Electric-vehicle start-up Nikola (NASDAQ: NKLA) announced its first public quarterly report today, highlighting some of the milestones it has achieved on its path to production. The company says it's on track to begin production for its initial product launch, the battery electric vehicle (BEV) Tre semi-truck, in the fourth quarter of 2021.
The company said the Tre production tests were ongoing in Germany and expected to be completed by the end of 2020. The Ulm, Germany, facility is scheduled to be capable of producing 10,000 Tre trucks annually, for delivery to the United States.
In the quarter, the company also broke ground on its first U.S. manufacturing facility, in Coolidge, Arizona. Nikola said it expects to begin production at that facility in the fourth quarter of 2021. The company plans to begin producing hydrogen fuel cell electric vehicles (FCEVs) in 2023. In June 2020, it signed a purchase order to be able to complete up to five hydrogen generating and dispensing stations. The follow-up to the initial Tre BEV trucks will be the Nikola Two FCEV vehicles. These stations will be able to supply up to 1,100 of the Nikola Two trucks, the company said.
Chief Executive Officer Mark Russell said, "In the second quarter of 2020, Nikola met predetermined milestones on our journey toward becoming the zero emissions transportation leader in the global heavy truck market." The company plans to begin fleet testing its first Tre BEV trucks in 2021 with some customers and partners, it said.
10 stocks we like better than Nikola Corporation
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Nikola Corporation wasn't one of them! That's right -- they think these 10 stocks are even better buys.
*Stock Advisor returns as of June 2, 2020
Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.