Nikola Corporation's Q3 Earnings: Losses Deepen Amid Recall and Softening EV Demand
Nikola Corporation reported its financial results for Q3 2023, revealing that it raised $250 million and tripled its unrestricted cash since Q1 2023. The company continues to see strong demand for its zero-emissions trucks, despite a recall, with purchase orders for 47 battery-electric trucks received from one dealer. Nikola has received 277 non-binding orders for its hydrogen fuel cell electric truck and is focused on go-to-market activities in California. The company is also working on securing hydrogen supply and fueling solutions. Nikola plans to replace the battery packs on existing customer battery-electric trucks and expects to deliver new trucks in Q1 2024.