Nikola maintains momentum but losses widen

Nikola Corporation continues to keep its foot to the pedal when it comes to market announcements – although its financial results illustrate the revenue challenges in the ultra-competitive and emerging hydrogen mobility sector.

Together with E.ON, Nikola has signed a Letter of Intent with Richter Group to supply 20 Class 8, heavy-duty Nikola Tre hydrogen electric vehicles and the hydrogen needed to supply them – the latest in a slew of tie-ups and market developments.

Both companies intend to help Richter Group decarbonise its vehicle fleet by providing hydrogen electric trucks, green hydrogen and the refuelling infrastructure through the previously announced joint venture that is to be established in the upcoming weeks.

The first trucks are expected to be delivered in 2024. The group intends to transition their entire fleet to Nikola Tre hydrogen electric trucks over the next four to five years, and plans to work with their logistics partners to transition fleets to Nikola’s zero-emission vehicles, which could equate to an additional 750 hydrogen electric trucks within that same timeframe.

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