© Reuters. FILE PHOTO: Logo of U.S. truckmaker Nikola is pictured 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
(Reuters) – Nikola Corp beat Wall Street expectation for third-quarter revenue on Thursday as it delivered more electric semi-trucks to dealers.
The company produced 75 vehicles in the quarter compared with estimates of 70 units, according to Visible Alpha, and has been benefiting from a shift to electric trucks by logistic companies looking to cut ownership costs and meet sustainability goals.
The electric-truck maker is also looking to capitalize on the recently passed Inflation Reduction Act to lower costs across its electric-truck manufacturing and hydrogen energy businesses.
Net loss narrowed to $236.2 million, or 54 cents per share, in the quarter ended Sept. 30, compared with $267.57 million, or 68 cents per share, a year earlier.
Revenue for the quarter stood at $24.2 million, beating estimates of $22.1 million, according to Refinitiv data.
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