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REUTERS/Brendan McDermid/File photoAug 4 (Reuters) - Nikola (NKLA.O) on Friday named its fourth CEO in as many years as the electric truck maker navigates a host of challenges including dwindling cash reserves, lingering supply chain snags and a pivot to hydrogen fuel cell technology. The Tre battery-electric trucks maker forecast third-quarter revenue of $18 million to $28 million, compared with estimates of $34.5 million, according to Visible Alpha. Nikola's investors approved a proposal that will allow the truck maker to issue more shares to raise funds. Milton stepped down as CEO in 2020 after short-seller Hindenburg issued a scathing report that labeled Nikola a "fraud." Separately, Nikola reported a narrower second-quarter loss as lower production of its Tre battery-electric trucks in the April-June period helped keep costs in check.

Persons: Stephen Girsky, Brendan McDermid, Nikola, Michael Lohscheller, Trevor Milton, Milton, Hindenburg, Romeo Power, Akash Sriram, Anil D'Silva Organizations: VectolQ, Reuters, of Autonomous Vehicles, REUTERS, General Motors, EV, Lordstown Motors, Thomson Locations: New York City, U.S, Phoenix , Arizona, Bengaluru

☆ Nikola shares sink 26% after messy second quarter, CEO departure and news of a stock sale
▼ + stars: | 2023-08-04 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Shares of electric truck maker Nikola fell more than 26% Friday after a complicated second-quarter report, news of a CEO departure and shareholder approval to issue new stock. Here are the key numbers, compared with Refinitiv consensus estimates:Loss per share: 20 cents vs. 22 cents20 cents vs. 22 cents Revenue: $15.36 million vs. $15.4 millionNikola's net loss for the quarter was $217.8 million, or 31 cents per share. Aside from the discontinued operations, Nikola had no adjustments in the second quarter of 2023. Revenue fell to $15.4 million from $18.1 million in the second quarter of 2022. Meanwhile, it was able to raise $233.2 million in cash during the second quarter via sales of stock and some physical assets.

Persons: Nikola, Michael Lohscheller, Steve Girsky, Lohscheller, Nikola's, Romeo, Romeo Power Organizations: General Motors, Revenue Locations: California

☆ EV startup Nikola reports jump in second-quarter deliveries, shares rise
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

The company said retail sales of its trucks doubled to 66 in the quarter, while wholesale figure rose to 45 from 31. They fell before the bell after the company announced on Monday it would start liquidating assets of Romeo Power less than a year after buying the battery maker. Nikola agreed to buy Romeo Power in August for about $144 million, as it looked to jump-start efforts to make battery packs. EV makers Tesla (TSLA.O) and Rivian (RIVN.O) also beat market estimates for second-quarter deliveries. Nikola, which went public in 2020, produced 33 trucks during the second quarter, compared with 63 trucks in the preceding quarter.

Persons: Nikola, NKLA.O, Romeo, Trevor Milton, Tiyashi Datta, Maju Samuel Organizations: Romeo, Tesla, Thomson Locations: Coolidge , Arizona, North America, Bengaluru

☆ Arrival, Nikola signal more pain for EV startups
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Arrival SA will terminate plans to merge with a blank-check firm and Nikola Corp will offload its newly acquired battery unit, the companies said on Monday, amplifying concerns over the struggles electric vehicle (EV) startups face in building scale. Meanwhile, Nikola Corp (NKLA.O) will liquidate the assets of Romeo Power, an EV battery maker it acquired less than a year ago, to energize the business. In contrast, electric vehicle behemoth Tesla (TSLA.O) and California-based Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries. Arrival had in April bet that the second reverse merger would release $283 million of cash held in trust before redemptions. The EV startup in May reported a 37% slump in cash and cash equivalent at the end of the first three months of the year, from the preceding quarter.

Persons: Nikola Corp, Romeo Power, Tesla, Van, Akash Sriram, Sriraj Organizations: Nikola Corp, Kensington Capital, Corp, Romeo, EV, CIIG Merger Corp, United Parcel Service, Thomson Locations: British, Kensington, California, Charlotte , North Carolina, Bengaluru

☆ EV truck maker Nikola to pull the plug on battery supplier Romeo
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Nikola Corp (NKLA.O) will start liquidating the assets of battery maker Romeo Power, the electric truck maker said on Monday, less than a year after buying it. Nikola in August agreed to buy Romeo Power for about $144 million in stock, as it looked to jump-start efforts to make battery packs. "Nikola is discontinuing its operations with Romeo Power and has commenced a proceeding under the California Assignment for the Benefit of Creditors (ABC) statutory scheme," a company spokesperson said in a statement on Monday. In contrast, market leader Tesla (TSLA.O) topped market expectations for second-quarter deliveries, after price cuts and U.S. federal credits helped make its electric vehicles more affordable. Romeo Power is one of the battery suppliers for Nikola's prototype electric trucks along with LG Energy Solution (373220.KS) and Proterra Inc (PTRA.O).

Persons: Nikola Corp, Romeo Power, Nikola, Romeo, Tesla, Power, Nathan Gomes, Akash Sriram, Sriraj Organizations: Nikola, EV, Lordstown Motors, LG Energy, Proterra Inc, Thomson Locations: California, Bengaluru

☆ Lightning eMotors flags sales loss due to supply issues from Nikola unit
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

Jan 10 (Reuters) - Zero emission vehicle manufacturer Lightning eMotors Inc (ZEV.N) said on Tuesday it "lost significant" sales volume in the fourth quarter, citing battery supply issues from a Nikola Corp (NKLA.O) subsidiary. "Romeo Power Systems Inc unexpectedly notified Lightning that it would not honor its commitments to supply battery packs, or to provide further service or support, under its long-term supply agreement with Lightning," the company said. Romeo Power Systems did not immediately respond to a Reuters request for a comment. Reporting by Aishwarya Nair in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola's quarterly results beat expectations on deliveries of 63 electric semitrucks
▼ + stars: | 2022-11-03 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Electric heavy truck maker Nikola said that it produced 75 trucks in the third quarter, and delivered 63 to dealers before quarter-end, generating enough revenue to beat Wall Street's expectations. The news was included in Nikola's third-quarter earnings report, released on Thursday morning. Nikola said it's on track to complete 17 "beta", or pre-production, fuel cell trucks by the end of 2022. The company built 6 in the third quarter; those trucks will be used for pilot tests with Walmart and other truck-fleet operators. Nikola said that bringing Romeo's operations in-house could save it up to $350 million over the next four years.

☆ Electric-truck maker Nikola lays off 15% of Romeo Power's workforce in post-$144 million acquisition restructuring
▼ + stars: | 2022-10-27 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Electric truck startup Nikola just bought battery firm Romeo Power for $144 million. Just weeks after completing its $144 million acquisition of Romeo Power, Nikola Motors laid off 45 employees of the young battery firm, the company confirmed to Insider. Cypress, California-based Romeo Power is a fledgling battery pack maker that went public via SPAC in December 2020. The Romeo employees whom Nikola later let go included nine corporate executives serving in what Brady called "duplicative roles." Are you a current or former Nikola or Romeo Power employee?

☆ Faraday Future names ex-Romeo Power executive as interim finance chief
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Electric vehicle startup Faraday Future Intelligent Electric Inc (FFIE.O) on Wednesday named Yun Han as its interim finance chief and accounting head, replacing Becky Roof who resigned earlier this month. Han was previously chief accounting officer at battery technology firm Romeo Power Inc . Roof, who has served as interim finance chief since March, took over after CFO Walter McBride stepped down due to health reasons. Los Angeles-based Faraday Future has spent the last few months locked in a fight with its largest shareholders and has been battling high costs and supply-chain disruptions that have delayed the production of its FF 91 vehicle to the fourth quarter of 2022. Reporting by Eva Mathews in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola can complete its deal to acquire Romeo Power after clearing key hurdle
▼ + stars: | 2022-10-13 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Electric heavy truck maker Nikola said Thursday that its planned acquisition of battery-pack maker Romeo Power will now proceed, after Romeo Power shareholders agreed to tender just over half of the company's outstanding shares. In August, Nikola said it had agreed to acquire Romeo Power, a California-based maker of battery modules that has been struggling financially, for $144 million in stock. Nikola said that 93.16 million Romeo shares, representing about 50.1% of the company's total shares outstanding, had been tendered by the deadline – just enough to complete the deal. The remaining shares of Romeo Power will now be "canceled and converted" to shares of Nikola, with Romeo shareholders receiving 0.1186 of a Nikola share for each share of Romeo they hold, Nikola said. Romeo Power specializes in building battery modules and packs for large electric commercial vehicles, using lithium-ion battery cells made by other companies.

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