DIRS.INFO The most relevant business & tech news

☆ 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

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .

Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown

☆ Nikola to pause truck production after posting bigger quarterly loss
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Nikola Corp (NKLA.O) on Tuesday reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona factory amid sluggish demand for its battery-powered trucks. "At the end of May, we plan to pause truck production as we convert the line to accommodate both hydrogen fuel cell and battery electric trucks on the same line and will resume production in July with the first saleable hydrogen fuel cell trucks," Nikola said. Earlier in the day, Fisker Inc (FSR.N) cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and reported a smaller first-quarter loss. Nikola's net loss widened to $169.09 million in the quarter, from $152.94 million a year earlier. Reporting by Tanya Jain and Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Iveco to fully own venture with Nikola on electric, hydrogen trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

Despite Nikola's problems, battery electric trucks developed by the venture based in Ulm, Germany are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen trucks are expected to hit the road next year. As part of the agreement, Iveco will focus on Europe for the further development and commercialisation of its own battery electric (BEV) and fuel cell (FCEV) electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares. Iveco will retain a "meaningful" amount of Nikola shares, they said.

☆ 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, Voltera partner to set up 50 hydrogen fueling stations in N. America
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

May 2 (Reuters) - Electric-vehicle startup Nikola Corp (NKLA.O) said on Tuesday it has partnered with charging facilities operator Voltera to develop up to 50 HYLA-brand hydrogen fueling stations in North America over the next five years. The agreement underpins Nikola's previously announced plan to develop 60 stations by 2026. "Our partnership with Voltera will bring substantial capital and expertise to support Nikola's plans to build refueling infrastructure to support its customers," said Carey Mendes, President of Nikola Energy. Voltera will build, own and operate the stations, while Nikola will supply the hydrogen fuel and provide technical expertise, the EV company said. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola tumbles to record low on $100 million stock sale
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Shares of Nikola Corp (NKLA.O) hit a record low on Friday after the electric-truck maker said it plans to sell shares and raise $100 million, amid high production costs. Nikola said late Thursday it will sell about 29.9 million shares in public offering and 59.4 million shares to hedge fund Antara Capital L.P., an existing holder of the company's convertible bonds. Nikola fell to $1.15 per share after offering shares to raise capital"Despite the $100 million cash injection, management still has a lot of work to do to balance cash burn against its existing cash," said BTIG analyst Gregory Lewis, and downgraded the stock to "neutral" from "buy". The company said it has $123 million in cash and $85 million in restricted cash as of March 28. Last year, the company had said it might sell shares to raise up to $400 million.

☆ Nikola shares sink after its $100 million stock offering priced at 20% below market
▼ + stars: | 2023-03-31 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Electric heavy-truck maker Nikola said that its planned $100 million secondary stock offering, announced on Thursday after U.S. markets closed, has priced at $1.12 per share – 20% below the stock's closing price of $1.40. Even with the discount, there appears to have been very limited interest in the shares on Wall Street. An unnamed private investor has agreed to buy the remainder directly from Nikola, the truck maker said. Nikola had $233.4 million in cash and equivalents available as of Dec. 31. The truck maker lost $222.1 million in the fourth quarter of 2022.

☆ Electric truck maker Nikola is planning to sell its own shares at a 20% discount to their lowest ever price
▼ + stars: | 2023-03-31 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Nikola is planning to raise $100 million by selling its stock at a huge discount. The electric truck manufacturer said Thursday that it would sell shares at $1.12, or 20% below their lowest ever price. The electric truck manufacturer said in a statement Thursday that it planned to raise the $100 million by selling 29.9 million shares to the public and another 59.4 million shares to an unnamed investor. It's pricing the shares at just $1.12 as part of the stock offering, a 20% discount to the all-time low of $1.40 they had fallen to by Thursday's closing bell. Nikola shares have cratered around 95% since Hindenburg released its first report into the company on September 10.

☆ Nikola announces a $100 million stock offering
▼ + stars: | 2023-03-30 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Electric heavy-truck maker Nikola said on Thursday that it plans to raise $100 million via a secondary stock offering to the public and — possibly — a private sale of stock to an unnamed investor, if needed. First, the company said, it will offer up to $100 million worth of stock to the public via a traditional secondary offering, with Citigroup underwriting. If the public offering raises less than $100 million, that investor has agreed to buy the remainder at the public offering price. Either way, Nikola will raise $100 million before fees, money that it plans to use for working capital and other general purposes. Nikola had $233.4 million in cash and equivalents available as of Dec. 31, down from $315.7 million at the end of September.

☆ Nikola's fourth-quarter revenue falls short as it delivers just 20 trucks
▼ + stars: | 2023-02-23 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Electric heavy-truck maker Nikola said Thursday it produced 133 battery-electric trucks in the fourth quarter, but delivered just 20 to dealers, generating revenue that fell well short of Wall Street's expectations. Nikola said it made a series of changes to its battery-electric truck during the quarter in response to feedback from early customers. Here are the key numbers from Nikola's fourth-quarter earnings report, compared with Refinitiv consensus estimates:Adjusted loss per share: 37 cents vs. 43 cents expected37 cents vs. 43 cents expected Revenue: $6.6 million vs. $32.1 million expectedNikola's fourth-quarter production brought it to 258 trucks built in 2022. That was just enough to hit the guidance range it provided in November, when it said it expected to produce between 255 and 305 trucks for the full year. Nikola said that investors should expect it to deliver between 250 and 350 battery-electric trucks and 125 to 150 of its upcoming fuel-cell trucks this year.

☆ 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.

☆ Explainer: Who is behind Hindenburg, the company that is shorting Adani?
▼ + stars: | 2023-01-25 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 25 (Reuters) - Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report. WHAT IS HINDENBURG RESEARCHFounded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit. HOW MANY COMPANIES HAS HINDENBURG TARGETEDHindenburg has flagged potential wrongdoing in at least 16 companies since 2017, according to its website.

☆ Nikola to sell up to 75 hydrogen-powered trucks to Plug Power
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Electric truck maker Nikola Corp (NKLA.O) said on Thursday that it would sell up to 75 Tre hydrogen-powered trucks over three years to fuel-cell technology developer Plug Power Inc (PLUG.O). Plug Power will attach its liquid hydrogen tankers to Nikola's trucks, whose deliveries will begin next year, to transport green hydrogen fuel across North America. The company will also provide a liquefaction system for Nikola's hydrogen hub project in Buckeye, Arizona, which will produce 30 metric tons per day of the gas initially, and scale up to 150 metric tons per day. Nikola said that low-carbon hydrogen from the facility will enable further deployment of its Tre fuel-cell electric trucks. Earlier this year, Nikola said that incentives provided by the IRA would help the company lower costs of its electric trucks and hydrogen energy business.

☆ 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.

☆ Nikola, KeyState to collaborate on hydrogen supply
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Electric vehicle maker Nikola Corp (NKLA.O) said on Monday it was working with KeyState Natural Gas Synthesis to create Pennsylvania state's first low-carbon hydrogen production supply chain. However, Nikola said it was working on a definitive agreement with the hydrogen producer to expand supply for Nikola's fuel-cell electric vehicles. The truck maker added that KeyState plans to supply the company with up to 100 tonnes per day of low-carbon hydrogen, which can supply fuel for up to 2,500 Nikola Tre FCEVs (fuel-cell electric vehicles). The low-carbon hydrogen will help Nikola maximize value under the recently passed Inflation Reduction Act. KeyState Natural Gas Synthesis is a joint venture between KeyState Energy and Frontier Natural Resources Inc.

Companies Nikola Corp FollowNEW YORK, Oct 14 (Reuters) - Nikola Corp (NKLA.O) founder Trevor Milton on Friday was convicted by a U.S. jury of fraud over allegations he lied to investors about the electric vehicle company's technology. The jury found Milton guilty on one count of securities fraud and two counts of wire fraud after deliberating for around five hours. Milton was acquitted on an additional count of securities fraud. He left Nikola in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." The defense said prosecutors had distorted Milton's statements about Nikola's plans to shake up the automotive industry.

Milton, of Oakley, Utah, was indicted in July 2021 and faces two counts of securities fraud and two counts of wire fraud. Milton left Nikola in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." Milton's statements about Nikola came as the company joined the mounting number of tech and EV companies going public through special purpose acquisition vehicles or SPACs. The defense and the prosecution delivered closing arguments to the jury on Thursday in a trial that began on Sept. 13. The defense said prosecutors had distorted Milton's statements about Nikola's plans to shake up the automotive industry.

☆ Nikola founder Trevor Milton found guilty of fraud over statements he made while CEO of the EV company
▼ + stars: | 2022-10-14 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Milton was charged with two counts of securities fraud and two counts of wire fraud, all related to statements he made about Nikola's business while he was chairman and CEO of the company. Jurors found him guilty on one count of securities fraud and both of the wire fraud counts. "Trevor Milton lied to Nikola's investors — over and over and over again. For a short period, Nikola – a company with no revenue – was more valuable than century-old Ford Motor. Although Milton still owns Nikola stock, the company had otherwise cut ties with him.

Companies Nikola Corp FollowNEW YORK, Oct 13 (Reuters) - A prosecutor on Thursday urged jurors to convict Nikola Corp (NKLA.O) founder Trevor Milton of fraud, calling him a "con man" who lied about the low-emission vehicle company to defraud ordinary investors. Federal prosecutors during closing arguments in New York said Milton deceived investors about the electric- and hydrogen-powered truck maker's technology starting in November 2019. Milton left the company in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." Register now for FREE unlimited access to Reuters.com Register"Trevor Milton is a con man," Estes told the jury. Milton's attorneys have said he believed in his vision for the company and that prosecutors distorted his statements about Nikola's plans to shake up the automotive industry.

☆ Meet Thomas Healy, the self-made billionaire who just became the youngest CEO of a publicly traded company
▼ + stars: | 2020-10-07 | by ( Taylor Nicole Rogers | ) www.businessinsider.com time to read: +5 min

After his electric truck startup debuted on the New York Stock Exchange Friday, Thomas Healy became both the youngest CEO of a publicly traded company and one of America's youngest self-made billionaires. Healy has an estimated net worth of $1.6 billion, per a Business Insider analysis. In an exclusive interview with Business Insider, Healy shared what it's like to become a billionaire overnight. Now that Healy is the youngest CEO of a publicly traded company in the US and among its youngest self-made billionaires, it seems like he can barely believe it himself. "I think the best word I can use to describe it is surreal," Healy told Business Insider.

Search resuls for: "Nikola's"

21 mentions found