Startup electric truck maker Nikola Corp. (NASDAQ: NKLA) reported an $86.6 million operating loss in the second quarter, its first earnings report as a public company.The loss of 16 cents a share related to design and other expenses. “With our Nikola IVECO joint venture and over $10 billion in pre-order reservations, Nikola is positioned to be a wonderful story of how one company can literally change the world.” Stephen Girsky, CEO of VectoIQ Acquisition Corp. added, “The VectoIQ team and I are proud to support Nikola …
It also received $525 million from discounted shares VectoIQ sold in a private investment in public equity (PIPE).Nikola gave up some of the money as early investors exercised their rights to sell Nikola stock.
Filter By. Kim Brady, Nikola’s chief financial officer, said the company has three years’ worth of volume, based on existing order reservations. It soared 103.7% on its third day of trading on June 8 to more than $90 a share.
Location Industry. That is a dedicated route that Anheuser-Busch uses to move beer from Van Nuys, California, to a Chandler, Arizona, distribution center.— Completing the makeover of the Ulm manufacturing plant by the end of 2020 and completing the first phase of a $600 million greenfield plant in Coolidge, Arizona, by the third quarter of 2021.Nikola’s stock moves define the word volatile. The goal is to lock in demand 18 months before a station is constructed. All agree the company’s business plan to market hydrogen-powered fuel cell Class 8 trucks with hydrogen and maintenance in a seven-year lease is a potentially transformative move in the diesel-power-dominated trucking industry.But without any significant revenue — Nikola earned $6 million on the sale of solar power in the second quarter — it is too soon to be bullish on the stock, analysts caution.In addition to the Ulm pre-production, Nikola broke ground in Coolidge on July 23. This site (RSS) 950 N Glebe Road Suite 210, Arlington, VA 22203. The van employs composites lighter than aluminum and features a 12,800-lb. “We’re going to learn a lot faster in this way than you would traditionally.”Nikola has built a hydrogen fueling station, which has one-ton capacity, at its headquarters in Phoenix. The C-Series includes three cubic-foot sizes: 650, 1,000 and 1,200.
"We are excited to partner with Workhorse to help accelerate the rollout of their EV solutions and meet growing customer demand in © 2020 Endeavor Business Media, LLC. Editor’s note: UPDATES and edits throughout with comments from analyst call.
Nikola also focused on infotainment options, with drivers able to download apps and have video conferencing capabilities. Listen to today's daily briefing: ... LinkedIn. Nikola Motor Co. aims to do more than just make hydrogen fuel cell heavy-duty trucks mainstream in the coming decade.Executives from Nikola’s leadership team said they believe a new “all-in-bundle” leasing model will give fleet customers the ability to truly manage their total cost of ownership for the first time.When the trucks hits U.S. highways early in the next decade, leases of the Nikola One and Nikola Two are expected to cost 95 cents per mile, though company officials stressed that figure could change.However, the lease includes not only the zero emission Class 8 tractor, but also maintenance, tires and fuel.“It is the only semi-truck that can beat a diesel in every category,” said Trevor Milton, CEO of Nikola, when speaking about the company’s tractors.The bundled leases are expected to run seven years or 700,000 miles. An eight-ton station and can fill 150 trucks per day, while locations with 300 to 600 vehicles will want a 32-ton facility, Schneider said.At the stations, electricity is used to split water into oxygen and hydrogen, and the fueling stations will use renewable solar energy with low-carbon grid energy.Both Milton and Russell said they foresee a future in which diesel vehicles are not allowed in many areas. Brady added the ability to manage total costs is a powerful concept for fleets.“How would it be for your management team and CFO to say, ‘I can predict my cost for the next seven years,’ ” he said, adding that Nikola is confident it can produce hydrogen at a reasonable cost.Nikola will also sell trucks to fleets that want an outright purchase. That is already happening in some large cities, which are beginning to require the use of zero or near zero emission vehicles.“This isn’t an evolution of a truck.
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