The upstart truckmaker didn’t generate revenue last year but after surviving a rocky period that included an SEC investigation it’s about to start building battery-powered big rigs and is making plans for a large-scale hydrogen plant.
Nikola's Tre FCEV hydrogen truck goes into production in 2023, though prototype versions are being tested by Anheuser-Busch in Los Angeles.Nikola Corp. didn’t generate revenue last year but after surviving a rocky period that included antriggered by its former executive chairman the truckmaker says it’s about to start building battery-powered big rigs and is making plans for a large-scale hydrogen plant for trucks powered by that zero-emission fuel.
“If people think that we're not able to build a truck they'll be disappointed,” CEO Mark Russell tells. Interest in its trucks from fleet operators is rising since Nikola started getting early battery-electric units to customer TTSI to test at the Port of Los Angeles late last year. And in January Anheuser-Busch, Nikola’s biggest potential customer, started“So far our customers love these trucks.
Later this year Nikola will announce the location of its first hydrogen hub, a plant that will make the clean fuel using mainly water and cheap surplus electricity it’s arranged to buy from Arizona’s main utility provider.
Though Nikola’s not making money yet, its 2021 results were somewhat better than anticipated, Jeffrey Osborne, an equity analyst for Cowen said in a research note. “The company’s focus on battery and hydrogen technology and use of strategic partners particularly for vehicle manufacturing should allow for a fairly smooth production ramp,” he said in a research note on Thursday.
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