Nikola Q3 2022 results: 63 Tre BEVs delivered, $24M in revenue, $100M in gross proceeds
Nikola Corporation continues to show growth as an EV startup still recovering from the wrongdoings of its defamed founder, reporting increases Tre BEV deliveries and revenue according to its Q3 2022 report. With expansions to its current US manufacturing facility and additional footprints on the way, Nikola continues to distance itself from its turbulent past.
With its latest quarterly report, Nikola Corporation continues to trend upward with good publicity for a change. Last month, the company’s former CEO and founder Trevor Milton was found guilty on three of four counts of fraud in federal court. Milton had been charged with two counts of securities fraud and two counts of wire fraud pertaining to statements he made while he was acting chairman and CEO of the company.
Nikola Corporation had zero involvement in the Milton trial as it had settled its own issues with the SEC last December, in the form of an $125 million settlement agreement. Since then, Nikola Corporation has been working to rebuild a reputation its former chief tarnished, and has been making encouraging progress so far.
After delivering just 11 Tre BEVs in Q1 of this year, Nikola reported a 336% percent increase by Q2, bolstered by revenues totaling $18.1 million. With its Q3 2022 report, Nikola has continued this upward trend and shared some updates to its production expansions.
Nikola demonstrates continued growth in Q3 2022
Nikola Corporation posted its results for Q3 2022 this morning, following a call with investors. Per the company, its quarterly revenues saw gains at $24.2 million, its GAAP net loss per share was $0.54, and non-GAAP net losses per share were $0.28. The company also raised $100.5 million in gross proceeds through its at-the-market (ATM) program.
On the BEV front, the automaker continues to demonstrate progress in both manufacturing and deliveries to customers. In Q3 of 2022, Nikola produced 75 Tre trucks and delivered 63 of them – a 50% increase compared to a quarter ago.
The company also reported that it has begun pilot testing its BEV trucks with both SAIA and Walmart, logging over 1,600 and 2,700 miles with each company respectively. Just yesterday, Nikola announced an additional order for 100 Tre BEVs from “fleet-as-a-service” provider, Zeem.
Nikola shared that it is currently producing three trucks per shift at its manufacturing facility in Coolidge, AZ, but already has the capability to up that output to five trucks per shift. Meanwhile, the company states its Phase 2 expansion in Arizona remains on track to be completed by the end of Q1 next year.
When complete, Phase 2 will offer Nikola Corporation the ability to produce both Tre BEVs and Hydrogen fuel cell EVs on the same assembly line. Here are some additional updates from Nikola for Q3 2022:
- Completed acquisition of Romeo Power on October 14
- Completed purchase of land in Buckeye, AZ for hydrogen production hub
- Signed term sheet for collaboration with E.ON in Europe for hydrogen supply and dispensing infrastructure
- Unveiled the European Tre BEV and Tre FCEV at IAA in Hanover, Germany in September
You can check out Nikola’s press release for all of its financial details for Q3 2022. Furthermore, you can listen to the investor webcast recording here.
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If you’re considering going electric, May will be a great time to score a deal on an EV lease. Automakers are slashing lease prices on some of the most popular EVs to move inventory – here are four standouts.
Nissan Ariya SUV
The Nissan Ariya SUV has an MSRP of $41,805. Its lease term is 36 months, with $4,409 due at signing and a mileage allowance of 10,000 a year. Monthly payment? A sweet $129!
Nissan cut the 2025 Ariya Engage’s price by $144 in April, so it now has an effective monthly cost of $251 – that’s seriously affordable for an electric SUV. If you’re already a Nissan driver, then you’re going to get an even better deal, because Nissan is offering a $1,000 loyalty discount on the Ariya, which brings its effective cost down to $224 per month.
CarsDirect, which sniffed out this deal, thinks this Ariya deal will be in place until Memorial Day, so take advantage of tariff-free pricing while you can.
Click here to find a local dealer that may have the Nissan Ariya in stock. –trusted affiliate copy
Honda Prologue SUV
The Honda Prologue SUV has an MSRP of $48,850. Its lease term is 36 months, with $1,399 due at signing and a mileage allowance of 10,000 a year. The monthly payment on the Prologue is $239.
The 2024 Honda Prologue has up to $18,800 in rebates, and the price includes a $1,000 lease loyalty discount or conquest offer. In California and other ZEV states, the EX has an effective cost of just $278 per month; in other parts of the US, pricing will be around $30 higher. This offer ends July 7.
Click here to find a local dealer that may have the Honda Prologue in stock. –trusted affiliate copy
Tesla Model 3
The Tesla Model 3 has an MSRP of $43,880. Its best lease term is 24 months, with $1,044 due at signing and a mileage allowance of 10,000 a year. The monthly payment on the Model 3 is $349.
The 2025 Tesla Model 3 still has the $7,500 federal government EV rebate. Several months ago, Tesla reduced the amount due at signing on all Model 3s. And for those who want to lease a Long Range Model 3, the effective cost can be as low as $393 per month.
You can lease the Model 3 for 36 months, but the folks at CarsDirect found that the better deal will be had on 24-month leases. They compared the Model 3’s MSRP to the 2025 Lexus IS 300 F Sport’s MSRP, which is nearly identical, and the Model 3 was around 30% cheaper to lease.
Acura ZDX
The 2024 Acura ZDX has an MSRP of $65,850. Its best lease term is 36 months, with $4,699 due at signing and a mileage allowance of 7,500 a year. The monthly payment on the ZDX is $299.
The 2024 ZDX is Acura’s cheapest vehicle to lease because it features up to $29,450 in lease cash. However, the best deal is limited to California and ZEV states. If you cash in on a loyalty discount or conquest cash, the effective cost is $430 per month. This offer runs til June 30.
Click here to find a local dealer that may have the Acura ZDX in stock. –trusted affiliate copy
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Ford (F) reported its first-quarter earnings, beating Wall Street’s revenue and EPS expectations. However, with Trump’s auto tariffs, Ford is suspending full-year guidance. Here’s a breakdown of Ford’s Q1 2025 earnings
Ford Q1 2025 earnings preview
After crosstown rival General Motors cut its full-year financial guidance last week, investors are waiting to see if Ford will follow suit.
Ford’s previous 2025 forecast called for EBIT of $7 billion to $8.5 billion and capital expenditures between $8 billion and $9 billion.
The biggest threat is Trump’s new auto tariffs, which include a 25% duty on imported vehicles and many parts. Since Ford builds a greater percentage of vehicles in the US than any other major automaker, outside of Tesla, it isn’t expected to see as big of an impact.
CEO Jim Farley called it “an opportunity for Ford,” during an interview with CNN last week, saying the company has a “different footprint, a different exposure for tariffs.”
Ford imports around 21% of the vehicles it sells in the US, while GM imports around 46%. According to Estimize, Wall St expects Ford to post Q1 EPS of $0.0 on revenue of $38.02 billion.
The company reports earnings for each of its three business units, Ford Blue (gas-powered vehicles), Model e (electric vehicles), and Ford Pro (commercial and software business).
In the fourth quarter, Ford’s EV unit (Model e) lost another $1.4 billion while Pro and Blue each reported an adjusted EBIT of $1.6 billion.
Financial breakdown
Ford beat Wall Street estimates, reporting first-quarter revenue of $40.7 billion with an adjusted EPS of 0.49.
- Q1 2025 Revenue: $40.7 billion vs $38.02 billion expected.
- Q1 2025 Adjusted EPS: $0.49 vs $0.0 expected.
The company posted adjusted EBIT of $1 billion, down 63% from Q1 2024. Ford said its first-quarter EBIT suffered a nearly $200 million hit from added tariff costs, primarily in Ford Blue and Ford Pro.
Ford Pro generated an EBIT of $1.3 billion, Ford Blue $96 million, and Ford Model e reported an EBIT loss of $849 million.
For Model e, the company is focused on improving gross margins and “exercising a disciplined approach to investments in battery facilities and next-generation products.” Although still a nearly $1 billion loss, it’s still a $500 million improvement from Q1 2024.
Ford said higher Model e revenue was driven by new EVs launching in Europe, like the electric Explorer and Capri.
The company said its “Power Promise” promotion, which includes a free home charger and several other benefits, has helped drive demand in the US.
Although it’s tracking within its previous full-year adjusted EBIT guidance of between $7 billion and $8.5 billion, Ford is suspending full-year guidance due to the uncertainty surrounding tariffs.
Ford estimates the full-year gross cost of tariffs to be around $2.5 billion. It expects a tariff-related net adverse adjusted EBIT impact of about $1.5 billion for the full year 2025.
Ford also extended its “From America, For America” campaign last week. The promo includes employee pricing on most 2024 and 2025 models and now runs through July 4.
Check back for more info from Ford’s first quarter conference call. Ford is also hosting its annual meeting on Thursday, May 8, where we should learn more about its EV plans and how it will navigate the new tariffs.
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