EV startup Nikola reports jump in second-quarter deliveries, shares rise By Reuters

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<span>© Reuters. FILE PHOTO: 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 Photo</span><br />
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<p>(Reuters) -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.</p>
<p>The company said retail sales of its trucks doubled to 66 in the quarter, while wholesale figure rose to 45 from 31. </p>
<p>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.</p>
<p>Nikola agreed to buy Romeo Power in August for about $144 million, as it looked to jump-start efforts to make battery packs.</p>
<p>EV makers Tesla (NASDAQ:) and Rivian also beat market estimates for second-quarter deliveries.</p>
<p>Nikola, which went public in 2020, produced 33 trucks during the second quarter, compared with 63 trucks in the preceding quarter.</p>
<p>Like other smaller EV firms, Nikola has been struggling with a dwindling cash reserve and supply chain constraints that have hampered its efforts to ramp up production.</p>
<p>The company, which is involved in a dispute with its founder and top shareholder Trevor Milton, in May reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona, factory amid sluggish demand for its battery-powered trucks.</p>
<p>The Phoenix-based automaker also said in June it would lay off a total of 270 employees, as it looks to cut costs and sharpen its focus on North America.</p>
<p>As of last close, the stock had fallen nearly 37% this year.</p>
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