Nikola's loss widens following a costly recall of its battery-electric semi trucks
Publishing timestamp: 2023-11-02 11:44:50
Summary
Nikola reported a wider quarterly loss due to a costly recall of its battery-electric trucks. The company will spend $61.8 million to replace battery packs in over 200 trucks. However, Nikola has received nearly 300 orders for its new hydrogen fuel cell semitruck. Despite the recall, the company has 277 "non-binding" orders for its fuel-cell truck. Nikola's adjusted loss per share was 30 cents, and its net loss was $425.8 million. The company raised $250 million during the quarter and has $362.9 million in cash.
Sentiment: NEGATIVE
Tickers: NKLA,
Keywords: technology, breaking news: earnings, business news, breaking news: technology, nikola corp, earnings, climate,
Source: https://www.cnbc.com/2023/11/02/nikola-nkla-q3-2023-earnings-.html