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Nikola Transitions From Battery to
Hydrogen-Powered Semi Trucks
Nikola Wants to Give Hydrogen a Go Since
Battery-Electric Trucks Worked Out So Well
Nikola has had a tough time staying afloat
with its battery-electric truck, so now it'll try its hand at
hydrogen.
May 10, 2023
By
Andy Kalmowitz
![](images/images_05_17_2023/ea847db0a37365e2216c352b98ed3cc9%20copy.jpg)
Nikola has had a real tough go of it over the past few
years. Right now the
supposed-to-be truck maker is losing over $150 million per
quarter, and that’s a lot of money when you consider the fact it only
has about $150 million in cash and receivables on hand, according to a
report from Automotive
News.
In case you missed it:
Being in that sort of money situation can change how you view things,
what your priorities are, and what you’ll do going forward. That’s
apparently what happened with our
dear Nikola. The company is completely revamping its
strategy. Executives are telling AutoNews that
it is going to focus on hydrogen
trucks and its relatively new hydrogen
refueling business called Hyla.
Part of the reason for this switch in focus is because the hydrogen
fuel cell version of Nikola’s
Tre truck has a claimed 500-mile range. It drummed up a lot
of interest at the Advanced Clean Transportation Expo, and where
there’s interest, there’s money – something Nikola
desperately needs.
The outlet reports that Nikola dealers currently have 140 fuel cell
trucks on order, and it has halted production at its Coolidge, Arizona
factory to retool it. But, trucks won’t be the only component of
Nikola’s hydrogen
game plan. It’s apparently also going to have a nationwide
network of up to 50 Hyla refueling stations. An average of one per
state doesn’t seem like enough, but what do I know? It’s reportedly
teaming up with Voltera, a Virginia-based energy infrastructure
company to build EV charging and hydrogen fueling
stations to make Nikola’s plans come to fruition.
Now, don’t worry Nikola fan(s). The company is still apparently going
to make battery-electric vehicles, but only for special orders.
They’ll be built alongside the fuel cell trucks at the Coolidge plant.
“The ports in California, they prefer a battery electric truck, and we
are happy to continue to produce the battery-electric truck,” Michael
Lohscheller, Nikola CEO, told Automotive
News.
He also said that Nikola has delivered 162 battery-electric trucks to
customers and has made 33 retail sales in the first quarter of 2023.
All of this exciting news comes as Nikola continues to struggle
finacially. AutoNews says
it’s able to raise $500 million going forward, but it’ll have to do it
through existing credit and loan agreements. It could also borrow
money against its buildings and other assets.
Nikola also recently ended its joint venture with Iveco, an Italian
truck maker, to build battery-electric trucks in Europe. Nikola will
reportedly sell its stake in Iveco back to the company for $35
million, and Iveco will purchase 20 million shares of Nikola.
In the first quarter, Nikola lost $169 million, according to Automotive
News. That works out to 31 cents per share, and it’s a bit more
than the $152.9 million it lost in the first quarter of 2022. There
is some good
news, though. AutoNews says
Nikola’s first quarter revenue reached $11.1 million. That’s up from
just $1.88 million the same time last year. Good job, guys!
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