Nikola Shares Up on Report of Narrower 3rd-Quarter Loss

Nikola  shares were higher after the electric-vehicle producer reported a narrower-than-expected third-quarter net loss.
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Nikola  (NKLA) - Get Report shares were higher after the electric-vehicle producer reported a narrower-than-expected third-quarter net loss. 

The Phoenix company reported its loss shrank to 31 cents a share from 79 cents in the year-earlier quarter. Shares outstanding rose 45% to 377.7 million.

The adjusted loss was 16 cents against 44 cents. The company hasn't yet reported revenue.

A survey of analysts by FactSet produced consensus estimates of a GAAP net loss of 33 cents a share, or an adjusted 19 cents.

The company reiterated that its talks on a joint venture with General Motors,  (GM) - Get Report  which would give GM an equity stake in return for certain services, are continuing.'

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Nikola also said that it recently finished assembling the first model Tre prototype.  During the quarter the company had said that it had begun assembling the first five of these vehicle prototypes. 

The company and partner Iveco  (CNHI) - Get Report expect to finish the remaining four this year and to start another batch of prototype assemblies in the first quarter.

At the end of the third quarter Nikola had $908 million of cash on the books.

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Shares of Nikola rose 2% in after-hours trading to $19. The stock fell 4.85% in the regular session.