Business

EV maker Nikola beats revenue estimates on higher deliveries

Nikola Corp (NKLA.O) exceeded market estimates for quarterly revenue on Thursday as the electric-vehicle maker delivered more semi trucks after a production ramp-up, sending its shares 6% higher in trading before the bell.

The company produced 50 Tre battery electric vehicles at its facility in Coolidge, Arizona, in the April-June quarter and delivered 48 units to dealers.

Nikola said it was on track to reach its 2022 delivery target of between 300 and 500 Tre BEV semi trucks.

Revenue was $18.1 million in the second quarter, compared with the $16.5 million expected by analysts, according to IBES data from Refinitiv.

The company’s net loss widened to $173 million, from a loss of $143.2 million a year earlier.

Electric-vehicle companies have been grappling with higher costs this year as the Russia-Ukraine war and rising inflation drive up prices of battery materials and other components.