This EV Stock is Soaring Today
Investing.com
Published May 05, 2022 05:56AM ET
Updated May 05, 2022 10:28AM ET
This EV Stock is Soaring Today
Shares of Nikola (NASDAQ:NKLA) are soaring today after better-than-feared results.
The electric vehicle (EV) company reported an adjusted loss per share of 21c in the first quarter, compared to a loss per share of 14c in the year-ago period and an estimated loss per share of 27c.
Adjusted EBITDA loss stood at $79,152 in the period, +48% YoY, and compared to the expected loss of around $108,800. Operating loss was reported at around $151,300, while analysts were expecting nearly $157,000 loss.
Nikola expects to deliver between 300 and 500 Tre BEV trucks in 2022 and plans to begin construction of its Arizona hydrogen hub this year.
"To date, we have received POs, LOIs, and MOUs for a total of 510 Nikola Tre BEVs,” Nikola said in a statement.
The automaker expects to complete the phase 2 assembly area expansion of its Arizona plant in 2023 and provide a production capacity of up to 20,000 trucks per year on two shifts.
Nikola stock price is up nearly 8% today.
By Senad Karaahmetovic
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.