift to electric trucks by logistic companies looking to cut ownership costs and meet sustainability goals.

The electric-truck maker is also looking to capitalize on the recently passed Inflation Reduction Act to lower costs across its electric-truck manufacturing and hydrogen energy businesses.

Net loss narrowed to $236.2 million, or 54 cents per share, in the quarter ended Sept. 30, compared with $267.57 million, or 68 cents per share, a year earlier.

Revenue for the quarter stood at $24.2 million, beating estimates of $22.1 million, according to Refinitiv data.

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2022-11-03
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