New York (CNN Business) Embattled truck maker Nikola says its legal woes are done, but now it has a new problem: the computer chip shortage that's crippling the entire industry. Nikola had been telling investors that it planned to start delivery of 50 to 100 of its hydrogen-powered and electric trucks in the fourth quarter — enough to generate $15 million to $30 million in the period. But on Tuesday the company cut those forecasts in half, to between 25 and 50 trucks, and acknowledged that supply shortages of chips, electric vehicle batteries and other parts could prevent the sales from being completed. As such it dropped revenue forecasts to between $0 and $7.5 million. It's a been a bad week for Nikola, which had already been under scrutiny thanks to its ambitious promises about customer orders and progress on developing new trucks — scrutiny that forced the exit of its founder, who was indicted last week on counts of lying to investors.

Source: CNN August 03, 2021 17:03 UTC