Nikola said on Wednesday that wholesale and retail sales of its electric vehicles jumped in the second quarter from the first, a positive sign for the startup that has been grappling with a cash crunch and stiff competition.
FILE PHOTO: Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer/File Photo/File Photosaid on Wednesday that wholesale and retail sales of its electric vehicles jumped in the second quarter from the first, a positive sign for the startup that has been grappling with a cash crunch and stiff competition.
The company said retail sales of its trucks doubled to 66 in the quarter, while wholesale figure rose to 45 from 31. Shares of Nikola were up nearly 3% in morning trading. They fell before the bell after the company announced on Monday it would start liquidating assets of Romeo Power less than a year after buying the battery maker.
Nikola agreed to buy Romeo Power in August for about $144 million, as it looked to jump-start efforts to make battery packs.
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