Nikola to deliver 300 vehicles, hire hundreds and open hydrogen fueling in 2022

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Posted at 8:33 AM, Feb 25, 2022
and last updated 2022-02-26 10:22:35-05

Nikola, the Phoenix-based hybrid and electric truck maker, announced a flurry of company updates on Thursday, including that it planned to deliver at least 300 trucks and hire 400 people by the end of the year.

The company delivered its first battery electric vehicle (BEV) in December and on Thursday said it expects to deliver its first batch of saleable vehicles by the second quarter of this year. But supply chain issues linger and the executive team cautioned that a lack of components may be an issue in 2022.

These first expected deliveries will mean that Nikola can finally start generating revenue; it expects to make between $90 million and $150 million this year after generating no revenue and running a net loss of $690 million in 2021.

Nikola Corp. made these announcements during its fourth year and full year earnings call early on Feb. 24. Nikola shares were down more than 30% year to date through Wednesday, but have gained more than 8% at last check of Thursday trading on the news. Follow the stock here.

Nikola also said it expects to complete phase one of factory construction in Coolidge, south of Phoenix, by the end of March, where the company said it aims to produce 2,500 trucks this year. Nikola’s joint venture plant with Iveco in Ulm, Germany is now complete and capable of producing 2,000 vehicles annually, with 25 slated for delivery to the Hamburg Port Authority this year.

Read more of this story from the Business Journal.