Nikola Q1 2021 Earnings Report
Key Takeaways
Nikola Corporation reported its Q1 2021 financial results, highlighting continued progress on previously communicated milestones, including commissioning and validating the Nikola Tre BEVs and nearing completion of manufacturing facilities in Ulm, Germany, and Coolidge, Arizona.
Continued commissioning and validation of Nikola Tre BEVs, addressing component level delays with suppliers.
Nearly completed building modifications of the joint venture manufacturing facility in Ulm, Germany, with trial production expected to begin in June 2021.
Progressed at the Coolidge, Arizona manufacturing facility, with the building substantially enclosed and equipment installation underway.
Announced collaborations for sales and service dealer network and hydrogen infrastructure deployment.
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Nikola
Forward Guidance
Nikola anticipates achieving several milestones in 2021, including the start of vehicle trial production in Germany and Arizona, breaking ground on the first commercial hydrogen station, announcing additional partnerships, and delivering the first Nikola Tre BEVs to customers in Q4 2021.
Positive Outlook
- Start of vehicle trial production at the JV manufacturing facility at IVECO's industrial complex in Ulm, Germany in June 2021.
- Start of vehicle trial production at the greenfield manufacturing facility in Coolidge, Arizona in July 2021.
- Break ground on our first commercial hydrogen station.
- Announce additional hydrogen infrastructure/ecosystem partners.
- Announce additional fleet testing customers.