Nikola Corp.'s (NKLA) stock drops with lowered truck production expectations - Phoenix Business Journal

In its report, Nikola reiterated its plans to work with partners to build a large-scale hydrogen supply and dispensing infrastructure. The company said it is still negotiating opportunities, but it has already announced three hydrogen dispensing stations in California, and it is collaborating with the company E.ON to establish hydrogen infrastructure in Europe.

At the Coolidge plant, Nikola said it is on track to finish its Phase 2 assembly expansion by the end of the first quarter of 2023. Right now the company said it is currently producing three trucks on one shift with the capacity to boost that to five. Once Phase 2 is finished, capacity will be up to 20,000 units per year and the company will be able to produce both BEV trucks and fuel-cell trucks on the same line, along with its fuel cell power module.

Currently the fuel-cell trucks are beta stage, with six beta trucks built and 17 expected by year’s end. The company began pilot testing with Walmart. Although Nikola said in its earnings report that it was seeing more consumer hesitancy, the automaker did announce earlier this week that it had signed a purchase order for 100 BEV trucks with Zeem Solutions, a “fleet-as-a-service” provider based in Inglewood, California, that said it is focused on helping commercial fleets transition to battery vehicles by bundling electric vehicles, charging options, maintenance and other services into a flat operating expense.

Join us as we unveil the 2022 Best Places to Work in the Valley! 100 companies will be honored on Thursday, December 8th!The Phoenix Business Journal will recognize leaders for their strong leadership, integrity, values, vision, commitment to excellence, financial performance and commitment to the community.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How Phoenix architects are design office space post-pandemic - Phoenix Business JournalThe Business Journal spoke to several leading architects and developers in the Valley to discuss how they determine a company's office needs in 2022 and the biggest trends they are seeing right now.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Entertainment district plans move forward for Phoenix - Phoenix Business JournalAs Phoenix continues growing, the city is looking at ways to expand its convention center offerings and the creation of an entertainment district to support it.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Holt pursues electric truck future alongside Nikola — a company with troubled pastHolt Truck Centers, having signed a deal to become the certified dealer of Phoenix-based...
Source: ExpressNews - 🏆 519. / 51 Read more »