Nikola Posts $384M Loss, Looks to 2021

March 2, 2021

Nikola Corp. reported a net loss of $384 million in 2020, acknowledging a refocusing of the company and setting a year-end goal for the deliver of its first battery electric truck.

In 2020, Nikola spiked its pickup truck venture with GM and scuttled an agreement with Republic Services to purchase 1,000 trucks.

“In the fourth quarter of 2020, Nikola made the necessary changes to refocus and realign the company,” said CEO Mark Russell in a prepared statement. “You have seen us restructure our agreement with GM, cancel our battery electric (BEV) refuse truck program, discontinue our Powersports program, and realign the company’s resources with laser focus on our core businesses: battery electric and hydrogen fuel-cell electric (FCEV) heavy-duty trucks, and hydrogen refueling infrastructure.”

Nikola has assembled five Nikola Tre BEV prototypes, all of which are in the commissioning process, it says. Four trucks are in North America at multiple locations undergoing powertrain, durability, and extreme weather testing. One truck is in Europe for ABS braking, traction control, and electronic stability control testing.

Nikola and IVECO have also begun assembling the second batch of prototype trucks at the Ulm, Germany facility.

In 2021, the company said, it expects to break ground on its first commercial hydrogen station and deliver the first Tre trucks during the fourth quarter.

The company also provided details on its North American hydrogen fuel-cell electric vehicle (FCEV) commercial truck program. It plans to introduce a FCEV variant of the Nikola Tre Cabover and the long-range Nikola Two FCEV Sleeper.

“To expedite the transition to a carbon-free future, the trucking industry needs heavy-duty, zero-emission commercial vehicles engineered to match the weight and range capabilities of today’s diesel trucks,” said Jason Roycht, global head of FCEV.

All told, Nikola said it will offer trucks for the entire spectrum of commercial freight:

  • Metro/regional—Nikola Tre BEV Cabover for trips up to 300 miles
  • Regional—Nikola Tre FCEV for longer-range needs of up to 500 miles and for fast fueling/quick turnaround needs
  • Long-haul—Nikola Two FCEV Sleeper for longest-range missions up to 900 miles

Source: Nikola