Nikola posts wider quarterly loss as production costs rise

Credit: REUTERS/Massimo Pinca

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May 5 (Reuters) - Nikola Corp NKLA.O reported wider quarterly losses on Thursday, with the electric-truck maker incurring higher costs as it ramped up production of its electric semi trucks.

Electric vehicle companies have been facing inflationary pressures, including rising prices for battery materials and other components, exacerbated by the Russian invasion of Ukraine.

Nikola started manufacturing its battery electric vehicles in late March. The company said it shipped 11 Tre battery electric trucks in April, marking its first ever shipment to customers.

Net loss widened to $152.9 million, or 37 cents per share, in the quarter ended March 31 from $120.2 million, or 31 cents per share, a year earlier.

The company posted revenue in the first quarter of $1.89 million.

(Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)

((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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