Nikola did not meet its 2022 sales and delivery expectations.
Nikola has announced its fourth-quarter and full 2022 year results, which are disappointing. The EV truck maker missed its revenue targets by a significant margin in part because it delivered fewer trucks than it built. Its stock market shares have already dropped. Nikola built 133 trucks, but only 20 were delivered in Q4, partly because the company cut back on spending due to rising costs and recession fears.
Nikola did, however, reveal plans to increase deliveries and reduce spending this year. The goal for 2023 is to deliver between 250 and 350 Tre battery EV trucks and a minimum of 125 fuel-cell trucks in the fourth quarter of this year.
Looking beyond its trucks, Nikola aims to begin the installation of an automated battery module and pack assembly line. This could result in cost savings of up to $105,000 per BEV.
Nikola also announced its next-generation safety system for its battery-electric and fuel-cell trucks. These enhanced driver assistance features will be factory-installed and are expected to become available by the end of 2024. There was a time when Nikola appeared ready to take on the likes of Tesla and even legacy automakers with its electrified Badger pickup truck. General Motors even signed a deal with Nikola to help manufacture it, but it wasn't meant to be.
Former CEO and founder Trevor Milton was convicted on multiple fraud counts for misleading investors. He's now demanding a new trial because, according to his legal team, one of the jury members lied to get on the jury. Milton previously led Nikola when it went public in June 2020 with a $26.3 billion valuation.
Two months later, a research firm exposed his fraud. As for the Badger truck, the prototype shown to investors and potential customers was constructed from parts taken directly from the Ford F-150 Raptor. Those who had placed deposits received full refunds.
Nikola has since abandoned the Badger project entirely, focusing only on its BEV and FCEV trucks for cargo hauling duties. It also recently partnered with ChargePoint to enable Nikola dealers to sell charging infrastructure and software.
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