Nikola Q2 Revenue Above Expectations On Delivery Of 48 Tre BEVs• https://insideevs.com, By: Dan Mihalascu
Nikola Corporation's Q2 2022 results exceeded market estimates as the commercial EV maker delivered more semi trucks after a production ramp-up.
The company manufactured 50 Tre BEV electric trucks at its facility in Coolidge, Arizona, during the second quarter of the year, and delivered 48 to dealers. That was slightly below Nikola's own forecast, which had called for between 50 and 60 deliveries in the period. Two additional Tre BEVs were delivered in the first week of July, which will be reported as part of Q3 revenues.
"The primary reason for our deliveries coming in at the low end of our guidance range was caused by two weeks of production losses in Q2 related to battery pack delivery delays from Romeo Power."
Nikola Chief Financial Officer Kim Brady
The startup said it remains on track to reach its 2022 delivery target of between 300 and 500 Tre BEV semi trucks. Nikola is in the process of ramping up production at its Arizona factory and said it expects to be building five trucks per shift by November. Phase 2 expansion is underway at the factory and on track to be completed by Q1 2023.