Nikola Corporation reported on Thursday its financial results for the quarter ended March 31, 2022. “During the first quarter, we reached a significant milestone with the start of serial production for the Nikola Tre BEV at our Coolidge, Arizona manufacturing facility and are currently delivering saleable trucks to dealers for customer deliveries,” said Mark Russell, Nikola’s Chief Executive Officer. “We look forward to scaling production and delivering 300 – 500 production vehicles to customers this year.”
Nikola looks forward to achieving the following milestones in 2022:
- Deliver 300 to 500 production Tre BEV trucks
- Successful FCEV alpha pilot testing with Anheuser-Busch and TTSI
- Build, validate and test Tre FCEV beta trucks
- Announce location, break ground, and commence construction of the first hydrogen production hub in Arizona
- Announce two or more dispensing station partners in California
First Quarter Financial Highlights
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Nikola Tre BEV Update
During the first quarter, the final 10 of a total fleet of 40 pre-series Tre BEVs came off the line in Coolidge, Arizona. Pre-series trucks continue to be used in customer pilots, dealer demos, and internal R&D testing. On April 29, we successfully completed our first Tre BEV customer pilot with TTSI. We also successfully completed a 14-day pilot with Univar Solutions (NYSE: UNVR). We are currently undergoing pilot testing with several other customers, including Covenant Logistics (Nasdaq: CVLG).
On March 21, 2022, we began serial production of the Nikola Tre BEV in Coolidge, Arizona. We began shipping saleable Tre BEVs to dealers in April for customer deliveries. Customer POs for 134 trucks have been issued to our dealers utilizing California HVIP. To date, we have received POs, LOIs, and MOUs for a total of 510 Nikola Tre BEVs.
Coolidge, Arizona Manufacturing Facility Update
Phase 1 of the Coolidge, Arizona facility is completed with a production capacity of 2,500 trucks. We have begun the Phase 2 assembly area expansion, which is expected to be completed in 2023 and provide a production capacity of up to 20,000 trucks per year on two shifts.
Recently, Nikola announced on Monday that received a $200 million investment from Funds advised by Antara Capital LP through the purchase of Convertible Senior Notes. Nikola CFO Kim Brady commented on the agreement: “Including the $200 million investment we announced today, Nikola would have had a total cash and liquidity position of approximately $1.0 billion as of March 31, 2022.
Nikola will host a webcast to discuss its first-quarter results at 6:30 a.m. Pacific Time (9:30 a.m. Eastern Time) on May 5, 2022. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/register/nikola20220505/en.
Th company recently announced that Sophia Jin will be retiring from the Board after this year’s annual meeting in June, decreasing Board size from ten to nine members. Jin’s departure does not affect the ongoing strategic relationship between Nikola and Hanwha as both continue to have mutual confidence in the vision to move a zero-emissions future forward.
The company recently announced that signed a partnership with the market leading commercial finance company ENGS Commercial Finance Co., a member of Mitsubishi HC Capital Group. The partnership aims to facilitate sales of Class 8 Nikola Tre battery-electric vehicles (BEVs) and Nikola Tre hydrogen fuel-cell electric vehicles (FCEVs). Start of production of the Tre BEVs began last week at Nikola’s Coolidge, Arizona manufacturing facility. The Nikola Tre FCEV deliveries are anticipated in 2023.