Nikola (NKLA) and Fisker (FSR) tee up to report for the fourth quarter, continuing a busy week for profits and other announcements from EV companies. Nikola and Fisker’s shares fell.
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Nikola Profit
Estimates: Analysts expect a loss of 23 cents per share on nominal revenue. So far, Nikola’s modest sales have come from solar installations and not from electric vehicles.
Results: Come back later.
The Nikola line includes battery powered electric and hydrogen fuel cell semi-trucks. The goal is the launch of the battery-powered Nikola Tre, with a 300-mile range, in the fourth quarter. A fuel cell version of the Tre, with a longer range of up to 500 miles, is scheduled to continue in the second half of 2023. The company also aims to launch a fuel cell semi-truck, called Two, with up to 900 miles of reach at the end of 2024.
The Tre EV will initially be produced at a factory in Ulm, Germany and, eventually, in Coolidge, Arizona. Nikola set a goal to substantially complete the German plant by the end of 2020 and complete the first phase of construction of the Arizona plant by the end of 2021.
But plans to build an electric pickup truck took a heavy hit in November, when General Motors (GM) abandoned plans to acquire an equity stake in Nikola and help it build the Badger. Instead, it agreed to supply fuel cells for Nikola’s commercial trucks.
Inventory: Shares fell 4.9% to 20.19 in Thursday’s stock exchange negotiations. Nikola’s shares are back above the 50-day line after devaluing that key area on Tuesday, but continue the downward trend after a hit of bad news.
Chinese EV manufacturer Li Auto (LI), which reported a surprise profit on Thursday morning, fell 6.9%. Tesla (TSLA) fell 6% after stopping production of the Model 3 amid global chip shortages. Electric powertrain manufacturer Hyliion (HYLN), which reported sharp losses on Tuesday, sold 5%.
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Fisker earnings report
Estimates: Analysts see a loss of 5 cents per share with zero revenue.
Results: Come back later.
Fisker’s all-electric luxury SUV, which is being developed with Magna International (MGA), is due at the end of 2022.
On Wednesday, Fisker announced a second EV that he will develop with Apple (AAPL) supplier Foxconn, promising an “innovative” vehicle in the short term.
Inventory: Shares reversed downward, falling 3.3% to 21.79 after offsetting a 23.73 point purchase during the day, according to analysis by the MarketSmith chart. Fisker’s shares rose 39% on Wednesday with its partnership with Foxconn.
The earnings report is the first since Fisker’s shares were made public on October 30 through a reverse merger with Spartan Energy.
On February 12, Morgan Stanley initiated overweight Fisker shares, citing its “asset-centered EV business model and design that improves time to market and break even points”.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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