{"id":31832,"date":"2023-07-05T17:34:25","date_gmt":"2023-07-05T21:34:25","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/ev-startup-nikola-reports-jump-in-second-quarter-deliveries-shares-rise\/"},"modified":"2023-07-05T17:34:26","modified_gmt":"2023-07-05T21:34:26","slug":"ev-startup-nikola-reports-jump-in-second-quarter-deliveries-shares-rise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31832","title":{"rendered":"EV startup Nikola reports jump in second-quarter deliveries, shares rise"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: FILE PHOTO: Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair in Hanover, Germany, September 19, 2022. REUTERS\/Fabian Bimmer\/File Photo\/File Photo<\/span>
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(Reuters) -Nikola said on Wednesday that wholesale and retail sales of its electric vehicles jumped in the second quarter from the first, a positive sign for the startup that has been grappling with a cash crunch and stiff competition.<\/p>\n

The company said retail sales of its trucks doubled to 66 in the quarter, while wholesale figure rose to 45 from 31. <\/p>\n

Shares of Nikola were up nearly 3% in morning trading. They fell before the bell after the company announced on Monday it would start liquidating assets of Romeo Power less than a year after buying the battery maker.<\/p>\n

Nikola agreed to buy Romeo Power in August for about $144 million, as it looked to jump-start efforts to make battery packs.<\/p>\n

EV makers Tesla (NASDAQ:) and Rivian also beat market estimates for second-quarter deliveries.<\/p>\n

Nikola, which went public in 2020, produced 33 trucks during the second quarter, compared with 63 trucks in the preceding quarter.<\/p>\n

Like other smaller EV firms, Nikola has been struggling with a dwindling cash reserve and supply chain constraints that have hampered its efforts to ramp up production.<\/p>\n

The company, which is involved in a dispute with its founder and top shareholder Trevor Milton, in May reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona, factory amid sluggish demand for its battery-powered trucks.<\/p>\n

The Phoenix-based automaker also said in June it would lay off a total of 270 employees, as it looks to cut costs and sharpen its focus on North America.<\/p>\n

As of last close, the stock had fallen nearly 37% this year.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: FILE PHOTO: Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair in Hanover, Germany, September 19, 2022. REUTERS\/Fabian Bimmer\/File Photo\/File Photo (Reuters) -Nikola said on Wednesday that wholesale and retail sales of its electric vehicles jumped in the second quarter from the first, a positive sign for the […]<\/p>\n","protected":false},"author":1,"featured_media":5340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-31832","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nEV startup Nikola reports jump in second-quarter deliveries, shares rise | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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