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Nikola posts wider quarterly loss as production costs rise -Breaking

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© Reuters. U.S. Nikola’s emblem is pictured at an occasion held to current CNH’s new full-electric and Hydrogen fuel-cell battery vans in partnership with U.S. Nikola occasion in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca

(Reuters) -Nikola Corp reported wider quarterly losses on Thursday, with the electric-truck maker incurring greater prices because it ramped up manufacturing of its electrical semi vans.

Electrical car firms have been going through inflationary pressures, together with rising costs for battery supplies and different parts, exacerbated by the Russian invasion of Ukraine.

Nikola began manufacturing its battery electrical autos in late March. The corporate mentioned it shipped 11 Tre battery electrical vans in April, marking its first ever cargo to clients.

Web loss widened to $152.9 million, or 37 cents per share, within the quarter ended March 31 from $120.2 million, or 31 cents per share, a 12 months earlier.

The corporate posted income within the first quarter of $1.89 million.

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