Nikola has had an actual robust go of it over the previous few years. Right now the supposed-to-be truck maker is shedding 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 available, based on a report from Automotive News.
In case you missed it:
Being in that type of cash scenario 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 pricey Nikola. The firm is totally revamping its technique. Executives are telling AutoNews that it will concentrate on hydrogen vans and its comparatively new hydrogen refueling enterprise referred to as Hyla.
Part of the explanation for this change in focus is as a result of the hydrogen gas cell model of Nikola’s Tre truck has a claimed 500-mile vary. It drummed up quite a lot of curiosity on the Advanced Clean Transportation Expo, and the place there’s curiosity, there’s cash – one thing Nikola desperately wants.
The outlet experiences that Nikola sellers at present have 140 gas cell vans on order, and it has halted manufacturing at its Coolidge, Arizona manufacturing facility to retool it. But, 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. An common 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 firm continues to be apparently going to make battery-electric automobiles, however just for particular orders. They’ll be constructed alongside the gas cell vans on the Coolidge plant.
“The ports in California, they prefer a battery electric truck, and we are happy to continue to produce the battery-electric truck,” Michael Lohscheller, Nikola CEO, advised Automotive News.
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 elevate $500 million going ahead, however it’ll should do it by means of present credit score and mortgage agreements. It may additionally borrow cash towards its buildings and different belongings.
Nikola additionally not too long ago 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.
In the primary quarter, Nikola misplaced $169 million, based on Automotive News. 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 is 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!
Source: jalopnik.com