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Nikola (NKLA) released its first-quarter earnings on Tuesday, announcing it will refocus business operations in North America. After building sales momentum in Q1, Nikola says it will focus on what it knows best, including fuel cell trucks.

Nikola is refocusing its business in North America

Heavy-duty electric vehicle and FCEV maker Nikola said it produced 63 Tre battery electric trucks, delivering 31 to dealers and 33 in retail sales in the first three months of the year.

Nikola CEO Michael Lohscheller said the company would refocus business operations where it believes it has an advantage, including the North American market. Lohscheller stated during the company’s Q1 earnings:

We have the right products at the right time, and as we move forward, we will be focusing on the North American market, hydrogen fuel cell trucks, the HYLA hydrogen refueling business, and autonomous technologies.

As a result, Nikola is selling its stake in its European joint venture with Iveco Group. In exchange, Nikola will receive $35 million in cash and 20.6 million shares of stock returned to the company.

The Nikola and Iveco joint venture just revealed the Nikola Tre BEV truck designed for the European market last September, claiming it was looking to expand the partnership last quarter. Meanwhile, Iveco will continue to supply Nikola and is expected to remain a prominent investor.

Nikola believes it has a first-mover advantage in North America and can capture a good share of the commercial trucking market. The company says it’s also building out its hydrogen energy business to enable long-term growth.

The news comes as Nikola, among most EV startups, look to conserve cash with growing losses in the first quarter of 2023.

Nikola North American business
Nikola Tre BEV (Source: Nikola)

Nikola Q1 financial results and highlights

Nikola fell short of Wall St. estimates, reporting $11.1 million in revenue and an adjusted loss per share of 0.26 in the first quarter of 2023.

The commercial EV truck maker posted a net loss of $169.1 million compared to $152.9 million last year. Nikola ended the quarter with $121 million in cash, down from over $233 million in Q1 2022.

Higher losses are the result of the growing costs to manufacture and sell BEV and FCEV trucks, hence why Nikola is looking to double down on its business in the North American market rather than expand further into another market.

Nikola also said it would temporarily pause production in Coolidge at the end of May as it retools the assembly line for both hydrogen fuel cell and battery electric trucks on the same line. After the upgrades are complete, Nikola says the battery electric Tre will remain a built-to-order product.

Production is expected to resume in July, with the first hydrogen fuel cell trucks going on sale. Nikola anticipates it will begin battery module and pack manufacturing at the facility by the end of July and Bosch Fuel Cell Power Module assembly by the end of the year.

Nikola’s backlog for hydrogen fuel cell trucks grew to 140 orders from 12 customers as of Tuesday. The first two of 10 gamma hydrogen fuel cell trucks are completed, while the rest are expected to be done by the end of July.

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BP celebrates the opening of its first TA DC fast charging hub in Florida

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BP celebrates the opening of its first TA DC fast charging hub in Florida

Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.

Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.

“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”

The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.

As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”

Electrek’s Take

TA/BP charging center concept for HDEVs; via BP.

As I type this, BP has more than 37,000 EV charging ports operational globally, and plans to have more than 100,000 in service by 2030. The company made headlines in 2022 when it announced that its EV chargers were “on the cusp” of being more profitable than its gas pumps. Three years on, it seems like that’s a done deal.

As ever, money talks.

SOURCE | IMAGES: BP.

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.

Despite the second Trump administration’s loosening grip on emissions regulations, the fact remains that a growing number of municipalities in both red and blue regions of the US are continuing to clamp down on noise regulations, which means that construction crews with quiet running electric equipment will be able to get jobs that crews stubbornly holding on to diesel and gas won’t. Toro absolutely gets it, which is why its e2500-THL and TS Ultra Buggy line will be welcomed by smart crews with open arms.

For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.

And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.

Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.

Electrek’s Take

Electric equipment makes job sites cleaner, quieter, and safer than they are under diesel or gas power – and as more municipal and private sector RFPs begin to enforce ZEV requirements and quiet hours, more and more viable electric alternatives to ICE power will start to show up on more and more job sites (regardless of who is in the White House).

SOURCE | IMAGES: Toro, via Construction Equipment.

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GM is using California wildfires to pilot mobile DC fast chargers

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GM is using California wildfires to pilot mobile DC fast chargers

GM has deployed three of its HYDROTEC hydrogen gensets to the Los Angeles area as a way to help generate power for EV drivers and emergency vehicles recovering from the devastating effects of the recent wildfires.

GM is providing a number of mobile charging solutions to Californians recovering from the recent wildfires – including a trio of Yoshi Mobility propane chargers capable of DC fast charging two EVs at once, a single biofuel powered mobile charging station from InCharge capable of DC fast charging five EVs, and three more of its in-house HYDROTEC hydrogen powered gensets.

“GM is extending targeted local support to our customers and employees who have been impacted by the California wildfires,” said Duncan Aldred, vice president global commercial growth strategies and operations. “We’re finding ways to help get people back on the road and using our resources to make a difference in the recovery in the weeks and months to come.”

The mobile charging station rollout is part of a broader response to the fires from GM that includes “planned” philanthropic contributions to nonprofits serving affected communities, employee giving campaigns to benefit the American Red Cross Los Angeles region and the California Fire Foundation, and a complimentary subscription to Crisis Assist Services, which enables customers with OnStar-equipped vehicles to get information about the fires, receive routing guidance, and access immediate emergency assistance from an OnStar advisor.

GM also says it’s providing customers with damaged or destroyed GM vehicles assistance toward the purchase or lease of a new GM vehicle, subject to certain terms and conditions, which may include certain qualifications and restrictions. The company will also help cover collision repair deductible costs for damage to GM vehicles incurred from the wildfires – again, subject to certain qualifications and restrictions.

Electrek’s Take

GM Readies Test Fleet Of Heavy Pickups Powered By Green Hydrogen
Medium-duty hydrogen utility truck; via GM.

While it’s certainly commendable for GM to take steps in an effort to support wildfire victims, it feels like a company that made more than $19 billion in gross profits in 2023 (and over $20 billion in 2022; 2024 numbers aren’t out yet – but the company did well enough to spend more than $6 billion buying back its own stock) could have done better than announcing “planned” donations and asking its employees to pony up. By my math, GM shareholders could have given each of the 163,000 global employees the company had in 2023 a $36,000 one-time bonus in lieu of those stock buybacks.

That said, how many companies are doing nothing at all? Good on GM for trying, then – here’s hoping others step up, too.

SOURCE | IMAGES: General Motors.

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