Nikola stock drops 7% after larger second-quarter loss in electric vehicle maker

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The shares of Nikola Corp. fell more than 7% after hours Tuesday after the electric vehicle maker reported a larger second-quarter loss than expected on Wall Street.
Nikola NKLA,
+ 6,44%
said it lost $ 86.6 million, or 33 cents per share, in the quarter, compared to a loss of $ 16.8 million, or 6 cents per share, the year before. Adjusted for one-time items, Nikola lost 16 cents per share in the quarter.

Analysts polled by FactSet had expected Nikola to post a GAAP loss of 13 cents per share with no income.
Related:Chinese electric car maker Li Auto soars 50% after IPO

Nikola went public in June, and shares doubled soon after.
Within days, Tesla Inc. TSLA,
+ 0,13%
Chief executive Elon Musk urged his company to “do it all” with the Tesla Semi, the Silicon Valley automaker’s long-haul electric truck, which is expected to be available in 2021.
See also:Nikola on his way to ‘disrupt transport’, says JP Morgan
Nikola’s popularity is also part of a wave of IPOs through a Special Purpose Acquisition Company, or SPAC, also known as blank check companies. Electric car maker Fisker Inc. has also chosen to go public through a SPAC.
Nikola shares have gained 273% this year, compared to gains of around 2% for the S&P 500 SPX,
+ 0,36%
and contrasting with a loss of around 6% for the Dow Jones Industrial Average. DJIA,
+ 0,61%
.

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