Nikola posts wider quarterly loss as production costs rise

div classBodysc17zpet90 cdBBJodivpReuters Nikola Corp reported wider quarterly losses on Thursday, with the electrictruck maker incurring higher costs as it ramped up production of its electric semi trucks.p

pElectric vehicle companies have been facing inflationary pressures, including rising prices for battery materials and other components, exacerbated by the Russian invasion of Ukraine.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pNikola started manufacturing its battery electric vehicles in late March. The company said it shipped 11 Tre battery electric trucks in April, marking its first ever shipment to customers. p

pNet loss widened to 152.9 million, or 37 cents per share, in the quarter ended March 31 from 120.2 million, or 31 cents per share, a year earlier.p

pThe company posted revenue in the first quarter of 1.89 million.p

p Reporting by Akash Sriram in Bengaluru Editing by Krishna Chandra Elurip

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