Nikola sales are down in the fourth quarter

US truck manufacturer Nikola Motor has reported its fiscal 2022 results. Sales totalled 50.8 million dollars last year, while the company reported 784 million dollars in losses.

Especially the year-end performance is striking: In the fourth quarter of 2022, revenues totalled 6.56 million dollars and were thus significantly lower than in the third quarter (24.2 million dollars). In turn, Q3 accounted for nearly half of the company’s total revenue for the year. The fourth quarter loss was 222.1 million dollars.

However, there was also a positive development. Nikola increased production at the end of the year, manufacturing 133 BEV trucks in the fourth quarter (compared to 75 in Q3). However, only 20 of those trucks were delivered, which explains the drop in sales in the last quarter. In 2022 as a whole, Nikola delivered 131 BEV trucks.

For 2023, the manufacturer aims to deliver 250 to 350 BEVs, meaning the average production level could be lower than in Q4. Moreover, the first 125 to 150 FCEV trucks will be delivered in this year’s Q4.

Nikola gives a brief update on the development of its fuel cell truck: The pilot tests with Walmart and TTSI were successful. With the experience gained from the 17 FCEV beta trucks, ten improved FCEV gamma trucks will be built for further pilot testing and product validation.

“During the fourth quarter we strengthened our commercial and sales operations, which is expected to lead to increased sales and accelerated customer deliveries,” says Nikola CEO Michael Lohscheller. “As a whole, we made significant progress on both the truck and energy infrastructure fronts. The advances we have made on battery charging and hydrogen solutions with strategic partners, and the unveiling of our hydrogen mobile fueler under the HYLA brand, will allow Nikola to provide fully integrated mobility solutions to customers for both the BEV and FCEV.”

Nikola announced the HYLA brand in January, which will bundle all activities related to the hydrogen business. That includes producing, distributing and dispensing hydrogen for Nikola’s trucks. Several US production centres have been announced so far, which will sell the hydrogen to customers via 60 filling stations and a mobile refuelling system developed in-house.

nikolamotor.com, nikolamotor.com (results as PDF)