CNN
—
Nikola Corp reported a higher quarterly loss on Tuesday and said it would halt production to streamline the assembly line at its Coolidge, Ariz., factory amid sluggish demand for its battery-powered trucks.
Investors have focused on cash reserves at Nikola and other electric vehicle makers amid fears slowing sales could push companies to seek more share sales to raise funds.
“At the end of May, we plan to pause truck production as we convert the line to accommodate both battery electric and hydrogen fuel cell trucks on the same line and will resume production in July with the first fuel cell trucks. of salable hydrogen,” Nikola said. .
Earlier in the day, Fisker Inc cut its full-year production target as the electric vehicle startup seeks to rein in spending and reported a smaller first-quarter loss.
Nikola’s net loss widened to $169.09 million in the quarter, from $152.94 million a year earlier.