Nikola Corporation (NASDAQ: NKLA) has announced a target to deliver up to 350 hydrogen-fuel cell electric trucks this year. The Phoenix, Arizona-based alternative energy carmaker is setting its ambitions on delivering more than 350 hydrogen-powered fuel cell trucks to customers by the end of this quarter after cost controls.
A recent statement from the company revealed that it was close to returning the battery electric trucks it recalled from customers last August because of fire risks. Fleets can expect to receive their trucks by the end of quarter two of this year or early into the third quarter, Nikola said.
The automaker recently sold the Badger electric truck assets it planned to develop alongside Ford Motors to a new firm called Embr Motors. Embr Motors now owns the only two Badger prototypes ever constructed along with all the intellectual information related to the pickup truck and all of Nikola’s personal watercraft and offroad vehicles.
News of the sale came only a few weeks after disgraced Nikola founder Trevor Milton unsuccessfully tried to install television personality, vehicle builder and Embr Motors owner Heavy D. Sparks as well as other directors on Nikola’s board of directors.
After a series of executive departures and a rough period that saw Nikola shares fall from a $80 peak to less than $1, the embattled company is now trying to pivot its business strategy to hydrogen-powered big rigs. Nikola manufactured 42 hydrogen fuel-cell electric trucks in last year’s final quarter and delivered 35 units, which doubled its electric vehicle revenue to more than $10 million.
This increased revenue coupled with a 27% reduction in total operating expenses helped Nikola reduce its net loss from the $222 million recorded in the last quarter of 2022 to $153.6 million in the final quarter of last year. The company expects to generate $170 million in revenue from truck sales this year and would like to sell more than 400 trucks, including hydrogen-fuel-cell trucks, to fulfill these expectations.
A report outlining Nikola’s fourth quarter and full-year results notes that the company ended the year with no inventory of finished goods. The report said Nikola received 250 voucher requests for hydrogen fuel cell electric trucks from October 2023 to Jan. 31, 2024, in Ontario, California.
Nikola also opened its first modular HYLA refueling station in Ontario, California, and partnered with FirstElement Fuel, an Oakland-based hydrogen-vehicle fueling company, to provide fueling solutions for fleets in Southern and Northern California.
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