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Iveco Group

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business2 years ago•1 min saved

Nikola shifts focus to North America as Iveco takes full control of European joint venture.

Nikola is exiting its European joint venture with Iveco Group to focus on North America and hydrogen fuel cell trucks. The company reported a Q1 net loss of $169.1m, with adjusted loss per share of 26 cents. Nikola produced 63 battery-electric trucks and delivered 31 to dealers in the quarter, with 33 sold to end customers. The company will temporarily suspend production of the battery-electric truck while it reconfigures its assembly line to build both the battery-electric and fuel-cell trucks. Nikola currently has orders for a total of 140 fuel-cell trucks for 12 fleet customers.

via CNBC|

#business #european-joint-venture #hydrogen-trucks

business2 years ago•5 min saved

Iveco Group Takes Over Joint Venture with Nikola Corporation

Iveco Group and Nikola Corporation are entering a new phase of their partnership, with Iveco Group assuming full ownership of the joint venture in Ulm, Germany. Each company will focus on heavy-duty transport in their respective regions, with Iveco Group concentrating on Europe and Nikola focusing on North America. Iveco Group will cover the capital outlay for this new phase of collaboration through available liquidity, acquiring the joint venture partially in cash and partially in Nikola shares. The provisions are subject to regulatory approvals and preparation of definitive agreements.

via Nikola Motor|

#business #heavy-duty-transport #iveco-group