Summary by Moomoo AI
Nikola Corporation, a designer and manufacturer of heavy-duty commercial battery-electric vehicles (BEVs) and fuel-cell electric vehicles (FCEVs), as well as energy infrastructure solutions, has reported its annual financial performance and business developments. Financial Performance: Nikola's financial performance for the year reflected a net loss from continuing operations of $864.6 million, with a total net loss of $966.3 million. The company experienced a gross loss of $214.1 million, primarily due to increased cost of revenues related to truck sales, which included significant recall campaign costs for BEV trucks. Research and development expenses decreased by 23% to $208.2 million, while selling, general, and administrative expenses decreased by 43% to $198.8 million. The company also reported a gain on the divestiture of its affiliate, Nikola Iveco...Show More