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 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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Zhengzhou Nissan has launched a new, plug-in pickup in the Chinese market called the Z9. It’s the same size as the Nissan Frontier Pro, offers over 35 miles of all-electric range, and pricing starts at just $16,600.
UPDATE 04NOV2025: more details and more markets for 2026.
The rebuilding of Nissan started to pick up earlier this year with the launch of the brand’s first plug-in pickup truck in China this past summer. The plug-in hybrid (PHEV) model offers 410 hp and an 84 mile electric-only range – more than enough for it to meet the everyday needs of most drivers with easy access to liquid fuel when needed.
It seems like a neat truck, but since it was designed and developed specifically for the Chinese market, its great specs and nearly impossible $24,800 starting price (on the entry-level Frontier Pro model) meant it would have limited impact – and limited interest – in other markets.
You can read the original post, first published back in June, below, then let us know what you think of Nissan’s plans to export its plug-in pickup to other markets in the comments.
What’s more, if you feel like spending a bit more, you can get a Zhengzhou Nissan Z9 equipped with a 32.85 kWh battery that’s good for almost 85 miles (135 km) of all-electric range. And even that extended-range model, at ¥168,900 (about $23,400) is still price-competitive with the Jeff Bezos-backed Slate EV.
In short, it’s bound to be a winner.
It’ll sell, but it won’t sell here
US-market Nissan Frontier.
With excitement surrounding the Kia Tasman, Slate, and other, similarly affordable light-duty pickups building on the success of the Ford Maverick hybrid, it should come as no surprise that Nissan has international ambitions for its newest electrified pickup.
“In alignment with our ‘In China, For China, Toward the World’ strategy for electrification and smart transformation, Nissan will fully support ZNA’s ‘off-road strategy,’” explained Stephen Ma, Chairman of Nissan (China) Management Committee and President of Dongfeng Motor Co., Ltd. “We are working to strengthen our research and manufacturing capabilities, further advancing our presence in the core markets of pickups and off-road vehicles, with the ultimate goal of achieving global expansion.”
It’s exciting stuff, but with all the recent troubles it’s been experiencing, it’s doubtful that Nissan will bring either of its new, Chinese-built mid-size pickups to the US (electrified or otherwise).
“The mission of the new generation of Chinese automotive professionals is clear – to ensure that made-in-China cars are driven across the world. ZNA will utilize its dual-brand and dual-channel advantages to expand its global footprint,” Mr. Mao Limin, Executive Vice President of ZNA, at the Z9’s launch. “We aim to be one of the top exporters of pickups within three years and to reach a sales milestone of 100,000 units.”
I’ve already written out my own comeback plans for Nissan, and this new Chinese-market pickup truck doesn’t really fit into them. Like many of you, I’m of the belief that a PHEV isn’t an EV – but I do see their value as “lilypad” cars, and the two Lightning owners I know? Their previous Ford F-150s were hybrids.
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Finnish energy giant Wärtsilä has announced the latest addition to its massive network utility-scale battery energy storage system (BESS) projects in Australia: a record-breaking 1.5 GWh deployment that brings the company’s total energy storage capacity in the nation to 5.5 GWh.
The future of large-scale energy projects in Australia is looking increasingly DC-coupled thanks to Wärtsilä, which just announced plans to build the largest BESS of its kind in the National Electricity Market (NEM). The massive hybrid battery project that marks the company’s ninth site down under, and pushes its total capacity to a formidable 5.5 GWh.
The company says its latest, “record-breaking” energy storage plant is a blueprint for how to efficiently combine solar generation and storage to create a more resilient and decarbonized grid.
“This project is significantly larger than our earlier DC-coupled project, underscoring the need for this type of technology in expanding at scale,” said David Hebert, vice president of Global Sales Management at Wärtsilä. Hebert called the DC-coupled technology, “a breakthrough for hybrid renewable plants and a critical step towards establishing a financially viable renewable energy future.”
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Hebert believes projects like this one play a hugely important role in stabilizing Australia’s grid while, at the same time, advancing the country’s ambitious net-zero emissions targets from the energy sector by 2045.
With a 20-year service agreement already in place and the order set to be booked this quarter, this project is a working prototype for the next generation of global renewable assets. As nations worldwide grapple with the challenge of moving beyond fossil fuels, the success of this massive DC-coupled system will provide a real-world model for how to build a grid that is cleaner, smarter, and more resilient than ever before.
Electrek’s Take Explainer
If you’re not familiar with DC-coupling, it’s an efficiency game-changer. Unlike traditional AC-coupled electrical systems that require converting solar-generated direct current (DC) to alternating current (AC) for use by the grid, and then back to DC to use in a battery, a DC-coupled system connects the solar array and battery directly. This architecture cuts energy losses that occur during conversion, capturing more solar power and significantly improving project economics and overall system efficiency.
In other words: it saves money, and shores up the grid. Wins all ’round!
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Guests look at a model of the largest data center in the UAE under construction in Abu Dhabi as the Stargate initiative, a joint venture between G42, Microsoft, and OpenAI, during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi on November 3, 2025. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)
Speaking to CNBC on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), OPEC Secretary-General Haitham Al Ghais said there has been a “big shift” in the way industry leaders and policymakers are now talking about meeting rising global energy demand.
“Three years ago, it was all about energy transition. Energy transition, climate change [and] get rid of fossil fuels. Today, it’s about [how] we have to have a balanced approach,” Al Ghais told CNBC’s Dan Murphy in an exclusive interview.
“So, it’s a very different tone, which … I must say, sounds like music to my ears because this is what OPEC’s been advocating for the last two, three, four years actually,” Al Ghais said Tuesday.
His comments were echoed by several industry players at the UAE’s annual oil summit, with many championing the concept of “energy addition” to secure supply and accommodate new demands from sectors like artificial intelligence.
This energy addition refers to a push to develop new technologies, such as renewables like solar and wind, in parallel with existing fossil fuels. Energy transition, by contrast, typically refers to the transfer from one energy source to another.
Climate scientists have repeatedly warned that a substantial reduction in fossil fuel use will be necessary to curb global heating, with the burning of coal, oil and gas identified as the chief driver of the climate crisis.
UAE Minister of Industry and Advanced Technology Sultan al-Jaber said at the opening of ADIPEC on Monday that global electricity demand will continue to soar through to 2040, with power for data centers set to grow fourfold and 1.5 billion people expected to move from rural areas to cities.
Sultan Ahmed Al Jaber, chief executive officer of Abu Dhabi National Oil Co. (ADNOC), speaks during the opening ceremony of the ADIPEC conference in Abu Dhabi, United Arab Emirates, on Monday, Nov. 3, 2025.
Bloomberg | Bloomberg | Getty Images
The minister, who also serves as CEO of UAE oil giant ADNOC and led talks at COP28, said renewable energy technologies were on track to more than double globally by 2040, with liquified natural gas (LNG) demand poised to grow by 50% and oil set to stay above 100 million barrels per day.
“This all adds up to something far more complex than a single path energy transition,” al-Jaber said. “What we are talking about here is reinforcement — not replacement. In fact, what we’re really talking about here is energy addition.”
‘A big rethink is going on’
Mike Sommers, president and CEO of the American Petroleum Institute (API), an industry lobbying group, welcomed what he described as a “realistic conversation” about what will be required to power AI in the future.
“I think we are transitioning from the energy transition. I think everyone recognizes that we’re going to need a lot more energy going forward,” Sommers told CNBC on Monday.
“Our institute, the American Petroleum Institute, and almost every other independent analyst suggests that we’re going to need more. Yes, it’s AI. Yes, it’s data centers. But it’s also more air conditioning, more people plugging things into the grid,” Sommers said.
“We’ve known this for a long time. AI, I think, has put a punctuation point on that,” he added.
Energy veteran and S&P Global vice chairman Dan Yergin echoed this sentiment, saying a big demand surge is in the offing as U.S. tech giants ramp up their AI plans.
Asked whether he agreed with Sommers’ view that the narrative is shifting away from the energy transition, Yergin said: “Yes, absolutely. That is what’s happening. A big rethink is going on.”
“You can see the perspective of the tech companies, who didn’t worry about energy. It was not a cost for them. Now, very much,” he added.
“It’s thought that about half of U.S. GDP growth is coming from investment that the tech companies — now known as the hyperscalers — are putting into building data centers.”
What next for the energy transition?
Ed Crooks, vice chair Americas at Wood Mackenzie, agreed that the energy transition had been a key focus during conversations at ADIPEC.
“When you talk about the transition, it seemed to mean a lot of different things to a lot of different people. If, by the energy transition, you mean are we going to get to net zero by 2050 [and] are we going to be able to limit global warming to 1.5 degrees? That, I think it is fair to say, is dead, but I don’t know that was ever really alive in the sense that it was always very, very ambitious,” Crooks told CNBC on Tuesday.
“If, by energy transition, you mean there is going to be rapid growth in renewables, there’s going to be a shift to electric vehicles and we’re going to be heading towards, in general, a lower carbon energy system then I think in that sense the energy transition is alive still.”
— CNBC’s Emilia Hardie contributed to this report.