Nikola (NKLA.US) stock rose more than 11% after the electric truck maker posted better than expected quarterly results. Company reported a loss of 14 cents a share, while analysts' expected a much bigger loss of 27 cents per share. There was no revenue, after solar revenue of $58,000 a year ago.
During Q1, the first batch of five Tre battery-electric vehicle (BEV) semi-trucks were commissioned and began validation testing. Company maintained timelines for production and delivery milestones and expects to deliver the first Nikola Tre BEV's to customers during the fourth quarter of 2021. Nikola is also planning to start vehicle trial production in Germany in June and in Arizona in July.
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Open account Try demo Download mobile app Download mobile appCompany is however concerned about supply constraints of batteries, chips, touch screens and other parts. Nikola said that it has enough battery supplies to achieve its plan to build 50-100 battery-electric Tre vehicles this year, but battery makers did not yet provide any details regarding next year's supplies.
Nikola (NKLA.US) stock rose sharply during today's session and is currently testing the upper limit of the triangle formation which coincides with 50 SMA (green line). Should break higher occur, then another upward impulse towards next resistance at $12.94 could be launched. However if buyers will fail to uphold bullish momentum, then nearest support lies at $9.51. Source: xStation5
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