Nikola Q1 2022 results: 11 Tre BEVs delivered, orders likely for sale the rest of the year

Nikola Q1 2022 results: 11 Tre BEVs delivered, orders likely for sale the rest of the year

Nikola Corporation has shared first-quarter results for 2022 and things are improving. In addition to a small but noteworthy gross profit, the formerly popular commercial electric vehicle manufacturer has begun to deliver some BEVs and has purchase orders (POs) or letters of intent (LOIs) for hundreds more. Nikola also continues to make strides in expanding its manufacturing facility in Arizona.

Nikola Corporation ($NKLA) is an American manufacturer of zero-emissions vehicles (ZEVs) that has publicly demonstrated the rides of a hydrogen fuel-cell electric train and BEV out of deep noise and catastrophic failure.

However, the automaker has gotten rid of its disruptive employees and continues to struggle beyond relevance and into scalable production. While the numbers are still slim, Nikola appears to be on the right track as per the results of the first quarter of 2022. Here are some of the highlights:

Pre-Series Tre BEVs and Beta Programs

According to the Nikola Q1 2022 report, the last 10 of 40 Tre BEVs rolled off the assembly line in College, Arizona. Pre-series EVs continue to be used in demos, research and development, and pilot programs. Speaking of beta programs, Nicola completed two programs this quarter. The first customer pilot program with TTSI concluded on April 29th and was joined by a successful second pilot for 14 days with Univsar Solutions. Other beta programs are still in progress.

Tre BEV production and sales for the first quarter of 2022

Nikola Corporation began serial production of its Tre BEV truck in College College on March 21 and began shipping production trucks to dealers last month. However, it only delivered 11 for the quarter.

However, Nikola is reporting purchase orders for an additional 134 Tre BEVs to customers in California, using the Hybrid and Zero Emissions Bus Voucher Incentive Project (HVIP), which saves them $120,000 per truck. By combining POs, LOIs, and MOUs, Nikola says it has received inquiries for 510 Tre BEVs to date. Nikola CEO Mark Russell shared his thoughts:

During the first quarter, we reached an important milestone with the start of serial production of the Nikola Tre BEV at our College, Arizona manufacturing facility, and we are currently delivering salable trucks to dealers for customer delivery. We are looking to expand production and deliver 300-500 production vehicles to customers this year.

If the majority of LOIs and MOUs come to fruition, Nikola will be sold from Tre BEVs for the rest of 2022. However, its current footprint in Arizona could already produce five times that number of vehicles and is expanding to manufacture more.

Manufacturing Update

As of the first quarter of 2022, the first phase of Nicola’s Arizona manufacturing facility is now complete, with shareholder approval to add common stock, and is equipped to produce 2,500 trucks annually. The car manufacturer has already started the second stage, which will consist in the expansion of the assembly area. The second phase is expected to be completed next year and will boost the company’s truck production to 20,000 units annually over two shifts.

Financial Highlights of Nicolas for the first quarter of 2022

When it comes to finances, Nicolas still has a long way to go, but he is making progress. Gross earnings were $431 for the first quarter. Hey, it’s the beginning.

Source: Nikola Corporation

Take Electric

What can be said about Nicola that hasn’t already been said? Baby steps as they say. Mark Russell must be recognized for pulling this fictitious company off the rocks and guiding it in the right direction. A direction in which you deliver vehicles that are actually moving without the aid of gravity.

Nikola still has a long way to go of course, but every update has shown progress, no matter how big or small, all without scandal. Now that production has begun in Arizona, it will be interesting to see how these delivery numbers grow in the second quarter and 2022 as a whole. I will definitely be paying attention.

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2022-05-05 18:30:00

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