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Nikola Corporation shared its Q4 and full year results for 2022 earlier this morning, and although some of its numbers saw significant drops compared to Q3, the American BEV and FCEV automaker has a lot of accolades on its report card and even bigger plans for this coming year. See the full results below.

Nikola Corporation ($NKLA) kicked off Q1 of 2022 by delivering just 11 Tre BEVs, but had reported a 48 deliveries (an 125% percent increase) in Q2, bolstered by revenues totaling $18.1 million. By the third quarter, its disgraced former CEO was found guilty on three of four counts of fraud in federal court at the same time the commercial EV automaker was trending upward, transcending miles beyond its turbulent past.

Nikola reported 63 Tre BEV deliveries, $24 million in revenue, and $100 million in gross proceeds headed into Q4 of 2022, which saw the automaker enter a partnership with ChargePoint to resell its EV charging products. This was followed by news that it would be relocating the battery manufacturing facility inherited from last year’s acquisition of Romeo Power to its main production facility in Arizona.

Simultaneously, the company continues to make large strides in the other half of its commercial vehicle business – Tre Fuel Cell EVs. On paper, Nikola’s finances took a slight step back in Q4 2022, but the progress of its energy business and commercial EV production continues to harden. If Nikola can execute its 2023 milestones laid out today, its overall upward trend for the year should continue.

Nikola Europe
Nikola Tre BEV / Credit: Nikola Corporation

Nikola BEV deliveries slow in Q4 2022 but outlook steady

Following a press release outlining its Q4 and full year 2022 reports, Nikola Corporation shared its full presentation with investors including key financial metrics and an outlook for this next fiscal year. Overall, numbers were encouraging despite increased losses, which could be justified by the number of expanded business ventures the American automaker is currently trying to get up and running.

Revenues in Q4 2022 were down significantly to $6.56 million compared to over $24 million in Q3. Its GAAP net loss per share was down in Q4 at $0.46, but non-GAAP net loss per share was up at $0.37 compare to $0.28 in Q3. In Q4, Nikola reports it sold $165 million worth of common stock under its at-the-market (ATM) program announced in August 2022. Its available ATM as of 12/31/2022 was $232.2 million compared to $299.5 million at the end of Q3.

In Q4 2022, Nikola shared it produced 133 Tre BEV trucks, which is nearly double the 75 it produced a quarter prior. However, it only delivered 20 of the them. The automaker states it used 2022’s final quarter to improve the BEV trucks based on customer feedback. This included an over-the-air (OTA) update that increased range and adding charging capabilities up to 350 kW.

The company also bolstered its commercial and sales operations ind Q4, which it expects will help increase sales and accelerate truck deliveries in 2023. Looking ahead to 2023, it looks like Nikola is expecting slower BEV production in Q1, with 30 deliveries on the low end and a max of 50 deliveries.

Meanwhile, Nikola looks to expand BEV production overseas as part of its joint venture with Iveco Group, while simultaneously getting its hydrogen trucks into scaled production bolstered by its newly launched HYLA energy business to refuel them.

Here is the company’s full milestone list for 2023:

  • Complete the build of 10 gamma FCEVs by Q2 2023
  • Realize approximately $105,000 in cost savings in battery modules and packs for each Tre BEV truck by Q4 2023
  • Achieve final investment decision for Phoenix Hydrogen Hub by Q3 2023
  • Announce at least two refueling station partners by June
  • Deliver 250 – 350 Tre BEVs to dealers for the full year 2023
  • Deliver 125 – 150 Tre FCEVs in Q4 2023

Nikola Corporation continues to grow and expand into 2023 and has become a viable commercial EV company to keep an eye on. We’re sure there will be more to report on in Q1 2023 and beyond. Check back soon.

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Loren McDonald stops by Quick Charge to discuss EV charging, Paren, and more

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Loren McDonald stops by Quick Charge to discuss EV charging, Paren, and more

Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.

Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Click here to learn more.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.

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Chevy EV owners in Texas now get free overnight home charging with Reliant

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Chevy EV owners in Texas now get free overnight home charging with Reliant

Chevy EV owners in Texas who have Reliant as their electric utility can now charge for free at night with renewable energy.

Over 150 Chevrolet dealerships across Texas are now offering the Reliant Free Charge Nights plan to new EV buyers. With Free Charge Nights, customers can offset their charging costs by receiving credits for electricity used between 11 pm and 6 am. The plan is powered entirely by renewable energy, thanks to the purchase of renewable energy certificates (RECs).

Rasesh Patel, president of NRG Consumer, says the plan is about making power personal: “We’re excited to help Chevrolet EV drivers offset the cost of charging their vehicle all while having access to a renewable electricity plan.”

This collaboration aims to make EV adoption more appealing by making charging cheaper and greener. GM Energy’s chief revenue officer, Aseem Kapur, emphasized that partnerships like this help build the ecosystem needed to support an all-electric future: “The Reliant Free Charge Nights plan is a great example of how an automaker and an energy company can work together to make EV adoption an easy decision.”

Existing Reliant customers can also sign up for the Free Charge Nights plan. To get started, Chevrolet EV owners need to designate their vehicle on the GM Energy Smart Charging Portal before enrolling in the plan.

Reliant Energy, a subsidiary of NRG Energy, serves over 1.5 million customers in Texas, making it one of the largest electricity providers in the state.

Read more: Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes


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Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes

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Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes

Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.

NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.

The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.

NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.

Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.

This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.

In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.

Ben Brown, CEO of Renew Home, said:

NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.

This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.

Read: Chinese solar giant Trina sells its Texas factory a week after it opens


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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