Written by Cláudio Afonso | LinkedIn | X
Nikola is exploring various options, including the possibility of a sale, forming partnerships, or raising additional capital, as the electric truck maker fights to avoid bankruptcy.
The company’s CFO Tom Okray said last October that the company was “working right now to try to raise the necessary capital to give us the runway to go much further into 2025.” Nikola ended the third quarter of 2024 with approximately $198 million in unrestricted cash.
Bloomberg reported on Thursday that the company is open to selling parts of its business or even the entire company.
A few hours after rumors emerged that Nikola, the maker of battery electric (BEV) and hydrogen fuel cell electric (FCEV) trucks, was facing bankruptcy, laying off more staff, and losing its CEO, the company celebrated on X the sale of three FCEV trucks.
“Nikola is proud to see three of our hydrogen fuel cells out on the roads with Reeya Enterprises through our dealer, Ethero Truck + Energy,” the company wrote on X.
The post was published in response to a tweet from the Nikola dealer ‘Ethero Truck + Energy’ where the company celebrated the delivery of three hydrogen-powered electric trucks.
“Reeya Enterprises is running on hydrogen and lightning, thanks to three new Nikola FCEVs!,” Nikola’s official dealer partner wrote on X. “Routes from Yuba City to Reno will be tailpipe emission-free and powered for the long haul.”
Earlier this Thursday, Elecktrek‘s editor-in-chief Fred Lambert wrote on X that “the bankruptcy filing is already in the hands of lawyers.” Citing a source, Lambert added that the chief executive Stephen Girsky “is out.”
The company’s shares hit a new record low at $0.76 earlier this Thursday after plummeting more than 30%.
Three months ago, Nikola announced a new round of layoffs, less than one and a half years after cutting 23% of its workforce in Arizona. The layoffs affected “about 135 employees, roughly 15 percent of its workforce”.
As reported earlier this Thursday, Nikola has still not reported its production and sales figures from the last quarter. The truck maker’s figures have historically been disclosed within the first four days of each quarter, as seen on January 4, April 4, July 2, and October 2 of 2024.
It is behind on filing its production/delivery numbers. A drove flyover of the factory last week showed still over a hundred trucks sitting in the dust without batterie
The company sold 88 hydrogen fuel cell electric trucks in the third quarter of 2024, up 22 percent from the 72 units registered between April and June. For the first three quarters of the year, Nikola sold 200 hydrogen fuel cell trucks, and 235 total since the truck went on sale in late 2023.
Written by Cláudio Afonso | LinkedIn | X
