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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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The Invanti Tornado is the Swiss Army knife of e-bikes [Video]

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The Invanti Tornado is the Swiss Army knife of e-bikes [Video]

Want your electric bike to have utility as well as comfort and style? Then, the Invanti Tornado, with its impressive array of optional accessories, could be your ideal ride.

Invanti is developing multi-functional e-bikes to reinvent the e-bike industry. It will launch an Indiegogo crowdfunding campaign on May 22 for its first product, the versatile Tornado e-bike series. Early backers can purchase the Tornado for a super early bird price of $1,299, significant savings vs. gas bikes.

Invanti makes it easy to protect your e-bike from theft with its “invantimobility” app. The smart version Tornado Pro has a smart front hub lock feature that, once activated, can only be unlocked using the app.

This zippy and efficient utility e-bike has a 750W rear hub motor, 1,000 peak power, and a 48V 14.7Ah battery with Samsung cells that give a top speed of up to 25 mph. The Shimano 7-speed transmission, 80 mm travel suspension, 4-piston hydraulic disc brakes, and torque sensor means riding is smooth. It also sports a pair of 20-by-3-inch puncture-resistant tires.

The Tornado provides a range of 60 miles on pedal assist and 25 miles on throttle only. You can additionally install an extra 48V, 10.4Ah battery that you take with you, giving a cumulative total of 100 miles on pedal assist and 43.5 miles on throttle only. Plus, you can use the extra battery as a portable powerbank for your phone.

What makes the Invanti Tornado stand out is the cool accessories it comes with. Your e-bike arrives with a front rack, a rear cargo rack, a rear fork storage bag with lockout, and rear wheel mudguards. It also features front and rear lights with integrated turn signals.

Plus, it offers a choice of nine upgrade accessories, which give this bike an almost modular feel. This means you can make your e-bike bespoke:

If you want to cart around passengers, you can make it happen with the Invanti Tornado’s optional rear seat pad and passenger foot rest, and there’s also a child safety handrail. Its dual-tube aluminum alloy frame can handle payloads of up to 440 pounds.

Invanti’s super early bird price on the Tornado is $1,299, and the official crowdfunding price is $1,499.

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This startup is about to install bladeless rooftop wind turbines on box buildings

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This startup is about to install bladeless rooftop wind turbines on box buildings

Aeromine Technologies just closed a $9 million funding round, and it’s ready to scale up production of its bladeless rooftop wind turbines.

Energy research, investing, and strategy firm Veriten is the lead investor in Aeromine Technologies’ Series A funding round.

Aeromine, launched in 2022, makes compact 50 kW or larger “wind harvesting platforms” that it mounts on the edge of a building’s roof. The rooftop wind units, which have no external moving parts or blades, capture wind flowing up and over the building and convert it into onsite electricity. Its generator system is a rotor-stator system with a highly efficient 5 kW permanent magnet generator. (Specs are here.)

The noiseless technology leverages aerodynamics like airfoils on a race car to capture and amplify each building’s airflow to generate energy. Aeromine says its systems typically consist of 20-40 units installed on the edge of a building facing the predominant wind direction.

Each 1,000-pound unit can withstand winds of between 120 and 158 mph depending on specification.

Aeromine’s units can operate independently or be integrated with existing rooftop solar arrays. Onsite power generation eliminates grid supply disruptions.

Maynard Holt, founder & CEO of Veriten, said:

We believe that distributed power innovation will play a vital role in helping companies fulfill their need for reliable, reasonably priced electricity and desire for low-impact power. We’re excited to partner with Aeromine, as its ability to quickly and affordably help a wide variety of companies meet their energy needs with wind resources is unique among distributed energy solutions.

The bladeless wind turbines are designed to power apartment buildings, warehouses, manufacturing facilities, offices, hospitals, retail centers – basically any big box building with a flat, unobstructed roof.

The company says it has 400 qualified projects in its pipeline and expects to roll out commercially in Europe and North America in 2025. 

Read more: How renewables could beat natural gas in US generating capacity within 3 years – in numbers


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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. –ad*

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Ford likely to enable all dealers to sell EVs amid shifting plans

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Ford likely to enable all dealers to sell EVs amid shifting plans

With changes expected to Ford’s electric vehicle certification program, all Ford dealers will likely be able to sell EVs. Ford is reportedly preparing to open the program amid feedback from its dealers.

Ford poised to open dealers network to sell EVs

After asking dealers to pause EV investments this week, Ford is finalizing changes to the program. Ford already eased requirements last year due to “changes in the market.”

Ford spokesperson Marty Gunsberg confirmed that several dealers opted out of the program this past December. Gunsberg said, “Enrollments for 2024 are just over 50% of the network.” That’s down from about two-thirds confirmed by CEO Jim Farley a year prior.

According to Automotive News, after a series of meetings between dealers and executives, Ford is now preparing to allow all dealers to sell EVs.

Ford is expected to update the financial requirements needed to qualify. Previously, dealers were required to invest at least $500,000 to enroll in the program. For $1.2 million, dealers could be eligible for the “Elite” tier, which included additional chargers, demo units, and a presence on Ford.com.

Ford-dealers-EVs
Ford Mustang Mach E at a Tesla Supercharger (Source: Ford)

If dealers didn’t want to invest, they couldn’t sell Ford EVs. Ford’s vice president of EV programs, Lisa Drake, said the company no longer believes having select dealers sell EVs is the right plan.

More dealers want in but with less financial commitment

“What we’re finding is more dealers want to be involved in it and we don’t want to be exclusive to just a handful,” Drake said. “And so we’re making a change where we’re opening up that and not requiring as many certifications or investments for a dealer to participate in the EV revolution.”

Meanwhile, the changes will not be finalized until early June, when Ford meets with its dealer council.

Ford-dealers-EVs
2024 Ford F-150 Lightning lineup (Source: Ford)

It’s unclear how much Ford will reduce financial requirements to sell EVs, but many believe it will be drastically relaxed to promote participation.

Drake said Ford will be “more ubiquitous with our training and make sure essentially all of our dealers are equipped to sell them” going forward. Ford will need to figure out how to deal with those who have already made investments at the upcoming dealer council meeting.

Ford-dealers-EVs
Ford Mustang Mach-E GT Bronze edition (Source: Ford)

Ford slashed prices on its popular Mustang Mach-E and F-150 Lightning in recent months to boost sales.

After cutting Mach-E prices by up to $8,100 earlier this year, Ford introduced a new 0% APR offer on 2024 models this week.

2024 Mustang Mach-E trim Range Starting Price
Mustang Mach-E Select 250 mi $39,995
Mustang Mach-E Premium 320 mi $43,995
Mustang Mach-E GT 280 mi $53,995
Mustang Mach-E Rally 265 mi $59,995
2024 Mustang Mach-E price and range by trim

Ford also introduced new discounts on the 2023 F-150 Lightning this week, offering up to $15,000 off MSRP. F-150 Lightning lease prices were cut by over $400 a month.

If you’re in the market for a new EV, now’s the time to start shopping. You can use our links below to find deals on Ford’s electric vehicles at a dealer near you.

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