Nikola cuts delivery and sales forecasts for 2021


Nikola Company Update

Executives said on Tuesday that Nikola will deliver fewer trucks this year than planned, and warned that shortages in the supply chain may lead to shortages of some parts that cannot be included in sales.

Investors had hoped for better news from troubled electric truck startups. Fraud allegations Last week against founder Trevor Milton (Trevor Milton), but its stock price fell nearly 7% in early trading to $10.42.

“According to… Semiconductor components and subsequent [vehicle] Verification and testing, saleable vehicles may not be available until 2022,” said Chief Financial Officer Kim Brady.

Nikola plans to manufacture long-distance semi trucks powered by batteries or hydrogen fuel cells, and bundle the lease of fuel cell trucks with a network of hydrogen fuel stations. But federal prosecutors said last week that its founder made false claims about the company’s technology in order to drive up its stock price. Milton denies these allegations.

The company is headquartered in Phoenix, Arizona, and has previously stated that it will deliver 50 to 100 pure electric Nikola Tre trucks to customers in 2021. Brady cut delivery guidance to 25-50 vehicles.

These trucks can be driven, but due to global supply chain issues, they may lack components such as sensors or touch screens, CEO Mark Russell said. Without all the components, the ownership of the vehicle cannot be transferred, preventing the company from booking revenue for its sales.

“In most cases, we have the components to operate the truck,” he said. “As far as each part is concerned, they won’t be fully completed, but it looks like they are likely to be available, but they are not for sale.”

Nikola went on the market in June 2020, but has not yet been sold. Brady lowered the company’s 2021 revenue forecast from a high of $30 million to a high of $7.5 million, or even as low as zero.

The company also talked about what Russell called the “elephant in the room” in a conference call with investors on Tuesday, calling Milton’s prosecution a “potential distraction” and would not affect other company executives.

Russell said the lengthy indictment charged “against Trevor personally.” “They all involve Trevor’s personal statement, and the company did not say or submit anything.”

But Hindenburg Research published That report This triggered an investigation by federal prosecutors, who said in a tweet on Tuesday that Russell, especially Long-term relationship Milton, as well as him, Brady and Chief Legal Officer Britton Watson instigated Milton’s false statements.

“Considering your history here, why should investors have confidence in anything you say?” Hindenburg asked.

Nikolai declined to comment.


Source link