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Nikola Falls After Lowering Electric Truck Production Goal (1)

Feb. 26, 2021, 3:13 PM

Nikola Corp. shares slipped after the company cut projected output of its first commercial zero-emission vehicles and said it may seek to raise more capital to invest in facilities such as a planned hydrogen-fueling network.

The startup now expects to deliver 100 battery-electric Tre semis to customers this year, down from a previous target of 600. It blamed the global pandemic and supply-chain issues for the drop in planned production volumes.

“We see pent-up demand hitting the supply chain, creating global critical-parts shortages for components” such as display screens and batteries, Chief Executive Officer Mark Russell said on a call ...