NKLA - Nikola gains after production update offsets revenue miss

Nikola Corporation ( NASDAQ: NKLA ) edged higher in premarket action on Thursday following its earnings report release.

As usual, the electric vehicle maker's update on production and development were in the spotlight.

The latest update on the Nikola Tre FCEV was that pilot testing with Walmart and TTSI has been successfully completed. During the pilots, the FCEV alphas accumulated over 7,800 and 9,500 miles respectively. Nikola ( NKLA ) said it has completed the build and commissioning of 17 FCEV beta trucks and is now in the process of building 10 gamma trucks, which will be used for additional pilot testing and vehicle validation. remain on track to begin SOP and expect to deliver the first FCEVs to customers in the second half of 2023. Ahead of SOP, NKLA's commercial and sales team is looking to secure binding orders and customer deposits.

As for the Nikola Tre BEV commercialization efforts, the company noted it produced 133 Nikola Tre BEVs and delivered 20 to dealers in Q4. NKLA said it utilized the quarter to improve its BEV product based on customer and potential customer feedback. NKLA also released the over-the-air software update 2.0, which increased the Tre BEVs usable range and enabled 350kW DC fast charging.

Shares of Nikola ( NKLA ) rose 1.74% after the detailed update.

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