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What’s Happening with Nikola Corporation Stock?

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Nikola Corporation (NASDAQ: NKLA) shares are experiencing an upward trend on Friday following the release of its third-quarter financial results. Let’s dive into the details:

What You Need to Know:

In the third quarter, Nikola reported adjusted losses of 30 cents per share, which fell short of the estimated losses of 14 cents per share as predicted by analysts.

The company’s quarterly revenue stood at $(1.73) million.

Nikola CEO Steve Girsky stated, β€œWe are forging ahead, leveraging our first-mover advantage with our hydrogen fuel cell electric truck and laying the groundwork for the β€˜hydrogen highway’ starting in California.”

Girsky further commented, β€œWe believe that we are well ahead of our competitors and see ample opportunities to gain market share with the introduction of the Advanced Clean Fleets Rule. In addition, incentives such as HVIP and ISEF provide up to $288,000 and $408,000, respectively, per hydrogen fuel cell electric truck in California.”

The company also addressed an ongoing recall of its battery electric trucks, anticipating elevated costs associated with the recall. This may require approximately $400 million in additional capital.

Related News: What’s Happening with Lucid Group Stock?

NKLA Price Action: As per Benzinga Pro, Nikola Corporation shares are currently up 4% at $1.21 at the time of publication.

Image Courtesy: Nikola Corporation

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