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Nikola jumps after forecasts to post first revenue in 2022
By Arghyadeep Dutta - Feb 24, 2022, 09:17 PM ET
Last Updated - Feb 15, 2024, 01:18 PM EST
EV maker said it is seeking reimbursement from Trevor Milton for a $125 million SEC settlement
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Nikola Corp (NKLA) on Thursday said it expects to report its first-ever earnings this year as the electric-truck maker aims to deliver 300 to 500 Tre battery electric vehicles (BEVs) in 2022.
The announcement sent Nikola’s shares soaring past 10% in early trading in New York.
The EV maker, which has not reported any revenue yet from truck sales, forecasted to earn between $90 million and $150 million in 2022.
Its current quarter will not record any revenue, the company mentioned.
Started pilot program
In its quarterly earnings report, Nikola said it delivered
its first two electric trucks in December to a southern Californian port
trucking company TTSI as part of a three-month pilot program.
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“During the fourth quarter, we began delivering Pre-Series
Tre BEVs to customers and dealers, and we are ramping up production in
Coolidge,” Nikola CEO Mark Russell said in the statement.
“We anticipate beginning series production of the Tre BEV
on March 21.”
The company also sent two Nikola’s hydrogen fuel cell semi-truck
to brewing company Anheuser-Busch (A-B), in January, for three-month pilot operations.
Distancing itself from controversy
Nikola, which agreed" to pay $125 million to the U.S. Securities and Exchange Commission (SEC) to
settle a charge against its founder Trevor Milton, said it had made its first installment last December and is seeking reimbursement from its founder.
The SEC had charged Milton for misleading investors about the electric-truck maker’s technology and capabilities using social media and, as a result, reaped “tens of millions of dollars”.
The Phoenix, Arizona-based startup, which has been trying to distance itself from the controversy, is expanding its plant in Coolidge, Arizona and said it will complete in the first quarter of 2023.
Nikola said the larger facility would provide the company with a production capacity of up to 20,000-trucks per year on two shifts, as it is now trying to focus on ramping up production.
Picture Credit: InsideEVs
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