On Tuesday Nikola Corp shared its quarterly report and said it getting a bigger quarterly loss so, it would stop production to streamline the assembly line at its Coolidge, Arizona factory amid sluggish demand for its battery-powered electric trucks.
Nikola will stop making trucks
Nikola also worried about these things: Investors have concentrated on the cash holdings of Nikola and other EV manufacturers due to concerns that sluggish sales may force the businesses to undertake more share sales as a means of raising money.
Nikola also explains its plan for the battery-powered trucks “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,”
Fourth Quarter and Full Year Financial Highlights
In earlier days Fisker also reduces the full-year production target as EV startup ties up to keep costs under control and also shared a smaller first-quarter loss.
As per the report, Nikola’s net loss increased from $152.94 million to $169.09 million in the quarter from a year earlier.
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