Having recently posted an article highlighting some of Nikola’s bad behavior, it’s only fair that the company receives some acknowledgment for delivering on a promise. Last week, the company shipped the first examples of its Tre battery-electric trucks in California.
Two test vehicles were issued to Total Transportation Services Inc. (TTSI) to see how the Tre handles running deliveries in and out of Los Angeles and Long Beach ports. The trucking firm has a letter of intent from Nikola to purchase 100 trucks following a trial program of two Tre BEVs and their fuel-cell (FCEV) counterparts once the latter is in production.
On Monday, General Motors and Nikola Corp announced a revamped agreement that eliminates an equity stake in the startup for the Detroit automaker and nixed any plan for manufacturing Nikola’s electric pickup truck. This makes the keystone of the revised contract their collaborative work on fuel-cell development, represents a major setback in their partnership, and makes GM management look like rubes for having announced a sizable commitment that had to be walked back after a short seller claimed Nikola was fraudulently representing itself.
Despite having much to gain by torpedoing the EV startup’s curiously high share price, the associated Hindenburg report raised serious questions about exactly how much progress Nikola had made. The short seller effectively accused the company of fraud, something Nikola denied. Though subpoenas from the Securities and Exchange Commission and Department of Justice still began arriving at its offices in late September. Founder and former executive chairman Trevor Milton stepped down around this period. At the time, the company said it was cooperating with the investigations “and will continue to cooperate, with these and any other regulatory or governmental requests.”
While electric vehicles have improved by every metric, sourcing the raw materials necessary for their production hasn’t gotten any easier. In fact, with more mobile devices and EVs on the market than ever before, automotive batteries are becoming harder to procure with any reliability. Volkswagen Group, which has been on a tear to promote electrification following its diesel emissions crisis, knows this better than anyone.
Audi’s all-electric E-Tron SUV experienced several delays after VW Group encountered trouble in sourcing batteries at a reasonable price. As the company continues endorsing EVs as an important part of its future, its rhetoric is beginning to soften — with the company now taking another look at hydrogen fuel cell technology.
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