Nikola Jumps On Smaller-Than-Expected Loss, Electric Truck Plans 2021
Nikola Corporation is an American company that has presented a number of zero-emission vehicle concepts since 2016.
The company has stated on several occasions that it intends to take some of its concept vehicles into production in the future. Nikola Corporation is based in Phoenix, Arizona. The company is named after Nikola Tesla but is not related to the inventor.
In November 2019, the company unveiled the Nikola Tre electric truck concept, a rebadged version of the Iveco S-Way that would be aimed at the European market. Nikola says the Tre will have 500 to 1,000 horsepower (370 to 750 kW) horsepower and a range of 310 to 750 miles (500 to 1,200 km).
Nikola Jumps On Smaller-Than-Expected Loss, Electric Truck Plans As SEC Review Grinds On
Nikola Corp.’s shares jumped after it posted a quarterly loss that was smaller than analysts expected and the electric semitruck developer said it’s moving ahead with plans to start production this year. Yet ongoing reviews by regulators triggered by the company founder’s false statements still cloud its outlook.
Phoenix-based Nikola, which isn’t yet generating revenue, said in a statement that its net loss was $120.2 million in the first quarter, or 14 cents per share, excluding some items. That beat consensus expectations of a loss of 27 cents per share.
The shares surged in Nasdaq trading on Friday, rising 13% to close at $11.50. Five preproduction units of Nikola’s battery-powered Tre truck built in Ulm, Germany, with partner Iveco are undergoing testing in the U.S. with nine additional units on the way.
The company said it’s on track to start commercial production of zero-emission big rigs by August, with 50 to 100 units getting to initial customers in 2021’s fourth quarter. It’s also working to complete construction of its own factory in Coolidge, Arizona, that will build Tre and Nikola Two semis, powered by either batteries or hydrogen fuel cells.
“We’re going to have the longest-range battery-electric truck that we know of,” CEO Mark Russell said in a conference call. “The response so far to the Tre BEV prototypes has been very positive” from potential customers who have begun reviewing them, he said.
The company is working to regain its footing after founder Trevor Milton was accused of lying about Nikola’s technology, triggering reviews by the Securities and Exchange Commission and the U.S. Justice Department.
The company also disclosed today in an SEC filing that the regulator issued an additional subpoena on March 24 related to its “projected 2021 cash flow and anticipated use of 2021 capital raises.” Nikola said it’s cooperating with the investigations.
The ongoing inquiries cloud more positive developments for the company in the past month, including a partnership to build a hydrogen fuel pipeline in Europe, sales and service plans for its trucks and its intention to install hydrogen fuel stations at TravelCenters of America truck stops.
Nikola this week also said it has a tentative deal for 100 battery- and hydrogen-powered trucks from Total Transportation Services Inc., a high-volume trucker that hauls cargo in and out of the ports of Los Angeles and Long Beach.
In addition to beginning Tre production in Germany this year, Nikola said it will begin trial production of trucks at the new Coolidge plant in July. It also aims to start construction of its first commercial hydrogen fuel station this year.
The initial corridor for Nikola’s stations will be between Phoenix and Los Angeles, located along U.S. Highway 10. Brewer Anheuser-Busch is the initial customer for hydrogen-powered Nikola trucks, and it will begin testing prototype trucks doing pilot beer runs by the end of 2021, Russell said.
While Milton was a flamboyant figure who styled himself as a transportation industry disruptor in the mold of Elon Musk, making audacious claims for Nikola’s proprietary technology.
The company’s vision for hydrogen as a clean option to power heavy-duty vehicles has been dramatically amplified in the competing plans of industrial giants including Daimler, Volvo Group, Toyota, Hino, Hyundai, Cummins, General Motors and Navistar.
The consensus among those companies is that batteries are a good option for shorter ranges, up to 300 miles, while hydrogen is more appealing for distances of 500 miles or more and for fast refueling. Nikola says its battery-electric Tre has a 750 kwh pack that will deliver 350 miles per charge. A fuel cell version due in another year or two will deliver at least 500 miles per tank.
Do Nikola trucks work?
Nikola investors who invested during this period, in which the Company was privately owned, were aware of Nikola One’s technical capabilities at the time of their investment.
This video from three years ago of a Nikola prototype is irrelevant, except for the fact that the short seller is trying to use it for his main thesis. The fact is, Nikola has hydrogen fuel cell semitrailers that really work. Any report intended to suggest that Nikola’s trucks are not driving is wrong.
Is Nikola hydrogen or electric?
Nikola Motor Company is a pioneer in zero-emisson trucks. Nikola offers both pure electric and also hydrogen electric powertrains across multiple applications. The hydrogen fuel-cell electric day cab semi-truck.
Is Nikola better than Tesla?
Tesla is now the world’s most valuable auto company, and it’s revolutionizing the entire auto industry with its battery-powered cars. Nikola (NKLA), ten years after Tesla started as a publicly traded company, has similar aspirations: to be the most valuable trucking company on the road.
Tesla, of course, is best known for luxury cars like the Model S, which can sell for more than $ 100,000. Nikola, for his part, plans to make big trucks, heavy-duty trucks that share interstate highways with cars.
But Tesla has a battery-electric semi-trailer planned for 2021 that will compete with Nikola’s offerings. What’s more, both Nikola and Tesla are manufacturers of pure electric vehicles without a legacy of gasoline- or diesel-powered transportation.
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