NKLA - Nikola rally hits the brakes in big reversal during conference call

Nikola Corporation ( NASDAQ: NKLA ) turned sharply lower during the company's earnings conference call to more than erase an early gain.

CFO Kim Brady did not issue specific deliveries guidance during the call, but warned that BEV truck deliveries will fall short of a target for 300 units and deliveries next year could be below expectations. He also highlighted that Nikola ( NKLA ) will cut OpEx and CapEx spending in 2023 by 20% to 30% in what appears to be a more cautious pivot while the new management team assesses the market.

The maker of heavy-duty commercial battery-electric vehicles had a cash position of $315M at the end of Q3 vs. $497M a year ago.

Shares of Nikola ( NKLA ) were down 3.55% at 11:50 a.m. after being up more than 6% earlier in the session.

Read more about Nikola's earnings report.

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