Nikola Motor appears to be missing 2022 production goals
The American manufacturer Nikola Motor will not reach its target of producing at least 300 electric trucks this year. Nikola itself conceded the previous forecast and also does not want to name a new target.
Nikola made the announcement in a conference call with analysts on its third-quarter results. The company does not intend to issue new forecasts for the fourth quarter and the year as a whole.
In its annual report for the second quarter, Nikola had still stuck to its target of producing a total of 300 to 500 units of the Tre BEV by the end of 2022. However, in the current year, only 125 units were produced, of which 111 were delivered. In the third quarter, 75 units were produced and 63 delivered. Or in other words: After three quarters of the year, Nikola has achieved only 41.6 per cent of its annual target.
In the third quarter, Nikola posted $24.2 million in revenue, above analyst estimates cited by Reuters, which had assumed only $22.1 million. Excluding special items, Nikola posted an adjusted loss of 28 cents per share, which was also less than expected (39 cents).
In the release, the company also gave a brief update on the fuel cell version of the Nikola Tre: test drives with TTSI have continued and Walmart has also received the first Tre FCEV for pilot testing. TTSI’s vehicles have covered 9,700 miles and Walmart’s 5,500 miles (15,600 and 8-850 kilometres respectively). Six beta trucks were completed in Q3.
In addition, Nikola says it expects to complete the Phase 2 expansion of its Coolidge, Arizona plant in the first quarter of 2023. The company would then have a production capacity of 20,000 vehicles per year – but would not be able to come close to capacity with the current figures.