Nikola to pause truck production after posting biggest quarterly loss | CNN Business
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Nikola Corp reported a wider quarterly loss on Tuesday and said it would halt production to streamline the assembly line at its Coolidge, Arizona factory amid sluggish demand for its battery-powered trucks.
Investors have focused on the cash reserves of Nikola and other electric vehicle makers amid fears that slowing sales could push the companies to pursue more stock sales to raise funds.
“At the end of May, we plan to stop truck production as we convert the line to accommodate battery electric and hydrogen fuel cell trucks on the same line and will resume production in July with the first fuel cell trucks of marketable hydrogen,” said Nikola. .
Earlier in the day, Fisker Inc cut its full-year production target as the electric vehicle startup seeks to rein in expenses and posted a narrower first-quarter loss.
Nikola’s net loss widened to $169.09 million in the quarter from $152.94 million a year earlier.
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