Is Nikola Corporation Stock a Buy Now?
Nikola's (NASDAQ: NKLA) stock rose 4% on July 5 after the electric truck maker posted its production and delivery numbers for the second quarter of 2023. It produced 33 new Tre Battery Electric Vehicles (BEVs) and completed 111 deliveries -- including 45 BEVs for wholesale customers and 66 BEVs for retail customers.
For the first half of the year, Nikola produced 96 BEVs and completed 175 deliveries -- consisting of 76 wholesale BEVs and 99 retail BEVs. That already surpasses the 131 BEVs it delivered in 2022, and suggests it can accomplish its goal of delivering 250 to 300 BEVs in 2023. It also plans to launch its hydrogen fuel cell electric vehicle (FCEV) in the third quarter.
Do those improving production rates suggest Nikola's stock can finally recover after plummeting 70% over the past 12 months?
Source Fool.com
