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Nikola (NKLA) and Fisker (FSR) is preparing to report for the fourth quarter, continuing a busy week for earnings and other announcements from EV companies. Nikola and Fisker shares fell.
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Nikola earnings
Estimates: Analysts expect a loss of 23 cents a share on nominal income. Nikola’s modest sales so far come from solar installations, not electric vehicles.
Results: Come back later.
The Nikola range includes electric semi-trucks with battery and hydrogen fuel cell. It is targeting a launch of the battery-electric Nikola Tre, with 300 miles of range, in the fourth quarter. A fuel cell version of the Tre, with a longer range of up to 500 miles, is expected to follow in the second half of 2023. The company is also targeting the launch of a fuel cell semi-truck, called the Two, with up to 900 miles of range, end of 2024.
The Tre EV will initially be produced at a factory in Ulm, Germany and then in Coolidge, Arizona. Nikola has set a target of substantially completing the German plant by the end of 2020 and completing the first phase of construction of the Arizona plant by the end of 2021..
But plans to build an electric van took a heavy blow in November, when General Motors (GM) has abandoned its plan to take a stake in Nikola and help him build the Badger. Instead, he agreed to supply fuel cells for Nikola’s commercial semi-trucks.
Store: Shares fell 4.9% to 20.19 on Thursday. Nikola stock is back above the 50-day line after undercutting this key area on Tuesday, but continues to decline after a drumbeat of bad news.
Chinese EV manufacturer Li Auto (LI), which reported surprise earnings early Thursday, fell 6.9%. You’re here (TSLA) fell 6% after stopping production of the Model 3 amid a global chip shortage. Electric powertrain manufacturer Hyliion (HYLN), which reported heavy losses on Tuesday, sold 5%.
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Fisker Revenue Report
Estimates: Analysts see loss of 5 cents a share on zero income.
Results: Come back later.
Fisker’s all-electric luxury Ocean SUV, developed with Magna International (MGA), expected at the end of 2022.
On Wednesday, Fisker announced a second EV that he will develop with Apple (AAPL) Foxconn supplier, promising a short-term “revolutionary” vehicle.
Store: Shares reversed lower, falling 3.3% to 21.79 after erasing a 23.73 intraday buying points, according to MarketSmith chart analysis. Fisker stock jumped 39% on Wednesday on its partnership with Foxconn.
The earnings report is the first since Fisker went public on October 30 through a reverse merger with Spartan Energy.
On February 12, Morgan Stanley launched Fisker stock overweight citing its “design-centric, lightweight electric vehicle business model that improves time-to-market and break-even points.”
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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