Nikola Corporation, a global leader in zero-emissions transportation, produced 43 and wholesaled 40 Class 8 hydrogen fuel cell electric trucks in Q1 2024, with plans to start returning battery-electric trucks to customers. The company anticipates further sales growth as their hydrogen fueling solutions come online and is committed to leading the effort for industry decarbonization. Nikola's mission is to pioneer solutions for a zero-emissions world, and they are driving the advancement of the complete hydrogen refueling ecosystem.
Nikola Corporation produced 43 and wholesaled 40 Class 8 hydrogen fuel cell electric vehicles in Q1 2024, with plans to return battery-electric trucks to customers. The company anticipates further sales growth as their hydrogen fueling solutions come online and is committed to leading the effort for the decarbonization of the industry. Nikola's mission is to pioneer solutions for a zero-emissions world through their integrated truck and energy solutions, driving the advancement of the complete hydrogen refueling ecosystem.
Thomas "Tom" B. Okray has been appointed as the Chief Financial Officer (CFO) of Nikola Corporation, a global leader in zero-emissions transportation and energy supply solutions. Okray, an accomplished financial executive with extensive experience, will play a crucial role in expanding Nikola's supply base and scaling its business profitably. His appointment reflects Nikola's commitment to reshaping the trucking industry and driving decarbonization forward. Nikola Corporation is focused on pioneering solutions for a zero-emissions world through its integrated truck and energy solutions, including battery-electric and hydrogen fuel cell electric trucks.
Nikola Corporation's Board of Directors has rejected a slate of five dissident nominees proposed by former Executive Chairman Trevor Milton for election as directors at the 2024 Annual Meeting of Stockholders. The board cited the lack of public company experience and relevant industry expertise in the proposed nominees. The company is seeking to recover unpaid judgments from Mr. Milton and emphasized that its current board members possess the necessary skills and experience for Nikola's success in the zero-emissions trucking and energy infrastructure business. Nikola intends to file its own director nominees with the SEC and urges stockholders to carefully review the proxy statement when available.
Nikola Corporation, through its HYLA brand, has opened its first hydrogen refueling station in Southern California, located in Ontario. The station will be capable of fueling up to 40 Nikola hydrogen fuel cell electric Class 8 trucks daily and is part of a plan to establish up to 60 hydrogen refueling solutions in the coming years. The company aims to provide 24/7 support and prioritize access to a hydrogen solution network, contributing to the decarbonization of transportation. Nikola is working on securing a robust hydrogen supply chain and refueling infrastructure to support its growing customer base, with plans to establish one of the world’s largest heavy-duty hydrogen refueling networks by mid-2024.
Nikola Corporation plans to offer $100 million of common stock and $200 million of Green Convertible Senior Notes due 2026 in separate public offerings. The underwriters may have the option to purchase additional shares or notes. The proceeds from the offerings will be used for working capital, general corporate purposes, and financing eligible green projects. The offerings are subject to market conditions and will be made in accordance with the guidelines of the Green Bond Principles.
Nikola Corporation reported its financial results for Q3 2023, revealing that it raised $250 million and tripled its unrestricted cash since Q1 2023. The company continues to see strong demand for its zero-emissions trucks, despite a recall, with purchase orders for 47 battery-electric trucks received from one dealer. Nikola has received 277 non-binding orders for its hydrogen fuel cell electric truck and is focused on go-to-market activities in California. The company is also working on securing hydrogen supply and fueling solutions. Nikola plans to replace the battery packs on existing customer battery-electric trucks and expects to deliver new trucks in Q1 2024.
Nikola Corporation, the zero-emission transportation start-up, has continued to dilute its shares by aggressively selling new shares and issuing convertible notes to raise capital. The company's outstanding shares have increased from 779.5 million to 985.2 million within a month, with the majority of the surge caused by the conversion of convertible notes. Nikola has also announced a recall of over 200 of its battery electric trucks due to safety concerns, which is expected to result in significant expenses. The company's stock price is likely to remain under pressure due to ongoing dilution and the potential for another guidance revision. Investors are advised to consider selling existing positions.
Nikola Corporation will announce its third quarter 2023 financial results and business updates on November 2, 2023. The company will hold a conference call and webcast to discuss its business and outlook. To enhance shareholder engagement, Nikola will utilize a Q&A platform developed by Say Technologies, allowing verified investors to submit and upvote questions. The platform will be open from October 25 to November 1.
Nikola Corporation has appointed Mary Chan as its Chief Operating Officer (COO), effective October 9, 2023. Chan will lead the company's engineering, program, product, supply chain, and manufacturing teams, aligning with the vision of President and CEO Steve Girsky to streamline decision-making processes and enhance Nikola's reputation in engineering and manufacturing. Chan brings extensive experience in technology and transportation, having previously served in executive positions at General Motors and Dell Inc. She will play a crucial role in driving Nikola's mission of achieving a zero-emissions future in the trucking industry.
Nikola Corporation has appointed Mary Chan as its Chief Operating Officer (COO), effective October 9, 2023. In her role, Chan will lead the company's engineering, program, product, supply chain, and manufacturing teams. The appointment aligns with Nikola's vision to streamline decision-making processes and enhance its reputation for excellence in engineering and manufacturing. Chan brings extensive experience in technology and transportation, having previously served as President of the Global Connected Consumer group at General Motors (GM) and in executive positions at Dell Inc. and Alcatel-Lucent.
Nikola Corporation, a global leader in zero-emissions transportation, is expanding its dealer network into Canada through a partnership with ITD Industries. ITD, a commercial trailer manufacturer and technology business, will promote and sell Nikola's Class 8 zero-emission trucks across its national sales channels. Canada's supportive environment for zero-emission vehicles, attractive incentives, and ambitious carbon reduction goals make it a strategic market for Nikola. The company anticipates significant growth in Canada, aided by eligibility for federal and provincial incentives for the purchase or lease of its hydrogen fuel cell and battery-electric trucks.
Nikola Corporation's CEO, Steve Girsky, addressed key business topics in a CEO Chat and Q&A session, discussing the battery-electric truck recall, production and delivery expectations, hydrogen infrastructure buildout, and Nikola's future and outlook. Girsky highlighted Nikola's unique position in the zero-emission Class 8 truck market and emphasized the company's commitment to being a leader in the industry. He assured stakeholders of Nikola's dedication to safety and addressed customer demand for their products, which are reinforced by state and federal incentives. Girsky also discussed Nikola's ambitious plans for the hydrogen infrastructure, positioning the company as a frontrunner in hydrogen refueling solutions. He expressed optimism for Nikola's future and its mission to pioneer solutions for a zero-emissions world.
Nikola Corporation reported its second-quarter 2023 results, highlighting progress in executing its business plan, increasing its cash position, and decreasing cash use. The company achieved sales momentum with 45 wholesale and 66 retail deliveries in Q2 and began serial production of its hydrogen fuel cell electric truck, with first customer deliveries expected in September. Nikola received 18 customer orders for over 200 hydrogen fuel cell electric trucks. The company also continued to develop its hydrogen refueling ecosystem with partners.
Four electric semi trucks caught fire at the Nikola Corporation building in Phoenix, triggering a large response from hazmat crews. Officials suspect foul play as a vehicle was seen near the trucks before the flames sparked. The lithium ion battery fire is difficult to fight and is emitting a thick black smoke and strong chemical smell. Firefighters are spraying water over the battery fire to cool down the vehicles and prevent extension.
