Nikola’s third-quarter 2022 financial results showed a net loss of $236.2 million and reported revenue of $24.2 million.
In the same period a year earlier, the company posted a net loss of less than $267.57 million. Revenue beat estimates of $22.1 million, according to Refinitiv data cited by Reuters.
Despite posting losses, the good news is that the company is producing more electric trucks than analysts expected. Nikola in the third quarter produced 75 Tre BEV Class 8 electric trucks at its factory in Coolidge, Arizona. The total production exceeds the Q2 production figure of 50 units.
The company has certainly missed its goal of delivering at least 300 semi-trucks this year and declined to release a new estimate. The company is expected to deliver 300-500 Tre BEVs this year, but has so far delivered 111 trucks and produced 125 units.
During the third quarter, Nikola delivered 63 Tre BEV to dealers, up from 50 during the previous quarter. Production at Coolidge reaches three electric trucks in one shift and has the ability to produce five electric trucks per shift.
Nikola itself will complete its Phase 2 assembly facility expansion by the end of Q1 2023, bringing it to a production capacity of 20,000 units per year. With the completion of Phase 2, the plant will be able to produce BEVs and FCEVs on the same line, in addition to the Bosch Fuel Cell Power Module.
On November 2, the company announced a new purchase order for 100 Nikola Tre BEVs from Zeem Solutions. Zeem offers a complete EV depot fleet solution for freight and logistics companies.
Nikola also secures hydrogen supply from KeyState for Tree FCEV trucks. KeyState plans to supply Nikola with up to 100 tonnes per day of low-carbon hydrogen, which could fuel up to 2,500 Nikola Tre FCEVs. That amount of hydrogen could substitute for the more than 51 million gallons of diesel fuel consumed per year.
Regarding overseas markets, Nikola plans to start production of the European version of Tre BEV in the second half of 2023, followed by Tre FCEV in the second half of 2024.
