Nikola Corp said it could only deliver less than one-sixth of its battery-powered units, so it is not expected to ease its demand-hitting problems in the near future. truckThat took place in the fourth quarter, and the stock fell as much as 9% on Thursday.
A Phoenix, Arizona-based EV startup with ambitions to bring the first hydrogen-powered heavy-duty vehicle to market. trucks expects cash reserves to decline quarterly later this year, leading to a negative 2023 gross margin.
Nikola’s management painted a dire picture on a conference call with investors, noting that the adoption of battery-powered electric half-cells has been slower than expected.truckProblems such as the lack of charging networks are to blame.
“We don’t expect these challenges to ease anytime soon,” said Kim Brady, Nikola’s chief financial officer.
For the fourth quarter, we missed our revenue target significantly and reported a significant loss.
Nikola, like other small EV companies, faces high production costs and supply bottlenecks at a time of stagnant demand amid rising inflation.
After years of struggling with mass production and experiencing self-perceived “production hell,” Tesla has increased its market share with its recently announced price cuts.
Brady told investor Nicola that it would be better to reduce the number of Tre BEVs to preserve cash and minimize losses. That model has a maximum range of 330 miles.
Tesla first half truck to pepsico PEP.O In December, which had yet to announce a mileage range, PepsiCo officials told Reuters their Semi was 500 mile range.
Nikola said it produced 133 in the fourth quarter truckOnly 20 of them were delivered to dealers. In 2022 he will deliver 131 Tre BEVs, while this year he will deliver from 250 to 350 Tre BEVs.
Nikola shares, which hit a record high of $94 just days after going public in June 2020, were trading at $2.15 on Thursday. Stocks of other EV manufacturers, including Lucid Group Inc. LCID.O There was also steep descent.
Clear forecast for Wednesday Production in 2023 Orders were reportedly down significantly in the December quarter, well below Street’s expectations.
another EV truck Manufacturer Rosetown Motors Corporation RIDE.O Said it would be on thursday pause Production and delivery of that pickup truck The stock fell 11% due to performance and quality issues with some components.
The company expects negative gross margins of 75% to 95% in 2023. At its Investor Day presentation early last year, the company predicted positive gross margins for his Tre BEV.
Nikola’s cash and cash equivalents at the end of December decreased to $233.4 million from $497.2 million a year earlier.
Revenue for the December quarter was $6.6 million, below Refinitiv’s analyst estimate of $32.1 million and a net loss of $222.1 million, up from $158.9 million a year ago.