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Illustration: Aïda Amer/Axios

Nikola Corp., a company planning to build electric and hydrogen fuel-cell trucks, posted an $86.6 million quarterly net loss Tuesday in what was its first earnings report after going public in June.

Why it matters: Nikola is attracting lots of attention for plans to build a line of semi-trucks, as well as a pickup, in the coming years as it tries to break through in those fledgling markets.

Where it stands: The Phoenix-based company's stock fell sharply after the report. It regained some ground, but has traded down more than 10% all Wednesday morning.

  • Overall, the stock price has lost significant ground after soaring when the company first began trading in early June.

Yes, but: Right now, it's all about expectations because the company is not in commercial production yet and has basically no revenue, yet has a remarkable $14 billion market capitalization.

  • CEO Mark Russell said in a statement that the company "met predetermined milestones" during the quarter.
  • Nikola said it's on track to begin production of its first electric semi at a plant in Germany in late 2021, and it also broke ground last month for the manufacturing plant it's building in Arizona.
  • The company plans to bring a hydrogen fuel-cell semi into production in 2023.

Go deeper

Ben Geman, author of Generate
Nov 6, 2020 - Energy & Environment

Shell's revealing Louisiana refinery closure

Illustration: Rebecca Zisser/Axios

Shell is closing down its refinery in Convent, Louisiana, after failing to find a buyer for the plant that processes over 200,000 barrels of oil per day, the company said Thursday.

Why it matters: Most signs of Big Oil's climate plans have involved acquisitions and venture deals around renewables, batteries and other tech, but this move shows how the plans will also involve shedding assets in various parts of their business.

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Updated 27 mins ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

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