Hassan Maishera
Add to Bookmarks
Electric cars charging

The shares electric car startup Nikola is down by over 10% today after the company reported losses in its latest quarterly earnings.

Nikola Reports Losses In Q2

Electric vehicle startup Nikola Corp. reported its second-quarter earnings earlier today, and it was lower than what analysts had estimated. The shares of the company are down massively since Nikola reported its earnings.

Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

According to its report, Nikola reported a loss of 20 cents per share versus a loss of 29 cents a share. This latest development is a continuation of bad news for the company. A few days ago, a federal grand jury charged Nikola founder Trevor Milton with three counts of criminal fraud for lying about virtually all aspects of the business. He did this to boost the company’s stock sales.

However, Milton had pled not guilty to the charges, and the case is still ongoing. Nikola is looking to dissociate itself from Milton, stating that the founder resigned as the CEO in September last year, and he isn’t involved in the company’s operations and communications since then.

Despite the losses recorded in the second quarter of the year, Nikola maintained that it is committed to reaching previously announced milestones and timelines. It intends to deliver Nikola Tre battery-electric trucks before the end of the year from the company’s manufacturing facilities.


Nikola’s Shares Down By Over 10%

The shares of Nikola are currently down by over 10% so far today. It was trading just above the $12 at the start of the day but lost roughly 8% during the pre-market trading session. NKLA is down by an additional 5% as the US market opened.

NKLA stock chart. Source: FXEMPIRE

NKLA is now trading at $10.43 per share. Year-to-date, Nikola’s stock has posted a loss of over 25%. With the court case against its founder and the poor earnings, it is unclear if Nikola’s stock price would recover soon.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker