This EV Stock is Soaring Today

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This EV Stock is Soaring Today
Credit: © Reuters.

Shares of Nikola (NASDAQ: NKLA ) are soaring today after better-than-feared results.

The electric vehicle (EV) company reported an adjusted loss per share of 21c in the first quarter, compared to a loss per share of 14c in the year-ago period and an estimated loss per share of 27c.

Adjusted EBITDA loss stood at $79,152 in the period, +48% YoY, and compared to the expected loss of around $108,800. Operating loss was reported at around $151,300, while analysts were expecting nearly $157,000 loss.

Nikola expects to deliver between 300 and 500 Tre BEV trucks in 2022 and plans to begin construction of its Arizona hydrogen hub this year.

"To date, we have received POs, LOIs, and MOUs for a total of 510 Nikola Tre BEVs,” Nikola said in a statement.

The automaker expects to complete the phase 2 assembly area expansion of its Arizona plant in 2023 and provide a production capacity of up to 20,000 trucks per year on two shifts.

Nikola stock price is up nearly 8% today.

By Senad Karaahmetovic

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