Nikola trims losses, looks to ramp up production
Nikola Corp. pared losses in the fourth quarter and ramped up deliveries of its zero-emission trucks.
The company delivered 35 hydrogen-fuel-cell-electric trucks in the fourth quarter. It said in an earnings release that it is on track to resume deliveries of battery-electric trucks by the end of the first quarter.
It also opened its first Hyla-branded modular hydrogen fueling station in California, and announced a partnership with FirstElement Fuel in Oakland on another fueling site.
The company reported a net loss of $153.6 million (all figures US) compared to $222 million the same period last year. Revenues more than doubled from $5.5 million to $11.5 million year over year.
“Today we’re sharing what we’ve accomplished and how we are providing fully integrated zero-emissions mobility solutions to fleets right now,” said Nikola president and CEO Steve Girsky in an earnings release.
“We began delivering production hydrogen fuel cell electric trucks in Q4, fleets are fueling daily at our modular refueling station in Ontario, Calif., we continue to rack up HVIP vouchers, and we are on track to start getting our battery-electric trucks back to end users by the end of the first quarter.”
Girsky said Nikola has 99% of the hydrogen-fuel-cell-electric HVIP vouchers requested for funding in California.
“There are more requests for our fuel cell truck alone than all other truck OEMs combined on both battery- and hydrogen-fuel-cell-electric trucks in the same period,” Girsky said. “It’s a testament to our market leading position, quality of our products, and the high level of Nikola fleet success. We are making the most of our head start and capitalizing on our first-mover advantage.”
Having demonstrated an ability to produce, manufacture and deliver its hydrogen trucks, Nikola is now turning its attention to optimizing revenue and costs as it scales production.
The truck maker counts the Alberta Motor Transport Association among its early customers.
The battery-electric trucks, recalled after several truck fires, will be returned to customers with new battery packs beginning in Q1, Nikola reported.
These trucks, dubbed BEV 2.0, will come back with not only new battery packs, but other enhancements.
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