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Dec 31, 2020
Nikola Q4 2020 Earnings Report
Announced fourth quarter and full year 2020 results, realigning company focus on core businesses and making progress on manufacturing facilities.
Key Takeaways
Nikola Corporation reported a net loss of $147.1 million for the fourth quarter of 2020. The company made changes to refocus and realign its resources on battery electric and hydrogen-fuel cell electric heavy-duty trucks, and hydrogen refueling infrastructure.
Completed assembly of first five Nikola Tre BEV Prototypes, with trucks undergoing commissioning and validation.
Negotiated a competitive electricity rate with APS, approved by the Arizona Corporation Commission.
Made significant progress at the joint venture manufacturing facility on IVECO's industrial complex in Ulm, Germany, with trial production of Nikola Tre BEVs scheduled to begin in June 2021.
Began steel erection at the Coolidge, Arizona manufacturing facility, with trial production of Nikola Tre BEVs expected to begin in the third quarter of 2021.
Nikola
Nikola
Forward Guidance
Nikola looks forward to achieving several milestones in 2021, including starting trial production at manufacturing facilities in Germany and Arizona, breaking ground on commercial hydrogen stations, announcing hydrogen collaboration partners, and delivering the first Nikola Tre BEVs to customers.
Positive Outlook
- Start of trial production at our joint venture manufacturing facility on IVECO's Campus in Ulm, Germany in June 2021.
- Start of trial production at our greenfield manufacturing facility in Coolidge, Arizona in the third quarter of 2021.
- Break ground on our first commercial hydrogen station(s) infrastructure.
- Announce hydrogen collaboration partners and electricity procurement arrangements.
- Delivery of the first Nikola Tre BEVs to customers during the fourth quarter of 2021.