Nikola will not meet its goal of producing at least 300 electric trucks this year, the company said in a conference call with analysts to discuss the company’s third-quarter results. The company does not intend to issue new fourth-quarter and year-end forecasts.
As orginally reported by electrive.com, Nikola maintained its target of producing 300 to 500 units of the Tre BEV by the end of 2022 in its second-quarter annual report. However, only 125 units were produced in the current year, with 111 delivered. 75 units were produced and 63 were delivered in the third quarter. Nikola has only achieved 41.6 percent of its annual target after three quarters of the year.
Nikola reported $24.2 million in revenue in the third quarter, exceeding analyst estimates cited by Reuters, which had assumed only $22.1 million. Nikola reported an adjusted loss of 28 cents per share, which was also less than expected (39 cents).
However, the company’s third-quarter results showed promise, with an adjusted per-share loss of $0.28, which was better than Wall Street’s forecast of $0.38 per share. Futhermore, Nikola’s revenue was $24.2 million, which was higher than the $22.7 million consensus estimate.