{"id":75504,"date":"2024-08-09T12:04:13","date_gmt":"2024-08-09T16:04:13","guid":{"rendered":"http:\/\/autosector.com\/?p=75504"},"modified":"2024-08-09T12:04:13","modified_gmt":"2024-08-09T16:04:13","slug":"nikola-posts-smaller-than-expected-loss-on-robust-hydrogen-truck-demand","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=75504","title":{"rendered":"Nikola posts smaller-than-expected loss on robust hydrogen truck demand – Autoblog"},"content":{"rendered":"

Nikola beat Wall Street expectations for second-quarter revenue and posted a smaller-than-expected adjusted loss on Friday, signaling an uptick in deliveries of its hydrogen<\/a> big rigs as clients ramped up spending. Shares of the electric truck<\/a> maker rose 17% in early trading.<\/p>\n

Nikola’s results signal that its attempts to pivot away from its battery-powered trucks<\/a> is paying off as it acquires new customers and receives an uptick in orders for its hydrogen fuel cell<\/a> vehicles.<\/p>\n

It reported revenue of $31.3 million for the quarter, surpassing estimates of $27.1 million, according to LSEG data.<\/p>\n

The company’s second-quarter deliveries jumped 80% at 72 hydrogen trucks, indicating robust demand for its trucks amid an industry-wide slowdown.<\/p>\n

Nikola also said it is on track to complete the rollout of all of its revamped battery-electric trucks by the end of the year.<\/p>\n

Following a period of high investment in electric vehicles<\/a> during the pandemic, growth in the industry has slowed as consumers consider so-called range anxiety, higher sticker prices and an uncertain economic outlook when making big-ticket purchases.<\/p>\n

Weak EV appetite has weighed on the company’s shares, which have fallen over 70% this year.<\/p>\n

The company reported adjusted loss per share of $2.67, smaller than the average analysts’ estimate of a loss of $2.85.<\/p>\n

Nikola signed Walmart Canada as a major customer in June, when it delivered a hydrogen semi-truck to the retailer.<\/p>\n

The company’s cash and cash equivalents stood at $256.3 million in the quarter, compared with $345.6 million in the previous three month period.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nikola beat Wall Street expectations for second-quarter revenue and posted a smaller-than-expected adjusted loss on Friday, signaling an uptick in deliveries of its hydrogen big rigs as clients ramped up spending. Shares of the electric truck maker rose 17% in early trading. Nikola’s results signal that its attempts to pivot away from its battery-powered trucks […]<\/p>\n","protected":false},"author":1,"featured_media":75505,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[],"class_list":["post-75504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-design-concepts"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/75504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=75504"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/75504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/75505"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=75504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=75504"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=75504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}