This EV Stock is Soaring Today

Shares of Nikola (NASDAQ: NKLA) are soaring today after better-than-feared results.

The electric vehicle (EV) company reported an adjusted loss per share of 21c in the first quarter, compared to a loss per share of 14c in the year-ago period and an estimated loss per share of 27c.

Adjusted EBITDA loss stood at $79.2 million in the period, +48% YoY, and compared to the expected loss of $108.8 million. Operating loss was reported at $151.3 million, while analysts were expecting a $157 million loss.

Nikola expects to deliver between 300 and 500 Tre BEV trucks in 2022 and plans to begin construction of its Arizona hydrogen hub this year.

"To date, we have received POs, LOIs, and MOUs for a total of 510 Nikola Tre BEVs,” Nikola said in a statement.

The automaker expects to complete the phase 2 assembly area expansion of its Arizona plant in 2023 and provide a production capacity of up to 20,000 trucks per year on two shifts.

Nikola stock price is up nearly 8% today.

By Senad Karaahmetovic

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