Nikola Corp. on track to meet production goals for 2022

Nikola Corp. announced last week that it would likely be meeting its delivery projections of between 300 and 500 vehicles this year, citing its ability to obtain the necessary components for production despite ongoing supply chain issues and the conflict in Ukraine. 

CEO Mark Russell said the company “reached a significant milestone with the start of serial production for the Nikola Tre BEV at [its] Coolidge, Arizona, manufacturing facility and [is] currently delivering saleable trucks to dealers for customer deliveries.” Nikola started producing its Tre battery-electric vehicle (BEV) at its plant in March and delivered 11 of the cars in April.

The facility reportedly can build 2,500 trucks annually and is planning on completing “phase 2” next year, which will increase this number to 20,000. 

Nikola’s net loss grew to $152.9 million compared to $120.2 million in Q1 2021. However, the company reported that it has signed various letters of intent with other companies that will potentially purchase its trucks.  

Nikola’s Q1 results showed no revenue from truck sales, but revenue was $1.88 million overall due to strong sales of its mobile charging trailers. The automaker said it is projecting revenue for the second quarter will beat analysts’ expectations and land between $15 million and $18 million.

Nikola is also still in the process of developing a hydrogen fuel cell electric semi-truck that it hopes can get 500 miles of range and “refuel” in less than 20 minutes. It is also still engaging in various pilot projects. 

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