Nikola (NKLA.O), struggling with cash and competition, reported higher wholesale and retail sales of its electric vehicles in the second quarter on Wednesday.
Retail sales jumped to 66, while wholesale sales grew to 45.
Nikola’s shares were down 1.6% premarket after Nikola said on Monday that it would start liquidating Romeo Power’s assets less than a year after buying the battery firm.
The business bought Romeo Power for $144 million in August to accelerate battery pack production.
Tesla and Rivian beat second-quarter delivery projections.
Nikola, which went public in 2020, produced 33 trucks in the second quarter, down from 63.
Like other smaller EV companies, Nikola has struggled to ramp up manufacturing due to finance shortages and supply chain issues.
In May, the firm announced a greater quarterly loss. It said it would suspend production at its Coolidge, Arizona, factory to streamline the assembly line due to weak demand for its battery-powered vehicles.
In June, the Phoenix-based carmaker announced 270 layoffs to slash expenses and focus on North America.
Last closing, the stock had plummeted roughly 37% this year.
