<ul><li>Nikola Motor Company (Nikola), a developer of heavy-duty battery-electric vehicles (BEV) and fuel cell electric vehicle (FCEV) trucks, reported its Q4 2021 results today. The company is yet to generate revenue, and it reported a net loss of USD 690.4 million for the year ended December 2021 (1.8x the loss in 2020). Nikola started delivering Nikola Tre BEV trucks to customers in December 2021 and began alpha testing the Nikola Tre FCEV model earlier this month. </ul>

<ul><li>Nikola now has an orderbook of 375 Nikola Tre BEV trucks and 1,010 Nikola Tre FCEV trucks—securing 320 new BEV orders and 140 FCEV orders in Q4 2021 and early 2022. BEV truck customers include Total Transportation (30 trucks; May 2021), Hamburg Port Authority (25 trucks; September 2021), Tri-Eagles Sales (10 trucks; October 2021), Heniff Transportation Systems (100 trucks; December 2021),   Saia (100 trucks; January 2022), Covenant Logistics (10 trucks; January 2022), and USA Trucks (100 trucks; January 2022). Its customers for FCEV trucks include AB InBev (800 FCEV trucks; May 2018), Total Transportation (70 trucks; May 2021), PGT Trucking (100 trucks; October 2021), and Covenant Logistics (40 trucks; January 2022). </ul>

• The company inaugurated its joint venture manufacturing facility (with IVECO) in Ulm, Germany in September 2021. The facility has a production capacity of 10,000 trucks per year. Nikola is also working toward expanding the production capacity at its Coolidge facility. Phase I, to be concluded in Q1 2022, will facilitate the production of 2,500 trucks per year. Phase II, expected to be completed in Q1 2023, will increase capacity further to produce 20,000 units per year.

• Nikola’s plans for 2022 include delivering 300–500 Nikola Tre BEVs to customers, continuing pilot testing of its Tre FCEV alpha trucks with partners, and commencing building, testing, and validating of beta trucks of the same. It also plans to commence construction of a hydrogen production hub in Arizona and announce at least two dispensing station partners in California this year.