Nikola slashes production, revenue targets in half due to supply issues

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Posted at 9:53 AM, Aug 04, 2021
and last updated 2021-08-04 12:53:01-04

PHOENIX — Nikola, the electric vehicle startup based in Phoenix, announced its quarterly earnings on Tuesday which included a downward revision to both expected truck production and revenue for the rest of the year.

Nikola Corp. (Nasdaq: NKLA) did not report any revenue for its second quarter ended June 30, but it did post a smaller than expected net loss of $143 million, bringing this year's total loss to $263 million.

The financials translated to an adjusted loss of 20 cents per share, better than the 29 cent loss expected by Wall Street, but the result did little to soothe traders on Tuesday.

Nikola shares fell sharply on the news, closing Tuesday at $10.21, down 97 cents or 8.7%, but gained back about 14 cents in early after-hours trading. Follow the stock here.

The company cut its production targets down to between 25 and 50 vehicles by the end of 2021, half of the projected range announced earlier this year.

Additionally the company cut revenue expectations from between $15 million and $30 million down to a maximum of $7.5 million for the year.

Read more of this story from the Phoenix Business Journal.