Electric heavy-truck maker Nikola produced 133 battery-electric trucks in the fourth quarter but delivered just 20, generating revenue well below Wall Street expectations. Nikola said it made a number of changes to its battery-electric truck during the quarter in response to feedback from early customers. The company also confirmed that the fuel cell version of its truck is still on track to begin production in the second half of 2023, in line with previous guidance.
In detail, in the fourth quarter, Nikola recorded revenues of $6.6 million versus $32.1 million expected by Refinitiv. Nikola’s net loss in the fourth quarter was $222.1 million, or 46 cents a share. Fourth-quarter production lifted Nikola to 258 trucks built in 2022, just enough to meet the baseline given in November, when it said it expected production of between 255 and 305 vehicles for the full year.
Production is expected to increase slightly in 2023.