Nikola Rallies On EV Production, SEC Talks; Fisker Falls

 Nikola Rallies On EV Production, SEC Talks; Fisker Falls

Fisker (FSR) reported in-line third-quarter results Wednesday night while Nikola (NKLA) slightly topped views Thursday. FSR stock fell, while NKLA rallied as it begins to build electric big-rig trucks and is nearing an SEC settlement.




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Both new EV stocks emerged in 2020 via blank-check mergers, as investors hunted for the next Tesla (TSLA). Unlike soon-to-IPO Rivian, which began EV pickup deliveries in September and Lucid Motors (LCID), which began deliveries on Oct. 30, Nikola and Fisker still have not produced or delivered any EVs.

Fisker Earnings

Estimates: Wall Street expected Fisker to lose 37 cents a share on zero revenue. There are no year-ago figures.

Results: Fisker lost 37 cents a share on $15,000 in revenue from merchandise sales.

Fisker said it’s still on target for late 2022 EV production.

In August, Fisker reiterated a goal to start producing its first electric vehicle, the Ocean SUV, in November 2022, despite chip shortage headwinds. Then Morgan Stanley analysts turned bullish on FSR stock, saying it’s one of the few startups likely to launch electric vehicles on time. They also like Fisker’s “asset-light, design-centered” business model. Magna (MGA) will make the upcoming Ocean SUV, designed by Fisker.

Fisker Stock

Shares fell 2.5% to 17.61 in Thursday’s stock market trading. FSR stock started rebounding off its 50-day line last week and has continued up through its 200-day line. However, it remains far below its early March peak of 31.96.

Nikola Earnings

Estimates: Analysts saw Nikola widening losses to 26 cents a share from 16 cents a year ago, on zero revenue.

Results: Nikola lost 16 cents a share adjusted.

Nikola said its all-electric truck, the Nikola Tre, is being test driven on roads, with footage publicly available. It says it’s pegun building “pre-series” trucks, with plans to deliver up to 25 trucks to dealers and customers by December.

Nikola also said it’s working to settle SEC charges, expecting a $125 million civil penalty to be paid over time.

Nikola Stock

NKLA stock jumped 21% to 15.43, clearing its 200-day line. Shares of the embattled EV startup rose 1.3% to 11.71 on Wednesday. NKLA stock jumped 11% last week. Nikola stock peaked at 93.99 in June 2020.

In September, Nikola showcased a production line for its first electric heavy-duty trucks at its partner Iveco’s German plant. It also inked a key manufacturing pact with Germany’s Bosch.

Nikola expects to deliver the first Tre model battery-electric trucks to U.S. customers early next year. A fuel-cell version follows by the end of 2023. Nikola suffered a series of blows in the past year. Its woes began after Hindenburg Research, a noted short-seller, accused it of fraud and lies. But the EV startup’s looking to turn the page under new management.

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