Electrical heavy truck maker Nikola stated that it is “refocusing the corporate on North America” because it exited a European three way partnership with its chassis provider.

The information got here as the corporate reported its first-quarter outcomes. Listed here are the important thing numbers, along with Wall Avenue estimates as reported by Refinitiv.

• Adjusted loss per share: 26 cents, versus 26 cents anticipated.
• Income: $11.1 million, versus $12.5 million anticipated.

Nikola’s web loss for the quarter was $169.1 million, or 26 cents per share, adjusted. A yr in the past, Nikola misplaced $152.9 million, or 21 cents per share on an adjusted foundation, on income of $1.9 million.

Nikola had $121.1 million in money remaining as of March 31, down from $233.4 million on the finish of 2022.

As a part of a realignment to preserve money, Nikola introduced in a single day that it has bought its share of a European three way partnership to its longtime associate, Italian heavy-truck maker Iveco Group, for $35 million in money and 20.6 million Nikola shares that can be returned by Iveco. Beneath the deal, Iveco will proceed to provide chassis and associated parts to Nikola and can stay an investor within the firm.

“Manufacturing and power are capital intensive companies, and we have to stay centered the place we’ve aggressive and first mover benefits,” Nikola stated in an announcement.

Nikola produced 63 battery-electric vans and delivered 31 to sellers within the quarter. Its sellers bought 33 vans to finish clients through the interval. Manufacturing of Nikola’s subsequent mannequin, a longer-range fuel-cell powered model of its semitruck, is on monitor to start in July as beforehand anticipated.

Nikola presently has orders for a complete of 140 fuel-cell vans for 12 fleet clients, it stated.

Nikola stated it is going to quickly droop manufacturing of the battery-electric truck whereas it reconfigures its meeting line to construct each the battery-electric and fuel-cell vans. Whereas it expects the fuel-cell truck to develop into its major product, it is going to proceed to construct battery-electric vans to order after manufacturing of the fuel-cell truck begins, it stated.

“As we transfer ahead, we can be specializing in the North American market, hydrogen gasoline cell vans, the HYLA hydrogen refueling enterprise, and autonomous applied sciences,” CEO Michael Lohscheller stated. “Now we have the precise merchandise on the proper time.”