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Nikola Corporation reports fourth quarter and full year 2021 results

Delivered first Nikola Pre-Series Tre BEVs to customers and dealers

Nikola Corporation, a global leader in zero-emissions transportation solutions, today reported financial results for the quarter and full-year ended December 31, 2021.

“During the fourth quarter, we began delivering Pre-Series Tre BEVs to customers and dealers, and we are ramping up production in Coolidge. We anticipate beginning series production of the Tre BEV on March 21. We are laser-focused on delivering vehicles and generating revenue,” said Mark Russell, Nikola’s Chief Executive Officer.

Nikola Tre BEV Update

On December 17, 2021, we delivered the first two Nikola Tre BEVs to TTSI in California as a part of a three-month pilot program. Since placing the trucks into service with TTSI, the trucks have hauled multiple loads per day and logged over 4,500 miles combined. The trucks have completed a 204-mile journey on a single charge, the longest range of any BEV TTSI has tested. We are pleased with the pilot results and look forward to delivering saleable Nikola Tre BEVs to customers in the second quarter of 2022.

Nikola Tre FCEV Alpha Update

On January 24, 2022, we began pilot operations with Anheuser-Busch (A-B). Two Nikola Tre FCEV alphas are undergoing a three-month pilot in daily service within the brewer’s Southern California distribution network. On February 11, 2022, Tre FCEV alphas celebrated this pilot by participating in a full zero-emission beer haul with A-B. The unique “zero-emission delivery” leveraged the technology of both partners to sustainably deliver beer from A-B’s brewery in Van Nuys, CA, to its distribution centers in the greater Los Angeles area. As part of the ongoing pilot, the Nikola Tre FCEV vehicles are expected to be used in daily operations to evaluate and refine the production specifications and features of the Nikola vehicles. The trial is intended to demonstrate the advantage of fuel cell trucks in beverage hauling, an application that targets maximum payload, range, and around-the-clock operations. The pilot activity is an important step for the companies to work together and implement economically viable zero-emission solutions across the A-B brewing network.

Coolidge, Arizona Manufacturing Facility Update

Phase 1 of the Coolidge, Arizona facility provides us with a production capacity of 2,500 trucks for 2022. We have begun construction of the Phase 2 assembly expansion area, which is expected to be completed in Q1 2023 and provide us with a production capacity of up to 20,000-trucks per year on two shifts.

Ulm, Germany Joint Venture Manufacturing Facility Update

Our Ulm, Germany manufacturing facility on IVECO’s industrial complex is complete. The facility is capable of producing 2,000 trucks per year and is expandable to 10,000 trucks per year. In 2022, we expect to build and deliver 25 trucks to the Hamburg Port Authority.

LOI for up to 100 BEV Trucks with Heniff Transportation Systems

On December 22, 2021, we announced that Heniff Transportation Systems has agreed to acquire 10 Nikola Tre BEVs from Thompson Truck Centers, a Nikola sales and service dealer network member. The agreement between Heniff Transportation and Thompson Truck Centers is a fleet-as-a-service model where Thompson will provide the sales, service, maintenance, and energy infrastructure required to operate the Nikola Tre BEV trucks. Deliveries are expected to commence in the first half of 2022. Upon the successful initial deployment of 10 units into their bulk transport operation, Heniff and Thompson have agreed to pursue the placement of an additional 90 trucks into Heniff’s fleet.

Recent Developments

LOI for up to 100 BEV Trucks with USA Truck, Inc.

On January 5, 2022, we announced that USA Truck has entered into an LOI for an initial purchase of 10 Nikola Tre BEVs from Thompson Truck Centers, a member of the Nikola sales and service dealer network. The LOI between USA Truck Inc. and Thompson Truck Centers is a “fleet-as-a-service” model. Thompson will provide sales, service, maintenance, and energy infrastructure required to operate the Nikola Tre BEV trucks, expected to be delivered in the first half of 2022. The agreement also includes the option to purchase an additional 90 Nikola zero-emission trucks over the next two years.

LOI for up to 100 BEV Trucks with Saia LTL Freight

On January 6, 2022, we announced our collaboration with Saia LTL Freight which includes an LOI to purchase or lease 100 Nikola Tre BEVs following the satisfactory completion of a demonstration program.

The demonstration program will include three BEV trucks in separate locations across the Saia network and is expected to begin in the first half of 2022. Deliveries of 100 production vehicles are intended to occur between 2022 and 2024, with the initial 25 targeted for 2022.

LOI for up to 40 FCEV and 10 BEV Trucks with Covenant Logistics Group

On January 11, 2022, we announced our collaboration with Covenant Logistics Group, which includes an LOI for 10 Nikola Tre BEVs and 40 Nikola Tre FCEVs following the satisfactory completion of a Nikola Tre BEV and Nikola Tre FCEV demonstration program. Delivery to Covenant of the first Tre BEV truck and mobile charging trailer for testing is anticipated to occur in the second quarter of 2022, with the Tre FCEV testing expected to follow in 2023.

Nikola Tre BEV Receives HVIP Approval in California

On January 13, 2022, we announced the Nikola Tre BEV had been deemed eligible for the Hybrid and Zero Emissions Truck and Bus Voucher Incentive Program (HVIP) program by the California Air Resources Board. With this approval, qualified purchasers of the Nikola Tre BEV can now qualify for an incentive valued at $120,000 per truck (up to $150,000 for drayage), helping to reduce the total cost of ownership for purchasers operating in the state of California.

Reached Long Term Battery Supply Agreement with Proterra

On January 18, 2022, we announced a multi-year strategic partnership with Proterra to supply Nikola with battery packs for Nikola BEVs and FCEVs. The first Proterra-powered Nikola Tre BEVs are expected to be produced in the fourth quarter of 2022.

Executed Agreement with Corcentric Fleet Funding Solutions to Facilitate Vehicle Financing

On January 20, 2022, we announced an agreement with Corcentric Fleet Funding Solutions to facilitate sales of Class 8 Nikola Tre BEVs and FCEVs. Under the agreement, Corcentric will purchase vehicles and related assets (e.g., charging assets) directly from Nikola to offer Nikola customers a bundled lease that provides Nikola trucks, related equipment, fuel, and maintenance in a single agreement.

SEC Investigation Update

On December 21, 2021, we confirmed our settlement with the SEC. We will pay a $125 million civil penalty in five installments over two (2) years. The first installment was paid on December 21, 2021. The company is seeking reimbursement from its founder, Trevor Milton, for costs and damages in connection with the government and regulatory investigations.

Fourth Quarter and Full-Year Financial Highlights

Business Outlook

Nikola looks forward to achieving the following milestones in 2022:

  • Deliver 300 – 500 production Nikola Tre BEVs to customers
  • Successful pilot testing of Tre FCEV alpha trucks with AB, TTSI and others
  • Build, test, and validate Tre FCEV beta trucks
  • Announce location, break ground, and commence construction of the first hydrogen production hub in Arizona
  • Announce two or more dispensing station partners in California

SOURCE: Nikola

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