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EV maker Nikola beats revenue estimates on higher semi-truck deliveries By Reuters

© Reuters. FILE PHOTO: Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer

(Reuters) -Nikola Corp beat Wall Street expectation for third-quarter revenue on Thursday as it delivered more electric semi-trucks to dealers, sending its shares up about 3% higher before the bell.

The company has been benefiting from a shift to electric trucks by logistic companies looking to cut ownership costs and meet sustainability goals.

It produced 75 Tre battery electric trucks but delivered only 63 units in the quarter. Analysts had expected a production of 70 units, according to Visible Alpha.

The company has so far this year delivered 111 trucks and had earlier said it expects to deliver between 300 and 500 units in 2022.

The electric-truck maker is also looking to capitalize on the recently passed Inflation Reduction Act to lower costs across its manufacturing and hydrogen energy businesses.

Net loss narrowed to $236.2 million, or 54 cents per share, in the quarter ended Sept. 30, compared with $267.57 million, or 68 cents per share, a year earlier.

Revenue for the quarter stood at $24.2 million, beating estimates of $22.1 million, according to Refinitiv data.

Shares of Phoenix, Arizona-based company, which have lost more two-thirds of their value so far this year, were trading at $3.40.

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