May 9 (Reuters) - Nikola Corp on Tuesday
reported a bigger quarterly loss and said it would pause
production to streamline the assembly line at its Coolidge,
Arizona factory amid sluggish demand for its battery-powered
trucks.
Investors have focused at cash reserves at Nikola and other
EV makers amid fears that slowing sales could push the companies
to pursue more share sales to raise funds.
"At the end of May, we plan to pause truck production as we
convert the line to accommodate both hydrogen fuel cell and
battery electric trucks on the same line and will resume
production in July with the first saleable hydrogen fuel cell
trucks," Nikola said.
Earlier in the day, Fisker Inc cut its full-year
production target as the electric-vehicle startup seeks to keep
a leash on expenses and reported a smaller first-quarter loss.
Nikola's net loss widened to $169.09 million in the quarter,
from $152.94 million a year earlier.
(Reporting by Tanya Jain and Tiyashi Datta in Bengaluru;
Editing by Sriraj Kalluvila)
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