Nikola Corp on Tuesday reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona, factory amid sluggish demand for its battery-powered trucks.
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 Bimmeron Tuesday reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona, factory amid sluggish demand for its battery-powered trucks.
Investors have focused on cash reserves at Nikola and other EV makers amid fears that slowing sales could push the companies to pursue more share sales to raise funds. "This level of cash burn is not sustainable for our business, and we are looking at every option for reductions in spending," the company's finance chief, Stasy Pasterick, told analysts on a conference call. The company also seeks to raise more capital, she said.
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