Nikola had a really hard experience in the past few years. Right away supposed truck manufacturer is losing more than $150 million each quarter, and that’s a lot of money when you consider the fact that it only has about $150 million in cash and accounts receivable on hand, according to a report from auto news.
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Being in such a difficult money situation can change the way you see things, what your priorities are, and what you will do in the future. That’s obviously what happened to Our dear Nikola. The company is completely revamping its strategy. The CEO is talking AutoNews that it will focus on hydrogen truck and its relatively new hydrogen refueling business called Hyla.
Part of the reason for this shift in focus is because hydrogen fuel cell version of Nikola .’s Bamboo Truck has a claimed 500-mile range. It attracted a lot of interest at the Advanced Clean Transportation Expo, and where there was interest, there was money – something Nikola is in great need.
The outlet reports that Nikola dealers currently have 140 fuel cell trucks on order, and that they have halted production at the Coolidge, Arizona plant to refit. But, trucks won’t be Nikola’s only component hydrogen game plan. It also appears to have a nationwide network of up to 50 Hyla refueling stations. An average of one person per state doesn’t seem to be enough, but what do I know? It is said to be working with Voltera, an energy infrastructure company based in Virginia to build and charge electric vehicles. hydrogen refueling stations to make Nikola’s plan come true.
Now, don’t worry Nikola fan(s). The company appears to still be making battery-powered vehicles, but only for special orders. They will be built alongside fuel cell trucks at the Coolidge plant.
“California ports, they prefer battery-powered trucks and we are happy to continue making battery-powered trucks.” Michael Lohscheller, Nikola CEO, says Automotive news.
He also said Nikola delivered 162 battery-powered trucks to customers and sold 33 retail vehicles in the first quarter of 2023.
All this exciting news comes as Nikola continues to face financial difficulties. AutoNews said it could raise $500 million in the future, but it would have to do so through existing credit and loan arrangements. It can also borrow money to buy buildings and other assets.
Nikola also recently ended a joint venture with Iveco, an Italian truck manufacturer, to build battery-powered trucks in Europe. According to reports, Nikola will sell back his shares in Iveco to the company for $35 million and Iveco will buy 20 million shares of Nikola.
In the first quarter, Nikola lost $169 million, according to auto news. That amounts to 31 cents per share and is slightly higher than the $152.9 million it lost in the first quarter of 2022. Yes. some good news, though. AutoNews said Nikola’s first-quarter revenue hit $11.1 million. That’s up from just $1.88 million at the same time last year. Well done, guys!
