Nicolas (NKLA) and Fisker (FSR) announces a third quarter marked by the acceleration of efforts to launch its first electric vehicles.
The two new EV stocks emerged in 2020 via blank check mergers, as investors sought the next one You’re here (TSLA). Unlike Rivian’s IPO, which started pickup deliveries of electric vehicles in September and Lucid engines (LCID), which began deliveries on October 30, Nikola and Fisker still have not produced or delivered electric vehicles.
Estimates: Wall Street expects Fisker to lose 37 cents a share on zero earnings. There are no figures from a year ago.
Results: Come back late Wednesday.
In August, Fisker reiterated its goal to start producing its first electric vehicle, the Ocean SUV, in November 2022, despite headwinds. Next, Morgan Stanley analysts became bullish on FSR stock, saying it was one of the few startups likely to launch EVs on time. They also like Fisker’s “light and design-centric” business model. Magna (MGA) will manufacture the next Ocean SUV, designed by Fisker.
Stocks jumped almost 16% to 16.03 during trading last week. Fisker stock has just recovered its 50-day line but remains nearly 50% below its all-time high.
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Estimates: Analysts see Nikola widening losses to 26 cents a share from 16 cents a year ago, with zero income.
Results: Come back early Thursday.
Shares of the struggling EV startup jumped 11% to 11.80 last week. Nikola stock peaked at 93.99 in June 2020.
In September, Nikola presented a production line for its first electric heavy-duty trucks at the German plant of its partner Iveco. It also signed a key manufacturing agreement with German Bosch.
Nikola plans to deliver the first Tre battery electric trucks to US customers early next year. A fuel cell version follows by the end of 2023. Nikola has suffered a series of beatings over the past year. His woes began after Hindenburg Research, a famous short seller, accused him of fraud and lies. But the EV startup is looking to turn the page under new management.
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Chinese electric vehicle makers approach points of purchase with October sales underway