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
Sep 23, 2020 - Economy & Business

Why Nikola isn't collapsing

Source: Nikola Motor Company

A new note from RBC Capital Markets explains why electric and hydrogen truck startup Nikola may be poised to succeed despite now-departed founder Trevor Milton's allegedly false claims about its progress and tech.

Details: Instead, "What made NKLA unique was [the opportunity] to sell 'routes' via fuel cell truck leases, and helping industry solve 'chicken and egg' problem associated with hydrogen infrastructure build-out."

Mike Allen, author of AM
38 mins ago - Politics & Policy

Biden pushes unity message in new TV wave

A fresh Joe Biden ad, "New Start," signals an effort by his campaign to make unity a central theme, underscoring a new passage in his stump speech that says he won't be a president just for Democrats but for all Americans.

What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin:

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 32,390,204 — Total deaths: 985,302 — Total recoveries: 22,286,345Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m ET: 7,020,967 — Total deaths: 203,481 — Total recoveries: 2,710,183 — Total tests: 98,476,600Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.

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