[ad_1]
Nikola Motor Company
Source: Nikola Motor Company
Electric heavy-duty truck maker Nikola said Tuesday it is “refocusing the company on North America” after exiting a European joint venture with its chassis supplier,
The news came as the company announced its first quarter results. Here are the key numbers, along with Wall Street estimates as reported by Refinitiv.
- Adjusted loss per share: 26 cents, versus the expected 26 cents.
- he won: $11.1 million, versus the expected $12.5 million.
The company’s shares fell sharply after the report and ended the day down 13%.
Nikola’s net loss for the quarter was $169.1 million, or 31 cents per share. A year ago, Nikola lost $152.9 million, or 37 cents a share. On an adjusted basis, the company had a loss of 26 cents per share. Revenue jumped to $11.1 million from $1.9 million.
Nikola had $121.1 million in cash remaining as of March 31, down from $233.4 million at the end of 2022.
As part of a reorganization to conserve cash, Nikola announced overnight that it had sold its stake in a European joint venture to its longtime partner, Italian heavy-truck maker Iveco Group, for $35 million in cash and 20.6 million Nikola shares to be returned by Iveco. . Under the deal, Iveco will continue to supply structures and related components to Nikola and remain an investor in the company.
“Manufacturing and energy are capital-intensive businesses, and we need to stay focused as we have competitive advantages and priority,” Nikola said in a statement.
Nikola produced 63 battery powered trucks and delivered 31 to dealers this quarter. Its dealers sold 33 trucks to end customers during this period. Production of the next Nikola model, a long-haul fuel cell version of the semitruck, is on track to begin in July as previously expected.
She said Nikola currently has orders for a total of 140 fuel cell trucks for 12 fleet customers.
Nikola said it will temporarily suspend battery electric truck production while it reconfigures its assembly line to build both battery electric and fuel cell trucks. It said that while it expects the fuel cell truck to become its primary product, it will continue to build battery electric trucks to order after fuel cell truck production begins.
“As we move forward, we will focus on the North American market, hydrogen fuel cell trucks, HYLA’s hydrogen refueling business, and autonomous technologies,” said CEO Michael Loecheller. “We have the right products at the right time.”
Explanation: Nikola’s net loss for the quarter was $169.1 million, or 31 cents a share. A year ago, Nikola lost $152.9 million, or 37 cents a share. On an adjusted basis, the company had a loss of 26 cents per share. These numbers were not clear in an earlier version.
[ad_2]
