EV Truck Maker Nikola Yet To Return Many BEVs Recalled Last Year, Says CFO
Portfolio Pulse from Anan Ashraf
Nikola Corp. has yet to return 81 of the battery electric trucks it recalled last year due to fire incidents. The company has returned 78 trucks and aims to deliver at least 100 BEVs this year. Nikola reported Q3 revenue of $25.18 million, missing analyst estimates, and a larger-than-expected loss per share. The stock closed down 7% and is down 84.3% year-to-date.
November 01, 2024 | 10:16 am
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NEGATIVE IMPACT
Nikola Corp. has not yet returned 81 recalled BEVs, impacting its delivery targets. The company missed Q3 revenue and EPS estimates, leading to a 7% drop in stock price.
The delay in returning recalled BEVs and missing Q3 financial estimates negatively impacts investor confidence. The stock's 7% drop reflects market reaction to these issues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100