According to foreign media reports, Nikola, a maker of electric trucks, said on May 7 that its first-quarter revenue fell short of Wall Street expectations, due to an uncertain macroeconomic outlook and reduced customer spending, resulting in a reduction in the number of hydrogen fuel cell trucks it delivered.
According to data released by LSEG, Nikola reported revenue of $7.
5 million in the first quarter, below analysts’ expectations of $15.
8 million.
Subsequently, the company’s shares fell 4.
5% in afternoon trading.
Two quarters after starting production, Nikola delivered 75 hydrogen fuel cell trucks and completed the delivery of modified pure electric trucks by the end of the first quarter.
Nikola said it opened hydrogen filling stations for its hydrogen-powered trucks in California and Alberta, Canada, in March.
Photo: Nikola,Nikola executives said on a conference call after the earnings release that the company expects to deliver 50 to 60 fuel cell hydrogen trucks in the second quarter.
Nikola found that sales of its hydrogen-powered large trucks also became more difficult as consumers and businesses reduced their consumption of relatively high-priced electric vehicles to buy cheaper hybrids as borrowing costs rose.
Although Nikola stepped up production of hydrogen-powered large trucks, its truck revenue fell 26% in the first quarter to $7.
4 million.
Its net loss was $147.
7 million, down from $169.
1 million in the same period last year, thanks to a 15 per cent reduction in operating expenses.
At the end of the first quarter, Nikola’s cash and cash equivalents were $345.
6 million, down from $464.
7 million at the end of the previous quarter.
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