Nikola's Q4 losses widen to $222 million

Electric and hydrogen truck producer Nikola Corp. said Thursday its net loss widened during the fourth quarter after it delivered fewer vehicles to dealers than it produced.

The company said it posted a net loss of $222.1 million for the quarter ended Dec. 31, compared with a loss of $158.9 million a year earlier. It generated $6.6 million in revenue, which was far below the $32 million in revenue expected by Wall Street.

The company produced 133 trucks and delivered 20 vehicles to dealerships.

It expects to deliver between 250 and 350 Tre battery electric trucks this year and at least 125 fuel-cell electric trucks in the fourth quarter.

Loss-making U.S. startups such as Nikola and Lordstown Motors Corp. have been battling costs associated with ramping up production as they seek to grab a share in the commercial vehicles market.