NKLA - Nikola trades higher as investor focus on production updates

Nikola Corporation ( NASDAQ: NKLA ) pushed higher in early trading on Thursday after posting a Q3 EPS loss that was narrower than anticipated by analysts, which has not been the standard in the EV sector.

Adjusted EBITDA was reported at -$105.9M vs. -$143.3M a year ago.

The zero-emission vehicle maker did not issue specific production guidance, but said that its Tre FCEV pilot continued during the quarter with TTSI and started with Walmart. NKLA said the trucks have logged over 9,700 and 5,500 miles respectively in the pilots. Nikola ( NKLA ) completed six beta trucks in Q3 and expects to complete 17 beta trucks for the full year by the end of Q4.

Nikola ( NKLA ) also disclosed that it produced 75 Nikola Tre BEVs during the quarter and delivered 63 of those to dealers.

NKLA also said that is on track to complete phase 2 expansion of Coolidge by end of Q1 of 2023.

Shares of NKLA gained 5.47% in early trading following the EPS beat.

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