Nikola Transitions From Battery to Hydrogen-Powered Semi Vehicles
Nikola has had an actual robust go of it over the previous few years. Proper now the supposed-to-be truck maker is dropping over $150 million per quarter, and that’s some huge cash when you think about the actual fact it solely has about $150 million in money and receivables readily available, in accordance with a report from Automotive Information.
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Being in that kind of cash state of affairs can change the way you view issues, what your priorities are, and what you’ll do going ahead. That’s apparently what occurred with our expensive Nikola. The corporate is totally revamping its technique. Executives are telling AutoNews that it’s going to concentrate on hydrogen vans and its comparatively new hydrogen refueling enterprise referred to as Hyla.
A part of the rationale for this swap in focus is as a result of the hydrogen gasoline cell model of Nikola’s Tre truck has a claimed 500-mile vary. It drummed up a variety of curiosity on the Superior Clear Transportation Expo, and the place there’s curiosity, there’s cash – one thing Nikola desperately wants.
The outlet experiences that Nikola sellers presently have 140 gasoline cell vans on order, and it has halted manufacturing at its Coolidge, Arizona manufacturing facility to retool it. However, vans gained’t be the one part of Nikola’s hydrogen sport plan. It’s apparently additionally going to have a nationwide community of as much as 50 Hyla refueling stations. A mean of 1 per state doesn’t seem to be sufficient, however what do I do know? It’s reportedly teaming up with Voltera, a Virginia-based vitality infrastructure firm to construct EV charging and hydrogen fueling stations to make Nikola’s plans come to fruition.
Now, don’t fear Nikola fan(s). The corporate remains to be apparently going to make battery-electric automobiles, however just for particular orders. They’ll be constructed alongside the gasoline cell vans on the Coolidge plant.
“The ports in California, they like a battery electrical truck, and we’re blissful to proceed to provide the battery-electric truck,” Michael Lohscheller, Nikola CEO, informed Automotive Information.
He additionally mentioned that Nikola has delivered 162 battery-electric vans to clients and has made 33 retail gross sales within the first quarter of 2023.
All of this thrilling information comes as Nikola continues to battle finacially. AutoNews says it’s in a position to increase $500 million going ahead, however it’ll should do it via current credit score and mortgage agreements. It may additionally borrow cash in opposition to its buildings and different property.
Nikola additionally just lately ended its three way partnership with Iveco, an Italian truck maker, to construct battery-electric vans in Europe. Nikola will reportedly promote its stake in Iveco again to the corporate for $35 million, and Iveco will buy 20 million shares of Nikola.
Within the first quarter, Nikola misplaced $169 million, in accordance with Automotive Information. That works out to 31 cents per share, and it’s a bit greater than the $152.9 million it misplaced within the first quarter of 2022. There’s some excellent news, although. AutoNews says Nikola’s first quarter income reached $11.1 million. That’s up from simply $1.88 million the identical time final 12 months. Good job, guys!
