With a focus on zero-emissions transport, Nikola Corp. is developing innovative energy and transportation solutions and, in particular, hydrogen-electric trucks. Its goal is to empower commercial customers to move to next-gen truck technology, a hydrogen fueling and charging infrastructure, and maintenance.

The company's plan is to work with strategic business partners and suppliers to manufacture clean technology vehicles and offer pioneering fueling solutions. Leveraging these relationships can lower costs, support efficiencies, and streamline the time to market.

Nikola's strengths lie in innovative design, software, and engineering and in its commitment to decarbonizing the trucking industry.

Unlike electric cars which are recharged by plugging them into electric outlets, Nikola is building vehicles that use hydrogen fuel cell technology. Hydrogen fuel cells produce electricity by combining hydrogen stored in a tank with oxygen from the air. Hydrogen fuel cell vehicles have similar bene෴fits to pure electric vehicles but take less time to recharge and have a longer range.

澳洲幸运5开奖号码历史查询: Nikola ha🍎s💞 two business units, Truck and Energy:

The Truck business unit is focused on hydrogen fuel cell electric vehicles (FCEV) and battery electric vehicles (BEV) Class 8 trucks. These are designed to be environmentally- and cost-friendly options for the short-haul, medium-haul, and long-haul truckers.

The Energy business unit is focused on a hydrogen fueling system and providing charging support to FCEV and BEV Nikola truck owners, and other third-party customers.

Nikola's Industry

Nikola (NKLA) operates in the Farm and Heavy Construction Machinery in𒀰dustry within the Industrials sector. It is also considered to be part of the Electric Vehicle (EV) industry.

The company seeks to be a zero-emissions transportation industry leader. The advantage it has over its competitors is a hydrogen fueling ecosystem in development. This involves hydrogen procurement, hydrogen distribution, and hydrogen storage and dispensing.

Currently, companies in Nikola's field of alternative fuel vehicles grapple with the substantial risk for original equipment manufacturers and vehicle purchasers because of uncertainty about fueling their vehicles.

What's more, due to lack of information about demand, existing fuel providers aren't motivated to dedicate necessary money and resources to develop an alternative fuel infrastructure.

Nikola's believes its FCEV solutions that integrate trucks, fueling solutions, and maintenance may take the risk out of infrastructure development because they can ensure the need for and use of fueling stations. Interested users will be able to purchase or lease Nikola's FCEV trucks through its network of authorized dealers.

Competition

Nikola's competition includes vehicles with legacy internal combustion engines, battery electric trucks, hydrogen fuel cell trucks, and compressed natural gas trucks.

The company also recognizes that its current and potential competitors may have greater advantages and resources than it does when it comes to:

• Financial strength
• Design, manufacturing, marketing, distribution, and sales resources
• Name recognition, operating histories, and customer, fleet, and industry relationships

BEV competitors include:

• Daimler
• Volvo
• Tesla (TSLA)
• BYD
• Paccar (PCAR)
• XOS (XOS)
• Lion Electric (LEV)

FCEV competitors include:

• Hyundai
• Toyota (TM)
• Daimler-Volvo joint venture

Nikola's Financials

As of June 2024, Nikola's market capitalization was $0.65 billion.

Nikola's 2023 annual report reported the company's financial results for the 2023 fiscal year (FY) ended Dec. 31, 2023.♕ Additionally, on May 7, 2024, the company announced financial results for ♏the quarter ended March 31, 2024.

Although Nikola has two business units, Truck and Energy, it breaks down its total revenue by the categories of "Trucks" and "Service and Other." Trucks relates to revenue from truck sales while Service and Other relates to revenue from service provided, charging products, hydrogen, and service parts.

Total Revenue

For FY 2023, total revenue was $35.8 million, a decrease of 28% from the previous year's $49.7 million. For the first quarter of FY 2024, total revenue was $7.5 million, a decrease of 30% from the previous year's first quarter.

Trucks

For FY 2023, Trucks revenue was $30 million, a decrease of 34% from the previous year's $45.9 million. For the first quarter of FY 2024, Trucks revenue was $7.4 million, a decrease of 26% from the previous year's first quarter.

Service and Other

For FY 2023, Service and Other revenue was $5.8 million, an increase of 52% from the previous year's $3.7 million. For the first quarter of FY 2024, Service and Other revenue was $0.079 million, a decrease of 87% from the previous year's first quarter.

Operating Income

For FY 2023, the operating loss was $(650) million, a smaller loss than the previous year's $(702) million. For the first quarter of FY 2024, the operating loss was $(145.3) million, a greater loss than the $(127.2) million of the previous year's first quarter.

Net Income

For FY 2023, the net loss was $(966.2) million, a greater loss than the previous year's $(784.2) million. For the first quarter of FY 2024, the operating loss was $(147.7) million, a smaller loss than the $(169) million of the previous year's first quarter.

History and Leadership

Nikola was founded by Trevor Milton in 2015. ꦫIt is headquartered in Phoenix, Ariz. Milton named the startup aft🐲er Nikola Tesla.

Stephen J. Girsky is president and CEO of Nikola Corporation. He was president and CEO of VectoIQ Acquisition Corp.from January 2018 until it combined with Nikola Corporation in 2020. He was also ๊president of GM Europe and special advisor to the CEO and CFO of General Motors Corporation.

Thomas Okray is Chief Fin♐ancial Officer and Mary Chan is Chief Operating Officer.

Recent Developments

• In May 2024, Nikola announced that drayage carrier AiLO Logistics ordered 100 Nikola hydrogen fuel cell electric vehicles through Tom’s Truck Centers. Tom's is a member of Nikola's sales and service dealer network. The trucks are scheduled to be delivered in 2025.

• In February 2024, Nikola announced that its Board of Directors had rejected five dissident nominees proposed for election to the board by an organization controlled by founder and former Executive Chairman Trevor Milton. The company also underscored that Milton no longer had any connection to the company. In December 2023, he was convicted of securities and wire fraud and sentenced to 48 months in prison.

The Bottom Line

Nikola is an electric vehicle manufacturer that is building and selling electric📖 and hydrogen-powered trucks and related charging solutions. It strives to meet the logistical needs of businesses that depend on vehicles to move goods. It is dedicated to zero-emi♔ssions transportation.