Nikola to Pause Truck Production After Posting Bigger Quarterly Loss

Reuters2023-05-09

May 9 (Reuters) - Nikola Corp on Tuesday reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona factory amid sluggish demand for its battery-powered trucks.

Investors have focused at cash reserves at Nikola and other EV makers amid fears that slowing sales could push the companies to pursue more share sales to raise funds.

"At the end of May, we plan to pause truck production as we convert the line to accommodate both hydrogen fuel cell and battery electric trucks on the same line and will resume production in July with the first saleable hydrogen fuel cell trucks," Nikola said.

Earlier in the day, Fisker Inc cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and reported a smaller first-quarter loss.

Nikola's net loss widened to $169.09 million in the quarter, from $152.94 million a year earlier.

Nikola shares gained 1% after Q1 results.

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