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Nikola Company, a worldwide chief in zero-emissions transportation and vitality provide and infrastructure options, by way of the HYLA model, as we speak reported monetary outcomes and enterprise updates for the quarter ended June 30, 2023.
“Nikola has turned the nook and is properly on the way in which to executing our marketing strategy and attaining profitability,” mentioned Nikola CEO Michael Lohscheller. “We’ve got almost doubled our unrestricted money place whereas additionally considerably decreasing our spending. We proceed to drive ahead in our mission to decarbonize heavy-duty trucking and guarantee Nikola is profitable for the lengthy haul.”
“Our administration group is extremely centered on delivering vehicles to prospects at scale and taking advantage of our first mover benefit within the hydrogen refueling ecosystem” Lohscheller continued.
Execution of Strategic Priorities
In the course of the second quarter we made substantial progress on the realignment of sources with our strategic priorities:
- Continued constructing gross sales momentum delivering 45 wholesale and 66 retail battery-electric vehicles, the very best retail quarter thus far
- Elevated our unrestricted money place by $107.1 million whereas considerably decreasing our adjusted free money circulate to beneath our $150 million goal for the quarter
- Raised $233.2 million by way of capital increase and asset monetization, and improved visibility into future capital wants to completely fund the enterprise mannequin
- Closed down battery manufacturing operations of Romeo Energy, Inc. (“Romeo”) and are establishing a battery pack line in Coolidge for our battery-electric vehicles
- Accomplished the sale of European three way partnership to Iveco
- Made substantial progress within the improvement of the hydrogen refueling ecosystem with companions
Hydrogen Gasoline Cell Electrical Truck
On July 31, 2023, we formally started serial manufacturing of the hydrogen gas cell electrical truck. The primary buyer deliveries are anticipated to happen in September. Up to now, 18 prospects have positioned orders for over 200 hydrogen gas cell electrical vehicles with Nikola and sellers (1). In the course of the second quarter, the rest of the ten gamma vehicles had been absolutely constructed and commissioned. Gamma vehicles might be utilized in remaining automobile validation and buyer pilot testing.
Battery-Electrical Truck
In the course of the second quarter we continued to construct gross sales momentum on the battery-electric vehicles, wholesaling 45 to sellers with 66 retail gross sales. We anticipate gross sales momentum to proceed constructing as prospects notice the full value of possession advantages of zero-emissions vehicles and extra authorities assist is launched to speed up the transition to zero-emissions.
Power Infrastructure
Our HYLA group is targeted on making certain there’s enough hydrogen provide to satisfy truck gross sales volumes in 2023 and past. We proceed to maneuver the hydrogen refueling ecosystem ahead with properly capitalized companions that align with our capital-efficient technique. Voltera and Nikola are collaborating on the just lately introduced partnership, and we now have begun the station improvement course of for eight (8) preliminary stations. Our first station in Ontario, California is anticipated to enter operation by the top of 2023. We’ve got additionally secured over $50 million in grant funding from numerous California companies, decreasing the capital prices for hydrogen stations.
On July 19, 2023, we introduced Fortescue Future Industries (FFI) acquired the Phoenix Hydrogen Hub mission, additional validating our capital environment friendly technique. We’re negotiating an offtake settlement with FFI, which is meant to assist hydrogen demand from Nikola truck prospects beginning in 2025.
Within the close to time period as everlasting station infrastructure is constructed, we’re securing enough fueling options to allow trucking operations for early prospects. We anticipate to deploy 9 (9) hydrogen cell fuelers at a number of places in California by the top of 2023 to assist zero-emissions trucking operations.
Coolidge, Arizona Manufacturing Facility
In Coolidge, the Part 2 meeting growth has been accomplished and the brand new mixed-model line able to constructing each battery-electric and hydrogen gas cell electrical vehicles has been put in. The present manufacturing capability of the power is 2,400 vehicles / 12 months on three (3) shifts.
Progress continued on the gas cell energy module meeting line. We anticipate the gas cell energy module meeting line to be accomplished in This autumn of this 12 months. Gasoline cell energy modules utilized in hydrogen gas cell electrical vehicles in 2023 might be constructed and shipped to Coolidge by Bosch.
Progress additionally continued on the battery pack line set up in Coolidge. After we resume battery-electric truck manufacturing, the battery packs utilized might be constructed at our facility in Coolidge.
Second Quarter Monetary Highlights
SOURCE: Nikola
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