According to CEO Mark Russell, Nikola islaser-focused on delivering vehicles and generating revenue. The company is going to ramp up production of the battery-electric Tre semi-truck to help it reach its goals. The company plans to deliver up to 500 production Tre BEVs this year, starting in the second quarter.
The first two Tre BEVs were delivered to a port trucking company in California in December. The trucks have traveled more than 4,500 miles and hauled multiple loads per day. A person completed a 204-mile trip on a single charge. The fuel-cell electric variant of the Tre is being tested by the company.
The Coolidge, Arizona plant has a production capacity of 2,500 trucks per year. The expansion would increase the capacity to 20,000 trucks per annum. The second phase of the facility is expected to be finished in early 2023. The plant in Ulm, Germany is capable of producing up to 2000 trucks per year, but that figure can be increased to 10,000 trucks.
The company talked about some of the scandals that have plagued it over the last few years in its latest earnings report. In December, it reached an agreement with the SEC to resolve civil charges that it cheated investors. A $125 million civil penalty is being paid by the company. The costs and damages that were incurred in connection with government and regulatory investigations are being sought reimbursement from the founder.
A grand jury indicted the man last year. The former CEO and executive chairman lied to investors about almost all aspects of the business in order to increase the share price. The charges against him will go to trial in April.
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