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NKLA shares fall on Nikola’s EV delivery warning; Rivian, flexible on deck


Nikola (NKLA) warned of EV deliveries due to worsening economic conditions after losses increased in the third quarter but beat manual estimates. NKLA stock plunged.




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The EV startup on Thursday returned to its key output target for the year, while also beating earnings and revenue estimates for the third quarter. It now expects to deliver 300 fewer heavy-duty electric trucks by the end of 2022, down from its previous target of 300-500.

Deliveries are trending lower than expected in the current fourth quarter, Chief Financial Officer Nikola Kim Brady said on Thursday during an earnings call with analysts.

Citing customer reluctance in the current environment, Brady added: “We anticipate these setbacks will continue to be a significant limiting factor in customer acquisition rates for Bamboo BEV, especially for the rest of this year and possibly into 2023.”

Earlier Thursday, Nikola said it produced 75 heavy-duty electric trucks in the third quarter, up from 50 in the second quarter and bringing the 2022 total to 125. It delivered 63 units to dealers, up from 48 in Q2.

It also reports progress on hydrogen production and infrastructure goals.

Nikola’s income

In the third quarter, Nikola lost 28 cents per share compared with 22 cents a year ago. It generated $24.2 million in revenue, up from $18.1 million in the previous quarter. No sales for the previous year.

At the end of Q3, Nikola reported $404 million in cash, down from $587 million at the end of the previous quarter.

Analysts polled by FactSet had predicted a loss per share of 38 cents and revenue of $22.7 million.

Member EV startups Lucid (LCID) and Rivian (RIVN) reported on November 8 and November 9, respectively.

Late Wednesday, Fisker (FSR) delivered a larger-than-expected Q3 loss. However, Fisker confirmed that it will begin production of the highly-anticipated Ocean SUV on November 17. Pre-orders and orders at Ocean totaled 62,000 units by the end of October, the EV startup said. said.

NKLA Stock, New EV Stock

Nikola shares fell 10% to 2.97 on stock market today, contributing back to the initial strong increase. Nikola is testing the 21-day moving average but is still far below the long-term average and more than 80% above the 52-week high.

Fisker stock also fell 2.3% on Thursday. LCID shares rose 2.5% to 13.66 and RIVN shares rose 3% to 32.45.

A new wave of EV stocks, including Nikola and Rivian, has emerged over the past 2-3 years as investors look to Tesla (TSLA).

On October 14, Nikola completed the acquisition of battery manufacturer Romeo Power.

NKLA stock has been hit hard by a report of a short sale in 2020. Its former CEO was recently found guilty of fraud, but the EV startup is being viewed more favorably under scrutiny. new management.

Tesla plans to supply some Tesla Semi cars to PepsiCo (PEP) on December 1. Future production for the Semi is unknown, first announced in 2017.

Tesla shares were up 0.6% on Thursday.

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