NKLA
- Nikola Corp
(NASDAQ
)
Nikola
Overview
Company Summary
Nikola Corporation is an American manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions. It presented several vehicle concepts from 2016 to 2020, the first of which was a natural gas fueled turbine-electric semi truck. The company went public on June 4, 2020. In February 2022, the company projected deliveries of between 300 and 500 of its first battery-electric semitrucks — known as the Nikola Tre — to customers. The company delivered its first two battery-electric trucks in December 2021. Like Tesla, Inc., the company is named in honor of Nikola Tesla, but is not related to the inventor. Nikola Corporation is based in Phoenix, Arizona. In September 2020, the Securities and Exchange Commission and the Department of Justice launched investigations into securities fraud allegations. In July 2021, a United States federal grand jury indicted Nikola founder and former CEO Trevor Milton, but did not indict the company. The indictment charged Milton with three counts of criminal fraud—for "lying about 'nearly all aspects of the business'"—and two counts of securities fraud.
Nikola Corporation is an American company that specializes in the design and development of zero-emission vehicles, particularly electric and hydrogen fuel cell electric vehicles (FCEVs). The company's primary objective is to revolutionize the transportation industry by offering sustainable, eco-friendly solutions as alternatives to traditional fossil fuel-based vehicles.
Prominently, Nikola aims to address the limitations associated with battery-electric vehicles (BEVs) by focusing on hydrogen fuel cell technology. Hydrogen fuel cells produce electricity by combining hydrogen and oxygen, emitting only water vapor as a byproduct, making them an efficient and clean power source. Nikola believes that hydrogen fuel cell technology can offer advantages such as longer driving ranges, shorter refueling times, and better suitability for heavy-duty applications like long-haul trucks.
In addition to FCEVs, Nikola also develops other products and technologies related to zero-emission transportation. This includes battery-electric vehicles, renewable energy solutions like solar and wind power generation, as well as hydrogen infrastructure development, such as hydrogen fueling stations.
Nikola's business model also includes manufacturing partnerships, where they collaborate with established automotive manufacturers to produce their vehicles at their facilities. For example, they have teamed up with major industry players like CNH Industrial and General Motors to leverage their expertise and existing production capacities to bring Nikola's vehicles to market.
Overall, Nikola aims to transform the transportation industry by providing innovative, sustainable, and zero-emission vehicles powered by hydrogen fuel cells and other clean energy sources.