Signing a purchase order with Nel, breaking ground on its new Arizona facility and completing a reverse merger with VectolQ are just some of Nikola’s second quarter highlights as it reports it quarterly financial results.
“In the second quart of 2020, Nikola met predetermined milestones on our journey toward becoming the zero emission transportation leader in the global heavy truck market,” said Mark Russell, Nikola’s CEO.
Steps towards achieving the company’s goal include completing a reverse merger with VectolQ and a related PIPE offering, providing an additional $616.7m of cash on the balance sheet to support Nikola’s further product development, and the buildout of manufacturing infrastructure.
Product development is on track to meet the established timeline for the start of production of the Nikola Tre in Q4 2021. Initial units will be produced at the Ulm, Germany facility, where modifications are currently underway.
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