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EV maker Nikola posts bigger-than-expected quarterly loss, shares fall

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Members of the media stand in front a hydrogen-powered Artic truck at the booth of U.S. truckmaker Nikola at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer/File Photo
Members of the media stand in front a hydrogen-powered Artic truck at the booth of U.S. truckmaker Nikola at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer/File Photo

(Reuters) – Nikola reported a bigger-than-expected quarterly loss on Thursday as the company continues to grapple with high costs related to the production ramp up of its fuel-cell electric truck, sending the EV maker’s shares down more than 5%.

The company’s wholesale deliveries of hydrogen-powered electric trucks jumped 22% in the third quarter from the second quarter.

Nikola stuck to its production forecast of 300-350 fuel-cell powered electric trucks for this year.

On an adjusted basis, the company lost $2.75 per share in the third quarter, compared with the average analyst estimate of a loss of $2.35, according to data compiled by LSEG.

The Phoenix, Arizona-based company has delivered 200 hydrogen fuel-cell trucks to dealers so far this year.

Nikola reported revenue of $25.2 million, missing estimates of $37.2 million.

Meanwhile, the company’s cash and cash equivalents fell sharply to $198.3 million at the end of September, compared with $464.7 million at the end of last year.

(Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta)

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