Nikola's sales and delivery goals for 2022 were not met.
Nikola's disappointing fourth-quarter and full-year 2022 results have been released. The manufacturer of electric trucks missed its revenue goals by a significant amount, in part due to the fact that it delivered fewer trucks than it built. Shares on its stock market have already fallen. Nikola made 133 trucks, but only 20 of them were delivered in the fourth quarter, in part because the company cut back on spending because of fears of a recession and rising costs.
However, Nikola did reveal plans to cut costs and increase deliveries this year. In the fourth quarter of this year, a minimum of 125 fuel-cell trucks and between 250 and 350 Tre battery EV trucks are the objective for 2023.
Nikola intends to begin the installation of an automated battery module and pack assembly line beyond its trucks. Cost savings of up to $105,000 per BEV could be realized as a result.
Additionally, Nikola unveiled its next-generation safety system for its fuel-cell and battery-electric trucks. By the end of 2024, these enhanced driver assistance features are expected to be available. They will be installed by default. With its electrified Badger pickup truck, Nikola appeared prepared to compete with Tesla and even older automakers. Even though General Motors agreed to help Nikola make it, it didn't work out that way.
Trevor Milton, the company's founder and former CEO, was found guilty of multiple counts of fraud for deceiving investors. According to his legal team, one of the jurors lied to get on the jury, which is why he is now asking for a new trial. When Nikola went public in June 2020, it was led by Milton and valued at $26.3 billion.
His fraud was exposed two months later by a research company. In regards to the Badger truck, the prototype that was presented to investors and potential customers was constructed using components that were taken directly from the Ford F-150 Raptor. Those who had made deposits were given back their entire money.
Since then, Nikola has completely abandoned the Badger project, concentrating solely on its BEV and FCEV cargo trucks. It also recently formed a partnership with ChargePoint to make it possible for Nikola dealers to sell charging software and infrastructure.
blogpay
Total Comments: 0