In April, it shipped its first semitrucks to customers, and now has purchase orders and letters of intent for over 500 of its battery-electric Tre trucks.
A longer-range hydrogen fuel cell-powered version is due next year.
The production of the battery-electric Tre semitruck began in March and the first 11 trucks were shipped to dealers in April. In the first quarter, it didn't recognize any revenue from truck deliveries, but it did collect about $1.9 million in services-related revenue, which helped it beat Wall Street's expectations.
The key numbers are here.
The analyst coverage on the company is still thin. None of the seven analysts surveyed by Refinitiv expected a revenue of $1 million.
The company said that it is on track to deliver between 300 and 500 of the battery-electric Tres in 2022, in line with its guidance issued in February. The battery electric version of the Tre is designed for local use.
The model was eligible for a buyer incentive program in California. At the end of April, it had 134 purchase orders for the trucks through the California program.
The company said the fuel cell version of the Tre, which will have range sufficient for long-haul duty, completed an initial series of tests in California in late April and is on track to go into production in the second half of 2023.
The first EV startup to go public was Nikola. Its shares went up in the weeks after the merger, but fell back to earth after a scandal broke.
In September 2020, the founder of Nikola abruptly resigned after being accused of misleading investors about the state of the technology. A federal grand jury indicted him for making false statements. The SEC received $125 million in December to settle charges.
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