Nikola Eyes Selling 100 BEV Trucks In 2024 After A Few Caught Fire Last Year
Portfolio Pulse from Anan Ashraf
Nikola Corp (NASDAQ:NKLA) aims to deliver at least 100 battery-electric trucks in 2024 after addressing fire issues that led to recalls last year. The company plans to restart deliveries in late Q3 or early Q4 2024, with recalled vehicles returned to customers by end of Q2 or early Q3 after receiving new battery packs. The upgraded trucks will feature improved battery packs and other enhancements. Nikola produced 38 trucks last year, down from 258 in 2022, with a gross loss of $214.1 million, attributed to the recall costs.
February 23, 2024 | 10:36 am
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Nikola Corp plans to deliver 100 BEV trucks in 2024 after resolving fire-related issues, with significant upgrades to recalled trucks. Last year's production and financial performance were negatively impacted by the recalls.
The announcement of resolving fire issues and the plan to deliver upgraded trucks in 2024 could restore investor confidence and potentially improve Nikola's stock performance in the short term. However, the significant financial loss reported for the last year and the reduction in production volume highlight underlying challenges that may temper the positive impact.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100