Following the end (or ‘new phase’) of the joint venture with IVECO, as announced a few days ago, U.S.-based ZE truck manufacturer Nikola made public the intention to “reprioritize and refocus” its own business. In fact, besides relying only on the North American market as for vehicle sales, Nikola will apparently concentrate its efforts above all on the development and sales of hydrogen trucks, on HYLA hydrogen refueling business, and autonomous technologies.
Nikola in North America: temporary pause in Coolidge to reorganize production
In addition, Nikola will temporarily pause production in Coolidge, in order to modify the assembly line to accommodate both hydrogen fuel cell and battery electric builds on the same line. After they resume production in Coolidge, the battery electric Tre will remain in the manufacturer’s lineup as a build-to-order product. Also, Nikola will begin battery module and pack manufacturing in Coolidge by the end of July, and Bosch Fuel Cell Power Module assembly by December 2023, as previously announced.
Indeed, Nikola sold their stake in the European manufacturing joint venture to Iveco Group in exchange for $35 million cash consideration and 20.6 million shares of Nikola common stock that will be returned by Iveco. “Iveco will remain an important partner and key supplier for us and will cheer for our long-term success, and they are expected to remain a meaningful stockholder moving forward”, stated Nikola.
“Tremendous opportunity for mobile hydrogen fueling”
“We see tremendous opportunity for mobile hydrogen fueling and believe mobile fueling will play a critical role in the build out of the hydrogen refueling ecosystem, allowing us to be flexible and capital efficient as truck network density is scaled. As of today, we have commissioned four HYLA hydrogen mobile fuelers and are working with partners for additional mobile fuelers”, we read in the last Nikola press release. To date, Nikola received orders for 140 hydrogen fuel cell trucks coming from 12 customers.
“Nikola had a very solid quarter, building sales momentum with Class 8 battery electric truck deliveries to customers, and orders for 140 hydrogen fuel cell trucks from customers,” said Nikola CEO Michael Lohscheller. “We have the right products at the right time, and as we move forward, we will be focusing on the North American market, hydrogen fuel cell trucks, the HYLA hydrogen refueling business, and autonomous technologies. We are on the right path with our re-energized management and commercial teams, improved sales strategy, new dealers, and energy partners,” Lohscheller continued.