Streetbeat News

NKLA

Nikola Corporation

https://www.nikolamotor.com

Industry

Agricultural - Machinery

Nikola Corporation operates as a technology innovator and integrator that works to develop energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery hydrogen-electric and battery-electric semi-trucks to the trucking sector. The Energy business unit develops and constructs a network of hydrogen fueling stations; and offers BEV charging solutions for its FCEV and BEV customers, as well as other third-party customers. The company also assembles, integrates, and commissions its vehicles in collaboration with its business partners and suppliers. Nikola Corporation is headquartered in Phoenix, Arizona.

Open

2.53

Mkt cap

142M

Volume

8.5M

High

2.57

P/E Ratio

-0.24

52-wk high

34.50

Low

2.32

Div yield

N/A

52-wk low

2.16

This week saw significant developments in the EV sector, including Tesla's efforts to reapprove Elon Musk's pay plan, Ford's appeal to suppliers for cost reductions, Faraday Future's massive stock rally, Rivian's partnership with Google, and Nio's launch of a new affordable SUV. The KraneShares Electric Vehicles and Future Mobility Index ETF also saw gains.

Portfolio Pulse from Shanthi Rexaline

May 18, 2024 | 12:59 pm

Nikola Corporation's (NASDAQ:NKLA) stock is trading higher due to a rally in heavily-shorted stocks by retail investors and speculation about increased tariffs on Chinese electric vehicle imports by the Biden administration. The stock's rise is also attributed to a high short interest of 36.87% and an RSI indicating oversold conditions. Year to date, NKLA shares have lost 15.45%, outperforming its historical average annual return of -64.33%.

Portfolio Pulse from Erica Kollmann

May 14, 2024 | 3:00 pm

This week in the EV sector saw Tesla grappling with executive departures and sales challenges in China, Rivian's earnings surpassing estimates amidst Apple partnership rumors, Fisker's Austrian unit filing for bankruptcy, and the Biden administration planning to impose tariffs on Chinese EV imports. Ford revisited its European EV transition plan, and the KraneShares Electric Vehicles ETF saw a decline.

Portfolio Pulse from Shanthi Rexaline

May 11, 2024 | 1:37 pm

Rivian, Lucid, and Nikola are implementing cost-cutting strategies to navigate the 'EV winter,' a period marked by slowed EV market growth. These strategies include workforce reductions, production adjustments, and strategic realignments. Despite current challenges, analysts remain optimistic about the EV market's long-term prospects. Rivian is focusing on efficiency improvements, Lucid on cost of goods sold, and Nikola on optimizing its cost structure for commercial vehicles.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 5:37 pm

Rivian, Lucid, and Nikola are implementing cost-cutting measures and strategic adjustments to navigate a challenging market, aiming for profitability amid slowed EV adoption and increased competition. These efforts include job cuts, production optimizations, and capital expenditure reductions. Despite these efforts, Rivian and Lucid reported wider Q1 losses than expected, while Nikola beat expectations slightly but with lower revenue. The companies are focusing on cash preservation and operational efficiency to survive the 'EV winter'.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:46 pm

Nikola Corporation (NASDAQ:NKLA) shares dropped after announcing the opening of a new HYLA high-pressure modular refueling station in Southern California and reporting a decrease in first-quarter sales from $10.7 million a year ago to $7.5 million. The company also delayed the delivery timeline for its reworked battery trucks to the end of 2024. Despite these challenges, Nikola maintains a dominant market share of HVIP vouchers for Class 8 FCEVs.

Portfolio Pulse from Nabaparna Bhattacharya

May 08, 2024 | 2:11 pm

Nikola Corporation has announced the opening of its HYLA modular refueling station in Southern California, marking a significant step in the company's expansion of hydrogen fuel infrastructure. This development is expected to support the adoption of hydrogen fuel cell vehicles by providing essential refueling infrastructure.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 12:18 pm

Nikola Corp (NASDAQ:NKLA) reported a rise in the average sales price of its fuel cell electric vehicle (FCEV) trucks by $30,000 in Q1 compared to the previous quarter, reaching $381,000. Unlike other EV makers facing price drops amid a price war, Nikola plans to maintain flexibility in pricing for large fleet deals to expand its customer base beyond California and Canada. The company aims to target fleets with over 1000 trucks and is open to adjusting prices for significant deals. Nikola wholesaled 40 trucks, produced 43, and reported a Q1 revenue of $7.5 million with a net loss of $147.7 million. Nikola's stock fell 5.4% to $0.6 on Tuesday, marking a nearly 27% decline year-to-date.

Portfolio Pulse from Anan Ashraf

May 08, 2024 | 12:12 pm

Nikola Corp has expressed substantial doubt about its ability to continue as a going concern, citing anticipated capital expenditures of approximately $90M for the remainder of FY24, as revealed in a conference call.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:51 pm

During a conference call, a Nikola executive mentioned that the company is facing supply constraint issues with batteries, which could impact its production capabilities and timelines.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:10 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.