Nikola will miss its truck’s annual delivery target

by Nov 11, 2022

Nikola will miss its goal of delivering at least 300 BEV Tre trucks this year. The company expected to deliver between 300 and 500 battery-electric trucks this year, capitalizing on a shift to electric trucks by logistics companies seeking to reduce ownership costs while meeting sustainability goals. The company has delivered 111 trucks and produced 125 units. It produced 75 battery electric trucks in the third quarter but only delivered 63 units. Nikola Motor produced 50 Tre BEV trucks in the second quarter and delivered 48 of them to its dealers.
The company does not intend to issue new fourth-quarter and year-end forecasts. Nikola has only achieved 41.6 percent of its annual target after three quarters of the year. The sales figures from the quarterly report are currently insignificant. The revenue generated by the 48 trucks delivered and four cargo trailer units was $18.1 million US dollars. The two Tre BEVs that were already manufactured in Q2 were delivered in the first week of July and are thus included in the Q3 results. Nikola reported $24.2 million in revenue in the third quarter and an adjusted loss of 28 cents per share, which was less than expected.
The company also provided a brief update on the Nikola Tre’s fuel cell version in the release that the test drives with TTSI have continued, and Walmart has received the first Tre FCEV for pilot testing. In Q3, six beta trucks were completed. Development testing on beta trucks has begun in several locations. By the end of Q4, Nikola expects to have completed 17 beta trucks for the entire year. Furthermore, Nikola anticipates completing the Phase 2 expansion of its Arizona plant in the first quarter of 2023. The company would then have a production capacity of 20,000 vehicles per year.

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