Nikola: Sales, Marketing and Financial News
#121
8 Questions With Nikola Head Of Manufacturing Mark Duchesne
https://www.yahoo.com/finance/news/8...153231345.html
only been there since 6/2020, but has an impressive background (22 years at Toyota and 5 at Tesla)
only been there since 6/2020, but has an impressive background (22 years at Toyota and 5 at Tesla)
#122
Nikola is dialing back projected output of its first commercial zero-emission vehicles and said its founder, Trevor Milton, made several inaccurate claims about its technology according to an internal probe. Nikola had denied making false claims, but the accusations last fall prompted both the Justice Department and the SEC to begin investigations.
Nikola said it now expects to deliver only 100 battery-electric Tre semis to customers this year, down from the original 600-truck target. Bloomberg reports that the company blamed COVID-19 as well as supply-chain issues for cutting planned production volumes.
Mark Russell, who became CEO in June, said the company sees pent-up demand hitting the supply chain, creating worldwide shortages for components such as batteries and display screens. “In light of all of these uncertainties, we believe it would be prudent to revise expectations for Nikola Tre BEV deliveries,” he said on a call with analysts.
Nikola is one of several automakers developing clean-energy commercial vehicles and says it is working on both hydrogen fuel-cell semis as well electric versions. Nikola has said it aims to deliver 1,200 electric trucks next year and 3,500 in 2023. The company says it is building a plant in Arizona to build fuel-cell vehicles and that this fall it plans to start Tre production in Ulm, Germany, with partner Iveco. Nicola hasn’t said what company it is partnering with for its fuel network but claims it will develop some 700 hydrogen stations in the US. It originally said it would have a development partner in 2020 but hasn’t set a new timeline.
The Arizona plant is expected to begin building short- and long-range fuel-cell trucks in the second half of 2023 and 2024, respectively, Bloomberg reports.
Meanwhile Milton’s inaccurate assertions include his claim that one of Nikola’s first prototypes, the Nikola One, could move under its own power when it couldn’t.
Does Nikola stand a chance?
“Remember, it took Tesla a decade to report its first profitable year, and the other EV companies aren’t booking revenue just yet, so haven’t made any profit yet,” Stephanie Brinley, IHS Markit’s principal automotive analyst, told Autoweek.
“Nikola has re-centered its efforts on the medium- and heavy-duty truck market,” she told us, adding that under the prior CEO the company forged ahead in more directions than it was capable of supporting quickly. “This plan forward might be more modest, but appears more realistic.”
CEO Russell told analysts the company’s less-aggressive agenda is a better fit. He said he believes Nikola “is in the best position the company has ever been to execute on our core business plan.”
Nikola said it now expects to deliver only 100 battery-electric Tre semis to customers this year, down from the original 600-truck target. Bloomberg reports that the company blamed COVID-19 as well as supply-chain issues for cutting planned production volumes.
Mark Russell, who became CEO in June, said the company sees pent-up demand hitting the supply chain, creating worldwide shortages for components such as batteries and display screens. “In light of all of these uncertainties, we believe it would be prudent to revise expectations for Nikola Tre BEV deliveries,” he said on a call with analysts.
Nikola is one of several automakers developing clean-energy commercial vehicles and says it is working on both hydrogen fuel-cell semis as well electric versions. Nikola has said it aims to deliver 1,200 electric trucks next year and 3,500 in 2023. The company says it is building a plant in Arizona to build fuel-cell vehicles and that this fall it plans to start Tre production in Ulm, Germany, with partner Iveco. Nicola hasn’t said what company it is partnering with for its fuel network but claims it will develop some 700 hydrogen stations in the US. It originally said it would have a development partner in 2020 but hasn’t set a new timeline.
The Arizona plant is expected to begin building short- and long-range fuel-cell trucks in the second half of 2023 and 2024, respectively, Bloomberg reports.
Meanwhile Milton’s inaccurate assertions include his claim that one of Nikola’s first prototypes, the Nikola One, could move under its own power when it couldn’t.
Does Nikola stand a chance?
“Remember, it took Tesla a decade to report its first profitable year, and the other EV companies aren’t booking revenue just yet, so haven’t made any profit yet,” Stephanie Brinley, IHS Markit’s principal automotive analyst, told Autoweek.
“Nikola has re-centered its efforts on the medium- and heavy-duty truck market,” she told us, adding that under the prior CEO the company forged ahead in more directions than it was capable of supporting quickly. “This plan forward might be more modest, but appears more realistic.”
CEO Russell told analysts the company’s less-aggressive agenda is a better fit. He said he believes Nikola “is in the best position the company has ever been to execute on our core business plan.”
#123
Once the most promising automotive startups, Nikola saw quite a proverbial fall from grace in 2020. It doesn’t look like 2021 will be much different, despite obvious efforts to right all the wrongs that have been done.
At one point, Nikola and its over-confident founder and CEO Trevor Milton were promising the world to investors and potential customers. They would deliver an electric / fuel cell pickup to rival Tesla’s Cybertruck, the Badger, and they would also be bringing their flagship hydrogen-powered truck, Nikola One, into production, along with Two and Tre.
And that was just the top of the iceberg in terms of what they bragged about doing or being able to do in the foreseeable future.
All changed in September 2020, when short-seller Hindenburg published a damning report on how Milton in particular and Nikola in general had blown up a bubble with nothing but hot air inside, leeching cash from investors with outright lies. An “intricate fraud” is the exact phrase used to describe Nikola and all its claims of revolutionizing the auto industry.
The damning reports sent Nikola stock down, forced General Motors to admit to its mistake and back out of the deal to make the Badger and, more importantly, triggered separate investigations from the U.S. Securities and Exchange Commission and the Justice Department, as well as an internal review. Milton was eventually ousted as CEO but, as part of his exit, Nikola is paying his attorney fees.
The findings of that Nikola internal review, conducted by law firm Kirkland & Ellis, were made public and – what do you know?! – it turns out that the bubble was filled with hot air, indeed.
Nine of the statements made by Milton and Nikola have been found entirely or partially inaccurate, Bloomberg reports. As it so happens, it’s on these statements that Nikola built itself a reputation of the most innovative company, drawing millions in investments and pre-orders.
More to the point, Milton lied when he said that the Nikola One prototype shown in 2016 and then in the now-viral 2018 video was “fully functional.” Consequently, he also lied when he lashed out at the media for reporting that the truck could not have been operational since it was missing parts. And yes, they lied when they claimed One moved under its own power, when they had, in fact, towed it up a hill and had it rolling downwards.
Milton and Nikola lied about progress made with both One and the Badger, and the technology they used, had developed or were in the process of developing. They lied about using only in-house parts, and they lied about owning natural gas wells, which they used as backup to solar hydrogen production. They lied about the solar panels on the roof of the company’s HQ and how much energy they produced. They lied about the amount of hydrogen produced at the Nikola demo stations.
Hilariously, despite the fact that Nikola pretty much lied through its teeth to get investors, the company is fighting the notion that it’s a “fraud.” The internal review report, which was filed with SEC and was followed by a shareholder meeting, highlights the company’s current approach toward scaling down the scope of the operations. In other words, let bygones be bygones, and forget about how Nikola got started and focus on the future instead.
The future isn’t looking bright, either because the company is flailing financially. As noted above, Nikola is paying Milton’s attorney fees, which are almost as impressive as his elaborate lies. CNBC has the exact figures: $8.1 million in attorney fees so far for Milton, with a total of $27.5 million in legal expenses overall. And legal complications are only now starting to build up. That’s not a lot for an actual carmaker that builds and sells cars (or trucks), but it’s a fortune for a startup – especially if you add the $384.3 million in losses raked up in 2020 alone.
According to reports, Nikola still has some cash in the bank right now, but at the rate it’s going burning through it with lawsuits and investigations, drastic action will be necessary soon.
At one point, Nikola and its over-confident founder and CEO Trevor Milton were promising the world to investors and potential customers. They would deliver an electric / fuel cell pickup to rival Tesla’s Cybertruck, the Badger, and they would also be bringing their flagship hydrogen-powered truck, Nikola One, into production, along with Two and Tre.
And that was just the top of the iceberg in terms of what they bragged about doing or being able to do in the foreseeable future.
All changed in September 2020, when short-seller Hindenburg published a damning report on how Milton in particular and Nikola in general had blown up a bubble with nothing but hot air inside, leeching cash from investors with outright lies. An “intricate fraud” is the exact phrase used to describe Nikola and all its claims of revolutionizing the auto industry.
The damning reports sent Nikola stock down, forced General Motors to admit to its mistake and back out of the deal to make the Badger and, more importantly, triggered separate investigations from the U.S. Securities and Exchange Commission and the Justice Department, as well as an internal review. Milton was eventually ousted as CEO but, as part of his exit, Nikola is paying his attorney fees.
The findings of that Nikola internal review, conducted by law firm Kirkland & Ellis, were made public and – what do you know?! – it turns out that the bubble was filled with hot air, indeed.
Nine of the statements made by Milton and Nikola have been found entirely or partially inaccurate, Bloomberg reports. As it so happens, it’s on these statements that Nikola built itself a reputation of the most innovative company, drawing millions in investments and pre-orders.
More to the point, Milton lied when he said that the Nikola One prototype shown in 2016 and then in the now-viral 2018 video was “fully functional.” Consequently, he also lied when he lashed out at the media for reporting that the truck could not have been operational since it was missing parts. And yes, they lied when they claimed One moved under its own power, when they had, in fact, towed it up a hill and had it rolling downwards.
Milton and Nikola lied about progress made with both One and the Badger, and the technology they used, had developed or were in the process of developing. They lied about using only in-house parts, and they lied about owning natural gas wells, which they used as backup to solar hydrogen production. They lied about the solar panels on the roof of the company’s HQ and how much energy they produced. They lied about the amount of hydrogen produced at the Nikola demo stations.
Hilariously, despite the fact that Nikola pretty much lied through its teeth to get investors, the company is fighting the notion that it’s a “fraud.” The internal review report, which was filed with SEC and was followed by a shareholder meeting, highlights the company’s current approach toward scaling down the scope of the operations. In other words, let bygones be bygones, and forget about how Nikola got started and focus on the future instead.
The future isn’t looking bright, either because the company is flailing financially. As noted above, Nikola is paying Milton’s attorney fees, which are almost as impressive as his elaborate lies. CNBC has the exact figures: $8.1 million in attorney fees so far for Milton, with a total of $27.5 million in legal expenses overall. And legal complications are only now starting to build up. That’s not a lot for an actual carmaker that builds and sells cars (or trucks), but it’s a fortune for a startup – especially if you add the $384.3 million in losses raked up in 2020 alone.
According to reports, Nikola still has some cash in the bank right now, but at the rate it’s going burning through it with lawsuits and investigations, drastic action will be necessary soon.
#124
#125
U.S. prosecutors charge Trevor Milton, founder of electric carmaker Nikola, with three counts of fraud
Trevor Milton, founder of Nikola Corp., has been charged with three counts of fraud by the U.S. Attorney's Office in Manhattan in connection with their investigation into the embattled electric vehicle start-up.
Federal prosecutors accused Milton, who resigned as chairman in September, of making deceptive and false claims regarding "nearly all aspects of the business," according to a grand jury indictment unsealed Thursday.
The grand jury said Milton shall forfeit all property "traceable to the commission of said offenses," which would likely include the more than $1 billion he earned when Nikola went public in June 2020.
Many of the allegations regarding false and misleading statements were first uncovered by short-seller Hindenburg Research in September.
Hindenburg accused Milton of making false statements about Nikola's technology in order to grow the company and partner with auto companies. The report, titled "Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America," was released two days after the company announced a deal with General Motors that sent both companies' shares soaring. It characterized Nikola as an "intricate fraud built on dozens of lies" by Milton.
Federal prosecutors accused Milton, who resigned as chairman in September, of making deceptive and false claims regarding "nearly all aspects of the business," according to a grand jury indictment unsealed Thursday.
The grand jury said Milton shall forfeit all property "traceable to the commission of said offenses," which would likely include the more than $1 billion he earned when Nikola went public in June 2020.
Many of the allegations regarding false and misleading statements were first uncovered by short-seller Hindenburg Research in September.
Hindenburg accused Milton of making false statements about Nikola's technology in order to grow the company and partner with auto companies. The report, titled "Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America," was released two days after the company announced a deal with General Motors that sent both companies' shares soaring. It characterized Nikola as an "intricate fraud built on dozens of lies" by Milton.
#128
It's funny that the TSLAQ crowd who shorts Tesla stock and have collectively lost billions because they think Tesla is a fraud thought that Trevor was legit and even invited him on their podcast
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Comfy (07-29-2021)
#134
'Vapor ware'
When Milton touted the Badger pickup as being “built,” “done,” “real,” and a “fully functioning vehicle inside and outside,” Nikola’s vice president of technology referred to the Badger in an internal email as “vapor ware” with “no technical plan,” according to the SEC.The unveiling
According to the SEC, a Nikola engineer said in December 2016 that the truck they were working on was “not even remotely ready to operate.” One of the reasons why: “all electrical components were powered through a cord running from an external power source, rather than the truck’s battery.”In the criminal complaint, prosecutors said, contrary to Milton’s claims, “Nikola had not successfully reached the milestone of creating a fully functioning prototype at the Nikola One launch event on December 1, 2016. In fact, the Nikola One prototype was not completed, let along tested and validated, by the time of the unveiling event.”
For example, “the prototype was wholly missing significant parts, including gears and motors, and the control system (i.e., the system that communicates the driver’s directions to the vehicle) was incomplete. The infotainment system in the cab was also incomplete. Instead, for the purpose of an unveiling event, tablet computers or other computer screens were mounted into the areas where screens for the infotainment would be, and the screens were set to display images created to have the appearance of infotainment screens, with speedometers, maps, and other information displayed.”
“Further, the truck was towed onto the stage at night prior to the event, and the screens and lights were powered by an external battery and power cord running under the truck to the wall, which had to be manually disconnected as the stage spun.”
“Similarly, an air line had to be connected to the vehicle to keep the truck’s air suspension and air brakes working, because there was a slow leak in the truck’s air supply. Nikola personnel operated the truck’s headlights at the event by remote control.”
#138
They seem to have good connections higher up it seems.
From what I read, they are losing approximately $100 million per quarter and have around $630 million in bank. At that rate they can potentially float for about a year and half unless something drastically changes.
End of 2022 should be closing time, possibly before that.
From what I read, they are losing approximately $100 million per quarter and have around $630 million in bank. At that rate they can potentially float for about a year and half unless something drastically changes.
End of 2022 should be closing time, possibly before that.
Last edited by Comfy; 08-13-2021 at 08:48 AM.
#139
There was another company in the not so distant past that was burning through cash at an astronomical rate too...
#140
#142
Let me know when you can take an objective look at things
#143
All I’m saying is that there isn’t a whole lotta room for new entrants coming all the time. There was one opportunity and Tesla took it. Hopefully Rivian and lucid will make it too if they don’t screw up something during the time.
#144
There's plenty of room, the EV market is wide open at this point.
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00TL-P3.2 (08-16-2021)
#146
Surprised there's no general Nikola thread, but Stunna going ballistic in 3...2..1...
Nikola Delivers First Nikola Tre BEV Semi
Nikola Delivers First Nikola Tre BEV Semi
#147
Mods, feel free to remove "Badger" from the title of the thread.
Nikola Confirms AB InBev Have the Tre FCEV Prototypes - They Delivered Beer - autoevolution
Nikola officially confirmed that its two Tre FCEV alpha prototypes are with Biagi Bros. Doing that indirectly with official pictures would have been enough for us. Still, Nikola went a little further and revealed that the logistics company is actually working for Nikola's real client: Anheuser-Busch, or AB InBev. It is the world's largest brewing company is testing the fuel cell trucks by carrying the Bud Light NEXT, the first zero-carb beer.
16 photos
Apparently, the Tre FCEV’s first mission was to pick the first shipment of this zero-emissions beer in Van Nuys, where AB InBev has the brewery that produces the Bud Light NEXT, and carry it to the company’s distribution center in Carson, California.
From Carson, the Bud Light NEXT was transported to local bars around Los Angeles with a BYD 8TT tractor. This is where the story gets really ironic: both Nikola and BYD were once mocked by Elon Musk. In December 2017, AB InBev ordered 40 Tesla Semi units. A bit more than four years later, the two companies are delivering beer. No Tesla Semi has been delivered so far.
To be fair, neither was the Tre FCEV. The two trucks currently operated by Biagi Bros are prototypes that will work for AB InBev for three months in the brewer’s Southern California network. The pilot program is intended to “refine the production specifications and features of the Nikola vehicles.” AB InBev also expects “to demonstrate the viability of fuel cell trucking and hydrogen refilling in beverage hauling.”
As we have already mentioned, fuel cell trucks are lighter than those with battery packs. With a lower curb weight, they have a larger payload capacity. Apart from that, a truck running on hydrogen is faster to be put to work again than one waiting to be recharged. The more a truck runs, the more money it makes. Fast charging also brings a concern: if it is performed too often, the battery pack lifespan can be reduced.
So far, it does not seem to be a problem for AB InBev’s fleet of BYD trucks. Apart from the 20 units the company already has, it is ordering 25 more. The world’s largest beverage company established its deal with Nikola in 2018.
16 photos
Apparently, the Tre FCEV’s first mission was to pick the first shipment of this zero-emissions beer in Van Nuys, where AB InBev has the brewery that produces the Bud Light NEXT, and carry it to the company’s distribution center in Carson, California.
From Carson, the Bud Light NEXT was transported to local bars around Los Angeles with a BYD 8TT tractor. This is where the story gets really ironic: both Nikola and BYD were once mocked by Elon Musk. In December 2017, AB InBev ordered 40 Tesla Semi units. A bit more than four years later, the two companies are delivering beer. No Tesla Semi has been delivered so far.
To be fair, neither was the Tre FCEV. The two trucks currently operated by Biagi Bros are prototypes that will work for AB InBev for three months in the brewer’s Southern California network. The pilot program is intended to “refine the production specifications and features of the Nikola vehicles.” AB InBev also expects “to demonstrate the viability of fuel cell trucking and hydrogen refilling in beverage hauling.”
As we have already mentioned, fuel cell trucks are lighter than those with battery packs. With a lower curb weight, they have a larger payload capacity. Apart from that, a truck running on hydrogen is faster to be put to work again than one waiting to be recharged. The more a truck runs, the more money it makes. Fast charging also brings a concern: if it is performed too often, the battery pack lifespan can be reduced.
So far, it does not seem to be a problem for AB InBev’s fleet of BYD trucks. Apart from the 20 units the company already has, it is ordering 25 more. The world’s largest beverage company established its deal with Nikola in 2018.
#148
Mods, please remove "Badger" from the title of the thread.
Nikola Celebrates Manufacturing the Tre BEV for Customers in Coolidge Factory - autoevolution
Nikola started making trucks on March 21 in its Coolidge plant in Arizona. Don’t ask us why, but it only celebrated the commercial serial production on April 27, probably because the first shipments of the Tre BEV have just started.
14 photos
The ceremony included the Arizona governor, fleet customers, and government officials apart from Nikola’s executives. The plant should be able to manufacture 2,500 electric trucks in the factory in what the company calls Phase 1. Nikola is already building Phase 2, which will include the Tre FCEV in 2023 and should expand production capacity to 20,000 trucks per year in two shifts.
Governor Doug Ducey praised the company for its achievement. He said that “Nikola has become a driving force in Arizona’s rapidly expanding electric vehicle industry.” According to Sandra Watson, president and CEO of the Arizona Commerce Authority, Nikola is “a top employer in the region” even after only getting started.
The company has not disclosed how many customers are already getting the Tre BEV nor how many units will be delivered in this first shipment. In 2022, it already said it plans to produce between 300 to 500 trucks. Supply shortages are to blame for the low number.
Despite that, Nikola’s customers are in much better shape than Pepsico. In November 2021, Ramon Laguarta said the company was about to receive the Tesla Semi. Five months later, the Pepsico CEO is still waiting for them.
According to Nikola, its factory in Ulm, Germany, is also complete. Curiously, the company said at its Capital Markets Day that the factory would only start making trucks by June 2023. In February, it said it expected “to build and deliver 25 trucks to the Hamburg Port Authority” in 2022. We’ll try to understand the steps for the German factory with the company.
When the Ulm factory starts its operations at full throttle, it will be able to produce 2,000 units. If demand increases, Nikola can scale that to up to 10,000 electric trucks per year.
Apart from the Tre BEV, the company also bets on the Two FCEV. So far, Nikola has not talked much about its development, probably because Tre BEV and Tre FCEV sales will help fund it. Before that, Nikola also has to establish the hydrogen network it proposed to create, making the Two FCEV arrival a bit easier by 2025. As a long-hauler with up to 900 miles of range, it will need hydrogen stations strategically placed around the U.S. to make it a viable option in goods transportation.
14 photos
The ceremony included the Arizona governor, fleet customers, and government officials apart from Nikola’s executives. The plant should be able to manufacture 2,500 electric trucks in the factory in what the company calls Phase 1. Nikola is already building Phase 2, which will include the Tre FCEV in 2023 and should expand production capacity to 20,000 trucks per year in two shifts.
Governor Doug Ducey praised the company for its achievement. He said that “Nikola has become a driving force in Arizona’s rapidly expanding electric vehicle industry.” According to Sandra Watson, president and CEO of the Arizona Commerce Authority, Nikola is “a top employer in the region” even after only getting started.
The company has not disclosed how many customers are already getting the Tre BEV nor how many units will be delivered in this first shipment. In 2022, it already said it plans to produce between 300 to 500 trucks. Supply shortages are to blame for the low number.
Despite that, Nikola’s customers are in much better shape than Pepsico. In November 2021, Ramon Laguarta said the company was about to receive the Tesla Semi. Five months later, the Pepsico CEO is still waiting for them.
According to Nikola, its factory in Ulm, Germany, is also complete. Curiously, the company said at its Capital Markets Day that the factory would only start making trucks by June 2023. In February, it said it expected “to build and deliver 25 trucks to the Hamburg Port Authority” in 2022. We’ll try to understand the steps for the German factory with the company.
When the Ulm factory starts its operations at full throttle, it will be able to produce 2,000 units. If demand increases, Nikola can scale that to up to 10,000 electric trucks per year.
Apart from the Tre BEV, the company also bets on the Two FCEV. So far, Nikola has not talked much about its development, probably because Tre BEV and Tre FCEV sales will help fund it. Before that, Nikola also has to establish the hydrogen network it proposed to create, making the Two FCEV arrival a bit easier by 2025. As a long-hauler with up to 900 miles of range, it will need hydrogen stations strategically placed around the U.S. to make it a viable option in goods transportation.
#149
Despite that, Nikola’s customers are in much better shape than Pepsico. In November 2021, Ramon Laguarta said the company was about to receive the Tesla Semi. Five months later, the Pepsico CEO is still waiting for them.
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biker (04-28-2022)
#151
Nikola Corporation shared its Q1 results for 2022 and things are looking up. In addition to a small but noteworthy gross profit, the previously ill-famed commercial EV manufacturer began delivering some BEVs and has purchase orders (POs) or letters of intent (LOIs) for hundreds more. Nikola also continues to make strides in expanding its Arizona manufacturing facility.
Nikola Corporation ($NKLA) is an American manufacturer of zero-emission vehicles (ZEVs) that publicly demonstrated a BEV- and hydrogen fuel cell-powered roller coaster ride of profound hype and catastrophic failure.
Still, the automaker has done away with the tumorous personnel and has continued to fight beyond the realm of relevance and into scalable production. While its numbers are still diminutive, Nikola appears to be on the right track according to its Q1 results for 2022. Here are some of the highlights:
That being said, Nikola is reporting POs for 134 additional Tre BEVs to customers in California, utilizing the state’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), which saves them $120,000 per truck. Combining its POs, LOIs, and memorandums of understanding (MOUs), Nikola says it has received inquiries for 510 Tre BEVs to date. Nikola CEO Mark Russell shared his thoughts:
During the first quarter, we reached a significant milestone with the start of serial production for the Nikola Tre BEV at our Coolidge, Arizona, manufacturing facility and are currently delivering saleable trucks to dealers for customer deliveries. We look forward to scaling production and delivering 300–500 production vehicles to customers this year.
If a majority of these LOIs and MOUs come to fruition, Nikola would be sold out of its Tre BEVs for the rest of 2022. Still, its current footprint in Arizona can already produce five times that number of vehicles and is expanding to manufacture even more.
Nikola still has a long way to go of course, but each update has shown progress, no matter how large or small, all without scandal. Now that production has begun in Arizona, it will be interesting to see how those delivery numbers grow in Q2 and 2022 as a whole. I’ll certainly be paying attention.
Nikola Corporation ($NKLA) is an American manufacturer of zero-emission vehicles (ZEVs) that publicly demonstrated a BEV- and hydrogen fuel cell-powered roller coaster ride of profound hype and catastrophic failure.
Still, the automaker has done away with the tumorous personnel and has continued to fight beyond the realm of relevance and into scalable production. While its numbers are still diminutive, Nikola appears to be on the right track according to its Q1 results for 2022. Here are some of the highlights:
Pre-series Tre BEVs and pilot programs
According to Nikola’s Q1 2022 report, the final 10 of 40 pre-series Tre BEVs rolled off its assembly line in Coolidge, Arizona. These pre-series EVs continue to be used for demos, R&D, and pilot programs. Speaking of pilot programs, Nikola completed two this quarter. The first customer pilot program with TTSI concluded on April 29 and is joined by a second successful 14-day pilot with Univsar Solutions. Other pilot programs are still underway.Tre BEV production and sales for Q1 2022
Nikola Corporation began serial production of its Tre BEV truck in Coolidge on March 21 and began shipping production trucks to dealers last month. However, it only delivered 11 for the quarter.That being said, Nikola is reporting POs for 134 additional Tre BEVs to customers in California, utilizing the state’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), which saves them $120,000 per truck. Combining its POs, LOIs, and memorandums of understanding (MOUs), Nikola says it has received inquiries for 510 Tre BEVs to date. Nikola CEO Mark Russell shared his thoughts:
During the first quarter, we reached a significant milestone with the start of serial production for the Nikola Tre BEV at our Coolidge, Arizona, manufacturing facility and are currently delivering saleable trucks to dealers for customer deliveries. We look forward to scaling production and delivering 300–500 production vehicles to customers this year.
If a majority of these LOIs and MOUs come to fruition, Nikola would be sold out of its Tre BEVs for the rest of 2022. Still, its current footprint in Arizona can already produce five times that number of vehicles and is expanding to manufacture even more.
Manufacturing update
As of Q1 2022, Phase 1 of Nikola’s Arizona manufacturing facility is now complete, following shareholder approval to add common shares, and is equipped to produce 2,500 trucks per year. The automaker has already begun the second phase, which will consist of an assembly area expansion. The second phase is expected to be completed next year and will bolster the company’s truck output to 20,000 units per year on two work shifts.Nikola’s financial highlights for Q1 2022
When it comes to finances, Nikola still has a long way to go, but it’s making progress. Gross profits were $431 for Q1. Hey, it’s a start.Electrek’s Take
What is there to be said about Nikola that hasn’t been already? Baby steps as they say. Mark Russell should be recognized for pulling this sham of a company out of the gutter and steering it in the right direction. A direction in which you deliver vehicles that actually drive without assistance from gravity.Nikola still has a long way to go of course, but each update has shown progress, no matter how large or small, all without scandal. Now that production has begun in Arizona, it will be interesting to see how those delivery numbers grow in Q2 and 2022 as a whole. I’ll certainly be paying attention.
Last edited by biker; 05-08-2022 at 06:05 AM.
#152
As a zero-emissions vehicle (ZEV), Nikola Corporation’s Tre BEV truck has qualified for yet another state incentive program for fleet customers. The American automaker announced that the battery electric Nikola Tre is eligible for the New York Truck Voucher Incentive Program (NYTVIP). Under the statewide program, the Nikola Tre BEV can now qualify for an incentive up to $185,000… per truck.
Nikola Corporation ($NKLA) is an American developer of zero-emission vehicles (ZEVs) that is continuing to claw its way back from a publicly showcased clinic on how not to operate an EV startup.
This past March, Nikola began serial production of its Tre BEV (battery electric vehicle) truck in Coolidge, Arizona, followed by first deliveries in April. That being said, the automaker only reported eleven Tre BEV deliveries for Q1 of 2022.
Nevertheless, the company said it had received over 500 inquiries for the Tre trucks in Q1, and already had a PO in place for 134 trucks for customers in California. Those commercial customers were more than likely hardened in their truck purchases as the BEV qualified for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) this past January.
Under the program, Nikola Tre BEVs qualify for an incentive up to $120,000 per truck for California customers. Nikola Corporation’s latest news comes out of New York, where its Tre BEV has qualified for a similar state program, offering an even larger incentive.
Nikola Corporation ($NKLA) is an American developer of zero-emission vehicles (ZEVs) that is continuing to claw its way back from a publicly showcased clinic on how not to operate an EV startup.
This past March, Nikola began serial production of its Tre BEV (battery electric vehicle) truck in Coolidge, Arizona, followed by first deliveries in April. That being said, the automaker only reported eleven Tre BEV deliveries for Q1 of 2022.
Nevertheless, the company said it had received over 500 inquiries for the Tre trucks in Q1, and already had a PO in place for 134 trucks for customers in California. Those commercial customers were more than likely hardened in their truck purchases as the BEV qualified for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) this past January.
Under the program, Nikola Tre BEVs qualify for an incentive up to $120,000 per truck for California customers. Nikola Corporation’s latest news comes out of New York, where its Tre BEV has qualified for a similar state program, offering an even larger incentive.
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The founder of a zero-emission truck venture is found guilty of fraud
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I had some financial "puts" on Nicola years ago but unfortunately they expired still worthless since the optics marketing show was still going. Only wish puts would go out more than 2 years, I shoulda waiting a couple years then they woulda been worth something.