Nikola has had an actual robust go of it over the previous few years. Proper 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 very fact it solely has about $150 million in money and receivables available, in line with a report from Automotive News.
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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 corporate is totally revamping its technique. Executives are telling AutoNews that it’s going to give attention to hydrogen vans and its comparatively new hydrogen refueling enterprise known 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 plenty of curiosity on the Superior Clear Transportation Expo, and the place there’s curiosity, there’s cash – one thing Nikola desperately wants.
The outlet reviews 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 received’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 median 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 power 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 continues to be apparently going to make battery-electric autos, 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 completely happy to proceed to provide the battery-electric truck,” Michael Lohscheller, Nikola CEO, told Automotive News.
He additionally mentioned that Nikola has delivered 162 battery-electric vans to prospects and has made 33 retail gross sales within the first quarter of 2023.
All of this thrilling information comes as Nikola continues to wrestle finacially. AutoNews says it’s in a position to increase $500 million going ahead, however it’ll should do it by means of current credit score and mortgage agreements. It might 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.
Within the first quarter, Nikola misplaced $169 million, in line 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 may be 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!