Nikola (NASDAQ:NKLA) stock is taking a beating on Tuesday after the company announced bad news alongside its latest earnings report.
Nikola revealed today that it’s pausing truck production at its Coolidge, Arizona factory. The green vehicle company is doing so to better streamline its production facility, as well as in response to weakening demand for its trucks.
Nikola plans to stop production at the end of May and resume operations in July. When it does so, the company will be able to produce both hydrogen and electric trucks on the same production line.
Europe Depature Hits NKLA Stock
To go along with that production pause, Nikola also announced that it’s exiting a joint venture in Europe. The green vehicle company is doing so as it seeks to focus more on the North American market.
In addition to this news, the company’s first-quarter results aren’t helping NKLA stock today. Nikola reported adjusted EPS of 26 cents on revenue of $11.1 million for the period. Those are mixed results next to Wall Street’s estimates for 26 cents per share and revenue of $12.5 million.
Today’s news also has NKLA stock seeing a decent amount of trading. As of this writing, more than 10 million shares have changed hands. That’s well on its way to the company’s daily average trading volume of about 19.7 million shares.
NKLA stock is down 7.1% as of Tuesday morning.
There’s more stock market news traders will want to know about below!
We’ve got all of the news ready to go with our Tuesday deep dives into the market. A few examples include why shares of Lucid (NASDAQ:LCID) stock are down, Novavax (NASDAQ:NVAX) layoffs and the latest on Lexaria Bioscience (NASDAQ:LEXX). You can catch up on all of this news at the following links!
More Tuesday Stock Market News
- LCID Stock Alert: The REAL Reason Shares Are Down 9% Today
- Novavax Layoffs 2023: What to Know About the Latest NVAX Job Cuts
- Why Is Lexaria Bioscience (LEXX) Stock Down 27% Today?
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
