Nikola shares drop after projection is cut

Shares of Nikola Corp. slipped after the company cut projected output of its first commercial zero-emission vehicles and said it may seek to raise more capital to invest in facilities such as a planned hydrogen-fueling network.

The startup now expects to deliver 100 battery-electric Tre semis to customers this year, down from a previous target of 600. It blamed the global pandemic and supply chain issues for the drop in planned production volumes.