Nikola Corporation, a leader in zero-emissions transportation solutions, on Feb. 25 reported financial results for the quarter and full year ended Dec. 31, 2020.
"In the fourth quarter of 2020, Nikola made the necessary changes to refocus and realign the company. You have seen us restructure our agreement with GM, cancel our battery electric (BEV) refuse truck program, discontinue our Powersports program and realign the company's resources with laser focus on our core businesses: battery electric and hydrogen fuel-cell electric (FCEV) heavy-duty trucks, and hydrogen refueling infrastructure," said Mark Russell, Nikola's CEO.
Progress on the Commissioning and Validation of the First Nikola Tre BEVs
Nikola has completed the assembly of the first five Nikola Tre BEV Prototypes. All trucks are in the commissioning process and are ramping up to full speed, torque and payload hauling capacity as part of Nikola's level two software release and vehicle validation process.
Four trucks are in North America at multiple locations undergoing powertrain, durability and extreme weather testing. One truck remains in Europe for ABS braking, traction control and electronic stability control testing.
Nikola and IVECO have also begun the assembly of the second batch of prototype trucks at the Ulm, Germany facility.
Announcement of Long-Term Electricity Rate Schedule with APS
In December, Arizona Public Services Company (APS) and Nikola negotiated a competitive rate, unanimously approved by the Arizona Corporation Commission on Jan. 12.
This innovative electricity rate schedule with APS is an important step in achieving Nikola's goal of producing hydrogen at price parity with diesel fuel. Nikola estimates under the rate structure, it will be able to deliver hydrogen at market leading prices and within the range required for Nikola to offer a competitive total cost of ownership for its customers.
Progress Made at Joint Venture Manufacturing Facility on IVECO's Industrial Complex in Ulm, Germany
During the fourth quarter, Nikola and IVECO made significant progress at...