Nikola Securing Supplies to Achieve 2022 Delivery Deadline

Nikola, which began producing battery-electric trucks in late March, claimed it delivered 11 Tre battery-electric trucks (BEV) to clients in April, marking the company's first-ever shipment.

May 06, 2022. By News Bureau

Nikola, which began manufacturing battery-electric trucks in late March, claimed it delivered 11 Tre battery-electric trucks (BEV) to clients in April, marking the company's first-ever shipment.

As reported by Reuters, Nikola Corp announced on Thursday that it had secured enough component supply to reach its delivery target of between 300 and 500 Tre battery-electric vehicles this year, sending its stock up more than 7%.

Nikola, which began producing battery-electric trucks in late March, claimed it has delivered 11 Tre battery-electric trucks (BEV) to clients in April, marking the company's first-ever shipment.

Despite geopolitical difficulties, the electric-truck manufacturer said it has obtained supplier guarantees to reach its 2022 delivery objective.

"Nikola delivered several pieces of positive news and secured a good proportion of their battery and important component supplies for the rest of the year," D.A. Davidson analyst Michael Shlisky said.

The company forecasts sales of $15 million to $18 million in the second quarter, with deliveries of 30 to 50 trucks. According to Refinitiv, analysts predicted $11.5 million in revenue in the second quarter.

In the last few months, the company has received many signed letters of intent from potential clients for the purchase of its trucks, showing increased interest.

Nikola is also developing a hydrogen fuel cell electric semi-truck with a range of up to 500 miles and a refueling period of less than 20 minutes, allowing it to transport goods over longer distances.

Tags:

Sustainable Transport

Nikola

Battery-electric trucks

Manufacturing

Shipment

Letter of intent