Nicolaa start electric truck manufacturer with a very, uh, past colorful, released its third quarter financial results Thursday, as public companies should do. Nikola posted revenue of $ 24.2 million for the quarter, which isn’t great for a company with a market capitalization of around $ 1.3 billion, but that number of revenue was actually slightly higher than Wall Street expectations.
Nikola also said that it has delivered 111 of its Three electric trucks this year and that it would not meet the target of delivering at least 300 by the end of the year. Making cars is difficult, etc. More interesting, it was what Nikola’s executives didn’t say, through Reuters:
The company was expected to deliver between 300 and 500 Tre battery electric vehicles this year by cashing in on the switch to electric trucks by logistics companies seeking to reduce cost of ownership and meet sustainability goals.
Nikola executives said in a conference call with analysts after the third quarter results that they will not provide forecasts for the fourth quarter and full year.
Nikola has given up, in other words, guessing how production will go this year, probably because we are already in the fourth quarter and Nikola knows that it is not going very well. Probably also because he will miss his previously stated goal and it is no fun to make predictions about your company that you will later have to admit that you missed the target.
Basically, since Nikola appears to be a more buttoned-up version of herself than in previous years, when wild predictions were more the norm, perhaps Nikola has learned that prediction itself is ultimately useless. At the end of the day, you have to churn out the product, which is easy enough to count, and then everyone can see how Nikola did it.