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Nikola Corporation has posted its Q1 2024 financial report ahead of a call with investors this morning, and the numbers detail a commercial vehicle developer growing amid setbacks that arose last year. Today’s update mainly focuses on hydrogen as Nikola looks to execute deliveries while making good on issues with its BEV trucks.

It’s been an eventual twelve months for Nikola Corporation ($NKLA). During its Q1 2023 financial report, the American commercial vehicle manufacturer hinted at a weaning down of staff and company spending to optimize hydrogen and BEV truck production.

By Q2 2023, however, Nikola was presented with a significant issue as the Romeo Power battery packs in its BEV trucks started catching fire. The fire was not an isolated incident either; it warranted an investigation from the local fire department amid multiple fires, eventually leading to the automaker’s fourth CEO stepping down while Nikola’s stock tanked.

Nikola had to recall all 209 BEV trucks in operation while it simultaneously worked to expand its lineup of hydrogen trucks. That process is going much more smoothly as Nikola delivered its first HFCEV this past February.

As such, much of Nikola’s Q1 2024 financial report mostly focuses on the progress of its hydrogen fuel cell technology, although there is an update to the BEV recall.

Nikola Q1 2024
Nikola’s BV truck / Source: Nikola Corporation

Nikola stresses ‘execution’ amid lower Q1 2024 numbers

Based on the development hurdles mentioned above, it should come as little surprise that Nikola Corporation’s Q1 2024 report details a drop in production and revenue. The automaker wholesaler 40 FCEVs to end fleets in the first three months of the year and delivered each one.

Now, through two-quarters of hydrogen truck production, Nikola has sold 75 Tre FCEVs to date. Nikola trucks produced in Q1 2024 (43) are down compared to Q1 2023 (63), but the 40 deliveries are an Improvement, up from 31 trucks year-over-year. Revenue was down in Q1 at $7.5 million compared to $10.7 million in Q1 2023, and adjusted EBITDA was slightly up ($104 million in Q1 2024 compared to $103.7 million a year ago). See below:

Source: Nikola Corporation

Nikola’s focus on hydrogen FCEV deliveries is met by positive growth in the infrastructure to support it, as the company’s HYLA arm is not only on track in its “Hydrogen Highway Plan” but ahead of schedule. The automaker has previously committed to nine additional HYLA refueling stations in California by the end of 2024 but is now expecting to hit that milestone by mid-year and aiming to put 14 hydrogen refueling stations into operation by the end of the year. Nikola president and CEO Steve Girsky spoke:

We continue to move forward rapidly and execute our plans. And please keep that in mind – we are in the execution phase, not the planning or concepting phase. Last quarter, I talked about getting on the field with the first deliveries of our hydrogen fuel cell electric trucks. Today, we are executing plays, competing, and cultivating more green shoots as we expand upon current markets and enter new ones.

As for the Tre BEV trucks, Nikola appears to have put out the fires (literally and figuratively) and has begun reintroducing the trucks into the market. Nikola shared that it has completed the first delivery of its revamped “Tre 2.0” BEV in Q1 2024 and will continue to prioritize returning those trucks to customers and dealers throughout 2024. The automaker is admittedly not out of the woods yet, however. Per the release:

Our ability to sell Nikola’s on-hand inventory, however, will be dependent upon future battery supply; we now expect to opportunistically sell on-hand inventory for revenue in 2025. We’ve also taken this opportunity to ‘future proof’ the BEV 2.0, as it now shares significant software commonality with the battery and operating systems on the FCEV, allowing customers to receive next-generation upgrades seamlessly over-the-air as they are deployed.

Nikola will hold a call with investors this morning to discuss its Q1 2024 numbers, beginning at 7:30 AM PT. You can tune into the live webcast here.

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Podcast: how Elon killed Tesla Model 2, global EV sales surge, and Chinese EVs keep killing it

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Podcast: how Elon killed Tesla Model 2, global EV sales surge, and Chinese EVs keep killing it

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss how Elon Musk killed Tesla Model 2, global EV sales surging, how Chinese EVs keep killing it, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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RadRunner e-bikes from $999, EcoFlow DELTA Pro 3 with solar panels $2,999, Anker Everfrost review, more

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RadRunner e-bikes from 9, EcoFlow DELTA Pro 3 with solar panels ,999, Anker Everfrost review, more

Well folks, the weekend is nearly here and before it officially arrives we’ve pieced together the latest roundup of Green Deals. Leading the pack today are RadRunner 2 and 3 Plus e-bikes from $999 as well as an EcoFlow flash sale that takes the brand’s robust DELTA Pro 3 with four 125W solar panels down to a new $2,999 low. We’ve also went hands-on with Anker’s SOLIX EverFrost 2 58L Electric Cooler, and the full review is waiting for you to scope out right here. There are also plenty of other deals from earlier in the week that are still live, so head below and we’ll get you caught up on what you may have missed.

Head below for more and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Rad’s ‘jack-of-all-trades’ RadRunner 2 and RadRunner 3 Plus e-bikes provide utility with mobility at low prices from $999

Having begun back in February, and now continuing with Rad Power’s current Earth Day Sale running through April 23, the brand still has two of its three RadRunner series e-bikes down at the lowest prices in their history, while the RadRunner Plus model has run out of stock. Starting with the lowest priced, you can hop aboard the brand’s RadRunner 2 Utility e-bike for just $999 shipped, bringing costs down from its $1,499 post-2024 tariff pricing. Before this price cut began, things had only ever fallen as low as $1,199 before the summer of last year, with discounts following July only ever dropping to $1,299. But with this shake-up, you’ll score $500 off the going rate for as long as supplies last, gaining a versatile means to commute and run errands at the lowest price we have tracked.

Given the moniker of Rad’s “jack-of-all-trades” model, the RadRunner 2 is an affordable means to get around during commutes, joyrides, errand running, and more. I see them, and their counterparts in the series, parked outside my local grocery store frequently, as more and more folks in Brooklyn seem to be finding them as a solid alternative to owning a car. You’ll get up to 50 miles of travel here with its four PAS levels activated at up to 20 MPH top speeds with its combination of a 750W brushless gear hub motor and the 672Wh battery. Along with the simplified control panel for its riding settings, it also comes stocked with a rear-mounted cargo rack that offers a 120-pound payload, puncture-resistant fat tires, a standard LED headlight, and an integrated taillight with both brake light and flash mode capabilities.

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The upgraded RadRunner 3 Plus e-bike, meanwhile, is also still down at it’s newest all-time low of $1,699 shipped, brought down from $2,199. It sports the same 750W motor and 672Wh battery combination for achieving 45+ miles of travel through its five PAS levels at up to 20 MPH speeds. There are some notable differences here, like the Tektro hydraulic disc brakes that provide better stopping power (over the RadRunner 2’s mechanical ones), as well as a 350-pound payload (50 pounds more total), and a longer step-thru design for a more ergonomic riding position. There are also other features like puncture-resistant fat tires, fenders over both wheels, the LED headlight and brake-light capable integrated taillight (with the auto-on functionality), and LCD screen for settings.

EcoFlow’s latest flash sale gives you the multi-capable DELTA Pro 3 with four 125W solar panels at a new $2,999 low, more

As part of its ongoing Mega Sale through April 25, EcoFlow has launched the next round of its flash offers lasting through the rest of the day. The main deal here is the DELTA Pro 3 Portable Power Station bundled alongside four 125W solar panels for $2,999 shipped. Coming down off its usual $4,598 price tag, we’ve only ever seen discounts take it down as low as $3,199 before today. For the rest of the day, you can take advantage of this lower-than-ever pricing to score one of the brand’s newer solar generator packages at a 35% markdown, giving you $1,599 in savings at a new all-time low price. It even beats out Amazon, where it still sits $300 higher.

One of the brand’s newer models that has been quite popular since releasing back in June, the EcoFlow DELTA Pro 3 starts off with an already impressive 4,096Wh LiFePO4 battery capacity with a steady 4,000W of power output that surges up to 6,000W. It comes with some equally impressive expansion capabilities up to 48,000Wh with additional equipment, with its output also expanding up to 12,000W when three of these power stations are connected together, covering major home backup needs. Among the many units under the brand’s flag, this one offers the widest amount of ways to recharge its own battery, with seven solo options and 18 combination options. A standard wall outlet will have it back at an 80% battery in 50 minutes, while also offering other options like solar charging (with a max 2,600W input), EV, automotive auxiliary outlets, dual PV charging, and much more.

It’s been given 14 output ports, divided up amongst seven ACs, two USB-As, two USB-Cs, and three DCs, and offers up the complete array of smart controls accessed through the companion app to monitor and adjust settings as it keeps your devices and appliances running. It was the first unit to be given the latest X-Core 3.0 tech, expanding its surging capabilities and charging speeds while also running at quieter decibels and cooler temperatures, as well as improving upon the battery and smart home management, providing “explosion-proof” battery packs, and upgrading its parallel capacity expansion performance.

The second of today’s flash savings gives you the brand’s 800W Alternator Charger at $349 shipped, coming down from its regular $399 pricing during this sale and its full $599 rate. With this device, you’ll be able to recharge any power station you have via your car’s alternator, juicing the battery back up while on the move – which makes a perfect companion for those who may be taking their setups on the road.

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Tesla Odometergate: is it Tesla’s own Dieselgate or nothing burger?

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Tesla Odometergate: is it Tesla's own Dieselgate or nothing burger?

A lawsuit alleging that Tesla is inflating mileage to avoid warranty claims is already being compared to Dieselgate and referred to as ‘Tesla Odometergate.’

Is Tesla having its own Dieselgate, or is it a nothing burger?

A new class action lawsuit filed in California against Tesla alleges that the automaker is using “predictive algorithms” to inflate mileage at the odometers, allowing Tesla to claim higher mileage past warranty limits.

Lawyers for the plaintiff wrote in the lawsuit:

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Rather than relying on mechanical or electronic systems to measure distance, Plaintiff alleges on information and belief that Tesla Inc. employs an odometer system that utilizes predictive algorithms, energy consumption metrics, and driver behavior multipliers that manipulate and misrepresent the actual mileage travelled by Tesla Vehicles. In so doing, Defendants can, and do, accelerate the rate of depreciation of the value of Tesla Vehicles and also the expiration of Tesla Vehicle warranties to reduce or avoid responsibility for contractually required repairs as well as increase the purchase of its extended warranty policy.

The lawsuit refers to patents filed by Tesla regarding its mileage counter, but it primarily relies on the experience of its lead plaintiff.

Nyree Hinton, a data professional from Los Angeles, is the lead plaintiff in the lawsuit and shared his own experience that led to making these allegations.

In December 2022, Hinton purchased a used 2020 Tesla Model Y with 36,772 miles on the odometer. He received Tesla’s Basic Vehicle Limited Warranty, which covers repairs for four years or 50,000 miles, whichever comes first.

Shortly after, Hinton noticed that his vehicle’s mileage increased at an unexpected rate. Despite driving approximately 20 miles per day, based on his own estimate, the odometer indicated an average of over 72 miles per day. This rapid mileage accumulation led to the warranty expiring sooner than anticipated, resulting in Hinton incurring a $10,000 suspension repair bill that he believed should have been covered under the warranty otherwise.

Other than Hinton’s experience, the lawsuit is light on data, but it does cite other Tesla owners claiming to have similar experiences on forums and social media.

Here’s the full lawsuit:

Tesla’s own Dieselgate or a nothing burger

If the allegations in this lawsuit are factual, it would indeed be a significant scandal. However, it is light on proof.

Hinton appears to have closely tracked his own experience, and he has some credibility as a data analyst. We have no reason not to believe him, but the case would need a lot more evidence to move forward.

Electrek reached out to ‘Green’, a well-known Tesla hacker who frequently discovers new features and specifications in Tesla’s software and firmware.

He told us that he doubts Tesla would have been able to hide something like that from him and the broader whitehat hacking community, but he admits they weren’t looking for it.

Green believes that it is likely that Tesla uses predictive algorithms for its odometer, but it could be as simple as accounting for tire wear, since tire rotation is used to calculate odometer mileage.

Odometers are not perfect, and there can be some discrepancies, but the one described by the lead plaintiff in this case is undoubtedly higher than what would be expected or allowed.

Electrek’s Take

I think it’s too light on data and proof right now to make a big deal out of this. I have no reason not to believe Hinton, but it could also be a specific problem with his vehicle rather than a broader issue and active deception from Tesla.

If the lawsuit is allowed to proceed, we may gain more insight, and it could encourage others with similar experiences to join in – resulting in more data.

In the meantime, I’ll remain in the skeptical camp on this one.

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