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☆ Nikola CFO Anastasiya Pasterick to resign
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

The logo of Nikola is seen on a truck, during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023. Pasterick was appointed to the role in March this year after the exit of Kim Brady, who was credited with taking Nikola public through a merger with a blank-check firm in 2020. The company expects to wrap up its search for a new CFO soon and Pasterick will assist with a transition through Dec. 1, it said. Key financial leaders will report to CEO Stephen Girsky in the interim. The news comes just months after Nikola named its fourth CEO in four years, with Girsky immediately taking over from Michael Lohscheller.

Persons: Nikola, David Swanson, NKLA.O, Anastasiya Pasterick, Pasterick, Kim Brady, Stephen Girsky, Girsky, Michael Lohscheller, Seher, Devika Organizations: Los Angeles Auto, REUTERS, Ford, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ Nikola CFO to resign less than a year after joining
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

The logo of Nikola is seen on a truck, during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023. REUTERS/David Swanson Acquire Licensing RightsNov 17 (Reuters) - Electric-truck maker Nikola (NKLA.O) said on Friday Chief Financial Officer Anastasiya Pasterick would resign to "pursue other opportunities" less than a year after joining the loss-making company. Pasterick was appointed to the role in March this year after the exit of Kim Brady, who was credited with taking Nikola public through a merger with a blank-check firm in 2020. The company expects to wrap up its search for a new CFO soon and Pasterick will assist with a transition through Dec. 1, it said. The news comes just months after Nikola named its fourth CEO in four years, with Girsky immediately taking over from Michael Lohscheller.

☆ A second Nikola electric semi-truck caught fire during tests to determine the cause of another blaze
▼ + stars: | 2023-09-10 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

A Nikola electric semi-truck caught fire during a battery test outside its Phoenix headquarters. It comes after another Nikola Tre truck caught alight this week in Tempe, Arizona. The electric vehicle maker was testing why a battery pack on another of its trucks caught fire this week when the incident occurred. The semi-truck was undergoing a "battery fire investigation and testing" when it caught alight in its second fire incident this week, the company told Bloomberg in an email. In the first fire, a Tre battery-electric vehicle caught alight in Tempe, Arizona, Reuters reported.

Persons: Nikola Tre, Nikola, Steve Girsky, Michael Lohscheller, Girsky, Nikola didn't Organizations: Service, Bloomberg, Reuters, Street, General Motors Locations: Phoenix, Tempe , Arizona, Wall, Silicon

The maker of Tre model electric trucks has decided to make battery electric trucks only to order and focus on hydrogen fuel cell trucks. The company laid off 270 employees in June and liquidated assets of a recently acquired battery maker last month. Nikola forecast third-quarter revenue of $18 million to $28 million, compared with estimates of $34.5 million, according to Visible Alpha. Other electric vehicle (EV) startups also have toiled to ramp up production, meet delivery targets and raise funds as cash reserves dwindled. 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, NKLA.O, Michael Lohscheller, Girsky, Tre, Trevor Milton, Akash Sriram, Abhirup Roy, Will Dunham, Anil D'Silva, Sriraj Kalluvila, David Gregorio Our Organizations: VectolQ, Reuters, of Autonomous Vehicles, REUTERS, U.S, General Motors, Friday's, Nikola, Fisker, Thomson Locations: New York City, U.S, Phoenix, Bengaluru, San Francisco

Nikola's investors on Thursday approved a proposal that will allow the company to issue more shares. The maker of Tre model electric trucks has been trying to pivot to hydrogen fuel cell technology. Nikola forecast third-quarter revenue of $18 million to $28 million, compared with estimates of $34.5 million, according to Visible Alpha. It had cash and cash equivalents of $226.7 million at the end of the second quarter, compared with $441.8 million, a year earlier. The company laid off 270 employees in June and liquidated assets of a recently acquired battery maker last month.

Persons: Stephen Girsky, Brendan McDermid, Nikola, okayed, Michael Lohscheller, Girsky, Tre, Trevor Milton, Akash Sriram, Abhirup Roy, Anil D'Silva, Sriraj Kalluvila, David Gregorio Our Organizations: VectolQ, Reuters, of Autonomous Vehicles, REUTERS, General Motors, Thomson Locations: New York City, U.S, Bengaluru, San Francisco

☆ Nikola CEO Michael Lohscheller Steps Down
▼ + stars: | 2023-08-04 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, nikola

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

☆ EV maker Nikola names fourth CEO in as many years
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] Stephen Girsky, Managing Partner for VectolQ, speaks during a Reuters Newsmaker event on the Future of Autonomous Vehicles in New York City, U.S. June 20, 2017. REUTERS/Brendan McDermid/File photoCompanies Nikola Corp FollowAug 4 (Reuters) - Electric truck maker Nikola said on Friday that Michael Lohscheller will step down as chief executive officer less than a year after taking over the job and would be replaced by Stephen Girsky at the end of the month. Girsky, who is currently the company's chairman, will be Nikola's fourth CEO in as many years. 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. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephen Girsky, Brendan McDermid, Nikola, Michael Lohscheller, Lohscheller, Akash Sriram, Anil D'Silva Organizations: VectolQ, Reuters, of Autonomous Vehicles, REUTERS, Nikola, Thomson Locations: New York City, U.S, Phoenix , Arizona, Europe, Bengaluru

☆ EV maker Nikola says CEO Lohscheller to step down
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

VinFast Global CEO Michael Lohscheller looks on during the Vietnamese car company's EV global premiere during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. REUTERS/Mike Blake/File photoCompanies Nikola Corp FollowAug 4 (Reuters) - Electric truck maker Nikola said on Friday that Michael Lohscheller will step down as chief executive officer and would be replaced by Stephen Girsky at the end of the month. 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. Lohscheller has decided to step down due to a family health matter and will be returning to Europe, the company said, adding that he would remain in an advisory capacity through the end of September. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Lohscheller, Mike Blake, Nikola, Stephen Girsky, Lohscheller, Akash Sriram, Anil D'Silva Organizations: VinFast Global, EV, REUTERS, Nikola, Thomson Locations: Los Angeles , California, U.S, Europe, Bengaluru

☆ Nikola CEO is leaving the company after just 18 months
▼ + stars: | 2023-08-04 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

New York CNN —The president and chief executive of Nikola, the Arizona-based electric and hydrogen semi truck manufacturer, is leaving the company effective immediately, the company announced Friday. Michael Lohscheller is leaving the company so that he can return to Europe to focus on a family health emergency, the company said. Lohscheller’s predecessor, Mark Russell, also stayed in the CEO role for less than 18 months, meaning Girsky is the company’s fourth CEO in as many years. He became president of Nikola in March 2022, and took over the CEO role in November of last year. During his time as president and CEO, Nikola focused its business more tightly on the US market.

Persons: Nikola, Michael Lohscheller, Stephen Girsky, Mark Russell, Trevor Milton, Milton, Nikola’s, Lohscheller hadn’t, Lohscheller, Loscheller, ” Organizations: New, New York CNN, General Motors, Prosecutors, Volkswagen Group, Volkswagen USA, Nikola, VinFast Locations: New York, Arizona, Europe, Nikola, United States

☆ 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

☆ Nikola gets required shareholder votes for share increase proposal
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerAug 3 (Reuters) - Electric truck maker Nikola Corp (NKLA.O) said on Thursday it had garnered enough support for a proposal to increase the number of shares it can issue, opening the doors to much-needed capital. To reduce cash burn, Nikola announced layoffs in June and liquidated assets of a recently acquired EV battery maker. But investors have been closely scrutinizing cash reserves at Nikola and other electric-vehicle makers worried about more share disposals to raise funds diluting their stakes. Opposing the vote vocally was Nikola's founder and top shareholder Trevor Milton, who has also called for a change in leadership. Shares of Nikola, which have soared nearly 60% this year to Thursday's close, fell 3.7% in after-hours trading.

Persons: Nikola, Fabian Bimmer, Nikola Corp, Michael Lohscheller, Trevor Milton, Milton, Thursday's, Abhirup Roy, Gerry Doyle, Lisa Shumaker Organizations: IAA Transportation, REUTERS, Nikola, EV, Thomson Locations: Hanover, Germany, San Francisco

☆ Nikola adjourns meeting to garner more support for share proposal
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

SAN FRANCISCO, June 7 (Reuters) - Nikola (NKLA.O) adjourned its shareholder meeting on Wednesday after failing to garner enough support for a proposal to increase the number of shares the electric truck maker is allowed to issue, delaying its prospects of raising much-needed capital. The company, like other electric vehicle makers, has been grappling with dwindling cash and weakening demand amid fears of a recession. While some proposals require a majority of shares voted, Proposal 2 needs more than 50% of all outstanding shares in favor to pass. "More than 77% of shares voted through June 6 have been in favor of Proposal 2, but more time is needed to obtain the required vote," Nikola said in a statement, adding that the meeting will reconvene on July 6. Nikola shares have dropped about 73% this year to 59 cents as of Wednesday's close, below Nasdaq's $1 threshold.

Persons: Nikola, NKLA.O, Stasy Pasterick, Michael Lohscheller, Abhirup Roy, Lisa Shumaker Organizations: FRANCISCO, bourse, Thomson Locations: San Francisco

☆ Electric truck maker Nikola may do reverse stock split to comply with Nasdaq rules
▼ + stars: | 2023-06-01 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

SAN FRANCISCO (Reuters) -Electric truck maker Nikola Corp may execute a reverse stock split if its stock does not comply with Nasdaq’s minimum bid price requirements within a certain period, its chief executive Michael Lohscheller said on Thursday. Nasdaq requires shares trade above $1 and sends a notice if one trades below that mark for 30 consecutive business days. If Nikola cannot comply in those periods, the company can execute the reverse stock split, subject to a shareholder vote, to move its shares above the $1 mark, Lohscheller said. A reverse stock split consolidates the number of existing shares into fewer shares. Cash burn in the first quarter was $240 million, compared with $200 million per quarter in 2022, Nikola said last month.

Persons: Nikola, Michael Lohscheller, Massimo Pinca Nikola, Lohscheller, ”, Cash, ” Nikola Organizations: FRANCISCO, Reuters, U.S, Nikola, REUTERS, Nasdaq, Companies, ” Investors Locations: Turin, Italy

☆ Nikola exits European joint venture to focus on hydrogen trucks in North America
▼ + stars: | 2023-05-09 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Electric heavy truck maker Nikola said that it's "refocusing the company on North America" as it exited a European joint venture with its chassis supplier. Adjusted loss per share: 26 cents, versus 26 cents expected. 26 cents, versus 26 cents expected. Revenue: $11.1 million, versus $12.5 million expected. While it expects the fuel-cell truck to become its primary product, it will continue to build battery-electric trucks to order after production of the fuel-cell truck begins, it said.

☆ Nikola will offer a hands-free highway driving system for its trucks starting next year
▼ + stars: | 2023-02-22 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Nikola will begin offering an advanced driver-assist system on its electric heavy trucks starting late next year, the company said Wednesday. Plus already provides the PlusDrive system to Italian heavy-truck maker Iveco, a longtime Nikola partner. Iveco began testing its own PlusDrive-enabled trucks earlier this month. Nikola said that several of its fleet customers, including PGT Trucking and Christenson Transportation, have agreed to test prototype PlusDrive-enabled Nikola semitrucks. The company expects to begin offering PlusDrive on its regular production battery-electric and fuel cell trucks by the end of 2024.

☆ Nikola will offer a driver-assist system for its trucks starting next year
▼ + stars: | 2023-02-22 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Nikola will begin offering an advanced driver-assist system on its electric heavy trucks starting late next year, the company said Wednesday. But a Nikola representative told CNBC the system as it will be integrated into the company's semitrucks is designed to be an "eyes-on-road, hands-on-wheel" system. Plus already provides the PlusDrive system to Italian heavy-truck maker Iveco, a longtime Nikola partner. Nikola said that several of its fleet customers, including PGT Trucking and Christenson Transportation, have agreed to test prototype PlusDrive-enabled Nikola semitrucks. Clarification: Plus's advanced driver-assist system as integrated into Nikola's semitrucks is designed to be an "eyes-on-road, hands-on-wheel" system, according to a company representative.

☆ Nikola CEO Michael Lohscheller: We will need liquidity as we make improvements
▼ + stars: | 2022-12-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNikola CEO Michael Lohscheller: We will need liquidity as we make improvementsNikola CEO Michael Lohscheller joins CNBC's Phil LeBeau and the 'Squawk Box' team to discuss the potential demand for electric semi-trucks, the company's plan to improve its stock price, and more.

☆ 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?

☆ 7 companies poised to cash in on the $30 billion hydrogen commercial-vehicle market by winning over giants like Amazon
▼ + stars: | 2022-09-20 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +7 min

Rising fuel costs, the possibility of stricter emissions regulations to come, and questions about battery supplies, have all increased the appeal of zero-emission fuel cells. Volvo TrucksVolvo GroupCEO: Martin LundstedtMarket Cap: $32.97 billionHQ: Gothenburg, SwedenVolvo Trucks said in June 2022 it had begun testing hydrogen fuel-cell trucks. In the latter case, Plug Power has provided Amazon with more than 15,000 fuel cells to replace the batteries in its warehouse forklifts since 2016. Plug just signed a new deal to provide the behemoth with the liquid hydrogen necessary to run its fuel-cell vehicles starting in 2025. As part of a deal with Weichai group, Ballard is building fuel cells in China to power fuel-cell vehicles in that market.

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