Nikola stock surged 6% after reporting quarterly results

Nikola stock surged 6% after reporting quarterly results.

Nikola Corporation today reported financial results for the quarter ended September 30, 2021.

• Up to 25 Tre BEV trucks are expected to be delivered to dealers and customers by the end of 2021 and Tre FCEV is on schedule, and testing has begun

• Continued progress building out the sales and service network with dealers in 28 states consisting of over 130 locations

• Ulm, Germany joint venture manufacturing facility inaugurated in September

• $125 million reserved to fund potential settlement with the SEC

"During the third quarter, we continued to execute on our business plan,” said Mark Russell, Nikola's Chief Executive Officer. “Validation of the Nikola Tre BEV is progressing, with trucks now being test-driven and tested on public roads. We also formally inaugurated our joint venture manufacturing facility in Ulm, Germany, and entered into additional strategic partnerships to advance our hydrogen refueling ecosystem with TC Energy and OPAL Fuels.”

Russell added, “with prospects of an SEC settlement, we’re looking forward to resolving the outstanding issues relating to our founder and bringing that chapter to a close and maintaining our focus on delivering trucks to our customers, and building the energy, service, and support infrastructure our customers need.”

Third Quarter Financial Highlights

Business Outlook

Nikola looks forward to achieving the following milestones in the fourth quarter of 2021:

• Deliver pre-series Nikola Tre BEVs for use on public roads hauling customer freight;

• Announce additional fleet testing dealers/customers;

• Purchase land for our first centralized hydrogen production hub facility and/or commercial on-site gaseous generation station; and

• Announce additional hydrogen infrastructure/ecosystem partners