EV maker Nikola jumps on securing supplies to meet 2022 delivery target

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(Reuters) -Electric automobile maker Nikola Corp mentioned on Thursday it had secured ample element supplies to meet its delivery target of between 300 and 500 Tre battery electrical vehicles this yr, sending its shares greater than 7% greater.

Nikola, which began manufacturing its battery electrical automobiles in late March, mentioned it shipped 11 Tre battery electrical vehicles (BEV) in April, marking its first ever cargo to prospects.

The electric-truck maker mentioned it had obtained provider commitments to meet its 2022 delivery purpose regardless of geopolitical tensions.

“Nikola delivered a number of items of optimistic information and secured good proportion of their battery and vital element supplies for remainder of the yr,” D.A. Davidson analyst Michael Shlisky mentioned.

The firm mentioned it expects income between $15 million and $18 million within the second quarter and delivery of between 30 and 50 vehicles. Analysts on common anticipated second-quarter income of $11.5 million, in accordance to Refinitiv.

The firm has a number of signed letters of intent for the acquisition of its vehicles with potential prospects previously few months, indicating rising curiosity.

Nikola can be constructing a hydrogen gasoline cell electrical semi truck with a variety of up to 500 miles and a refuel time of below 20 minutes that may allow it to carry freight over longer distances.

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

The firm posted income within the first quarter of $1.89 million from gross sales of charging trailers for its Tre battery electrical vehicles.

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



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