Nikola
OTCPK:NKLA.Q
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$0,00 (0,00%)
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$0,00 (0,00%)
End-of-day quote: 12/25/2025
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Nikola Company Info
EPS Growth 5Y
-6,25%
Market Cap
$0,00 B
Long-Term Debt
$0,24 B
Short Interest
0,00%
Quarterly earnings
08/04/2026 (E)
Dividend
$0,00
Dividend Yield
0,00%
Founded
2015
Industry
Country
ISIN Number
Website
Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
There are currently no price targets available for this stock.
In the last five quarters, Nikola’s Price Target has risen from $18,00 to $18,00 - a 0,00% increase. One analysts predict that Nikola’s share price will fall in the coming year, reaching $0,00. This would represent a decrease of -100,00%.
Top growth stocks in the industrials sector (5Y.)
What does Nikola do?
Nikola Corporation operates as a technology innovator and integrator, working to develop innovative energy and transportation solutions.
The company is pioneering a business model that will enable customers and fleets to integrate next-generation truck technology, hydrogen fueling and charging infrastructure, and related maintenance. By creating this ecosystem, the company and its strategic business partners and suppliers expect to build a long-term competitive advantage for clean technology ve...
Nikola Corporation operates as a technology innovator and integrator, working to develop innovative energy and transportation solutions.
The company is pioneering a business model that will enable customers and fleets to integrate next-generation truck technology, hydrogen fueling and charging infrastructure, and related maintenance. By creating this ecosystem, the company and its strategic business partners and suppliers expect to build a long-term competitive advantage for clean technology vehicles and next generation fueling solutions.
The company’s expertise lies in design, innovation, software, and engineering. The company assembles, integrates, and commissions its vehicles in collaboration with the company’s business partners and suppliers. The company’s approach is to leverage strategic partnerships to help lower cost, increase capital efficiency and accelerate speed to market.
The company operates in two business units: Truck and Energy. The Truck business unit is commercializing hydrogen fuel cell electric vehicles (‘FCEV’) and battery electric vehicles (‘BEV’) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short-haul, medium-haul, and long-haul trucking sector. The Energy business unit is developing a hydrogen fueling ecosystem and providing BEV charging support to meet anticipated fuel demand for FCEV and BEV Nikola truck owners, as well as other third-party customers.
The company may offer integrated FCEV solutions, including the truck, fueling solutions, and maintenance. The company’s integrated solutions have the potential to de-risk infrastructure development by locking in fuel demand from FCEV fleets with dedicated routes. This locked in demand is intended to ensure high station utilization. End user fleets may purchase or lease the company’s FCEV trucks through the company’s network of authorized dealers.
Products
By offering both BEV (for short and medium-haul, city, regional, and drayage deliveries) and FCEV (for medium and long-haul) solutions, the company is positioned to change the commercial transportation sector by providing solutions that address the full range of applications and use cases.
The electrical propulsion of the company’s BEV and FCEV trucks has a modular design, which allows the batteries and associated controls to be configured to either a BEV or FCEV propulsion. The company’s architecture inside the centralized e-axle is configured for the appropriate power needs for the BEV and FCEV for a wide range of applications.
The company also plans to announce Level 2 (‘L2’) autonomous driving projects in the near future that are intended to increase driver safety. A longer-term benefit of an L2 autonomous truck may be a relaxation of the hours-of-service restrictions, increasing the opportunity for using FCEV trucks for longer continuous hauls and reduce driver shortage and turnover associated costs.
Nikola's Class 8 BEV - Nikola Tre
The Nikola Tre Class 8 truck is a purpose built zero-emissions truck based on the S-WAY cab and chassis licensed from Iveco S.p.A. (‘Iveco’). Nikola has developed and integrated the company’s electrified propulsion, thermal management, technology, vehicle controls and infotainment. In addition, the company redesigned many of the high-visibility components and body panels of the S-WAY truck and added several new interior features, including a digital cockpit with an infotainment screen, instrument cluster, steering wheel, and new seats. The cab-over design is desirable for city center applications due to shorter vehicle length, improved maneuverability, and better visibility. The company is marketing the Nikola Tre BEV for short and medium-haul applications in North America.
The BEV version of Nikola Tre was one of the first in production zero emission Class 8 trucks to market. BEV trucks run on a fully electric drivetrain powered by rechargeable batteries. The company’s BEV has a range of up to 330 miles and is designed to address the short and medium-haul market. During the initial roll-out, most of the company’s truck owners indicated that they intend to charge at their terminal. To help facilitate this, along with the company’s dealer network and key partners, the company provides consulting expertise, and as required, mobile charging products and services intended to ensure charging is available.
Sales of the Nikola Tre BEV began in the second quarter of 2022.
Nikola's Class 8 FCEV - Nikola Tre
FCEV trucks use hydrogen fuel cells on-board to convert hydrogen into electricity supplying power to both the electric motors to propel the truck or to charge the high voltage battery. The fuel cell generates electricity through a chemical reaction, supplied from on-board hydrogen tanks, and oxygen from the atmosphere. A much smaller battery (compared to the company’s BEV) provides supplemental power to the drivetrain, and stores energy recovered during regenerative braking. The voltage and charge of the battery are maintained through a combination of power supplied from the fuel cell and energy captured through regenerative braking, managed through in-house developed software and industry-leading energy management controls.
The Nikola Tre FCEV is targeted for medium missions ranging up to 500 miles per fill of the hydrogen tanks, as well as multi-shift operations with limited refueling time. Its scalable architecture is expected to address the majority of the North American Class-8 day cab market. The Tre FCEV leverages the Tre BEV platform with modifications for hydrogen fuel cell operation, improved aerodynamics and thermal management systems, and light-weighting.
Sales of the Nikola Tre FCEV began in the fourth quarter of 2023, and are temporarily halted due to the recall.
Nikola Energy
The company’s energy products, which are consisted of its planned hydrogen fueling ecosystem, and planned integrated BEV charging solutions, are a key differentiator that have the potential to create long-term competitive benefits. The passage of the IRA in 2022 provides strong support, through regulatory incentives, for the company’s integrated energy and vehicle business model. In January 2023, the company launched a new brand for the company’s hydrogen energy products called HYLA, which will create further differentiation and competitive advantage for the company’s integrated energy model. The zero emissions heavy duty truck market lacks sufficient infrastructure, and companies that are able to provide both the vehicles and energy infrastructure solutions will capture market share and value.
The company’s energy model is expected to rely heavily on its energy business partners. The company has established strong business partnerships that bring significant resources and capabilities that complement the company’s own capabilities to create strategic benefits as the company looks to create the next generation fueling infrastructure.
Integrated Hydrogen Fueling Ecosystem – For FCEV fueling, the company’s energy business unit is responsible for securing supply of hydrogen and distributing the hydrogen supply through the full value chain, until the fuel is dispensed into FCEV trucks. This unit is also responsible for the monetization of regulatory incentives and credits through the value chain.
BEV Charging Solutions – For BEV charging needs, the company’s strategy is to work with end user fleets and the company’s dealer network to ensure fleets have the appropriate charging infrastructure in place to support their adoption of the company’s heavy-duty BEV trucks. Solutions may include, but are not limited to, behind-the-fence charging infrastructure on-property at a domicile location (paid by the fleet), short-term mobile charging solutions, or public access charging infrastructure.
The company’s energy business unit aims to provide fueling infrastructure to both Nikola and non-Nikola branded FCEV and BEV trucks. This will enable the company to be well positioned to capture different channels of value in the market.
Hydrogen Fueling Ecosystem (HYLA Brand)
The company is in the early stages of developing a hydrogen fueling ecosystem in North America to support Nikola FCEV purchasers and capture first mover advantage with respect to next generation fueling infrastructure. The company is partnering throughout the hydrogen ecosystem with the goal of increasing speed to market and reducing capital expenditures related to next generation fueling infrastructure.
The company views the hydrogen fueling ecosystem in three main sectors: hydrogen supply, hydrogen distribution, and hydrogen storage and dispensing, each with the potential to generate separate margins for the company and its hydrogen ecosystem partners.
Hydrogen Supply
The company expects to source hydrogen supply by leveraging multiple hydrogen production models, including on-site production, large-scale ‘hub’ production, or other alternative hydrogen production or procurement. The company expects the hydrogen solution utilized in each case will depend on the unique characteristics near each potential station location and customer needs.
The company expects to leverage multiple ownership structures where the company either fully or partially own, or do not own hydrogen production assets. In cases where the company is able to source hydrogen supply without ownership of hydrogen production assets, the company expects to enter into long-term supply contracts where the company’s costs and surety of supply are well-defined. The company may also source hydrogen for its customers at third party dispensing locations.
The company intends to procure the lowest carbon-intensity hydrogen available while also ensuring a hydrogen supply that is safe, reliable, and economical.
Hydrogen Distribution
The company expects hydrogen distribution to play a key role in the hydrogen fueling ecosystem. The company intends to collaborate with strategic partners or develop distribution capabilities to enhance value through the hydrogen fueling ecosystem. The hydrogen distribution network may include delivery and logistics of liquid, gas, and/or dissolved hydrogen distribution via tractor trailer, rail, pipeline, ship, or other methods of distribution. The company and its partners will likely leverage multiple hydrogen distribution models in an effort to ensure efficient hydrogen distribution throughout the ecosystem.
Hydrogen Dispensing and Storage
The company intends to collaborate with strategic partners and to develop hydrogen storage and dispensing solutions consisted of fixed heavy duty hydrogen stations and modular hydrogen fueling assets. Each ‘base’ dispensing station is expected to contain ample on-site hydrogen storage and to be capable of dispensing up to 4,000 to 8,000 kgs of hydrogen per day. Each 4,000 kg per day dispensing station could potentially support approximately 100 FCEV trucks per day.
The company’s base stations are expected to contain heavy-duty (for commercial trucks) and light-duty (for vehicles) hydrogen fueling dispensers. In some cases, the company may also plan to install electric fast charging to support BEV trucks.
Early dispensing stations could be smaller or larger depending on the unique characteristics of each site, including near-term and long-term customer demand, availability of hydrogen supply, land, and other relevant factors.
The company expects to leverage multiple structures for its dispensing station go-to-market strategy, including stations wholly-owned, partially-owned, or not owned by the company.
Modular Fueling Solutions
To facilitate customer and fleet demonstrations, and to accelerate adoption of the company’s BEV and FCEV trucks, the company has developed modular charging infrastructure that provides transitional charging (for BEV) or modular hydrogen storage and dispensing (for FCEV) that can support customer fueling needs as fixed infrastructure is being developed and commissioned. In 2022, the company announced the successful commissioning of the first HYLA 700 bar pressure hydrogen mobile fueler capable of fast back-to-back truck fueling. In the fourth quarter of 2023, the company opened the company’s first modular station in Ontario, California. Coupled with the company’s hydrogen tube trailer with a 960 kg capacity, this is expected to allow customers to refuel trucks back-to-back. The company also has strategic partnerships with a number of third party modular fueler suppliers and has secured sufficient fuelers to help support the company’s truck deployment plan.
In addition to providing early-stage fueling, the company’s modular fueling solutions can play a key role in the development of the company’s energy ecosystem. Modular fueling assets can serve the company by accelerating vehicle and equipment testing; providing fueling opportunities in nascent geographies with low vehicle sales volumes; and providing risk mitigation and support during station outages or during periods of elevated demand.
BEV Charging Solutions
Early interactions with end users and potential end users indicated a preference to charge BEV trucks at their terminal or depot. To facilitate this, the company, along with its dealer network and partners, intend to provide charging infrastructure, consulting advisory, and, if required, products and services intended to ensure charging availability. The company’s solutions are focused in two key areas, short-term mobile charging and long-term fixed infrastructure.
Mobile Charging
The company has designed and built the mobile charging trailer (‘MCT’) as a solution to support both vehicle testing in remote locations without fixed utility infrastructure, as well as to support initial operations at end user locations. By using the MCT, the company is able to facilitate fleet demonstrations and adoptions by providing transitional charging at the same time as fixed infrastructure is prepared. Powered by either a mobile generator set or a direct 480V three phase utility connection, the MCT is able to provide emergency back-up charging to keep vehicles running during utility outages, as well as flexible capacity to meet demand fluctuations.
Fixed Infrastructure
Working closely with end users, the company provides guidance through the entire process of planning, development, and deployment of fixed charging infrastructure. By analyzing key data, such as truck duty cycles, electric loading, and key operating costs the company, along with its dealers and partners, can optimize charging solutions that target operational and cost efficiency for each fleet.
Infrastructure Development Coordinated with Truck Sales Strategy
The company takes an integrated approach to infrastructure development, with the company’s energy, sales, and service teams working closely to ensure alignment among fleet demand, service capabilities, and fueling and related infrastructure.
Initial U.S. Station Roll-out to Target California
The company made progress in securing sites for modular and fixed stations in California. The company expects these stations will supply fuel for launch customers in those geographies that have dedicated routes, or significant activity. The company plans on proceeding to build in phases to support demand and adoption of the company’s FCEV truck. The company’s modular station in Ontario, California was completed in the fourth quarter of 2023.
The company plans to strategically target other states that offer the right mix of product demand, hydrogen supply, regulatory incentives, and other factors that allow end users to achieve a total cost of ownership that can be competitive with diesel.
Hydrogen Ecosystem Partners
The company has established strategic partnerships that bring significant resources and capabilities that complement the company’s own capabilities to create strategic benefits as the company looks to create the next generation fueling infrastructure. Collectively, the strategic partnerships the company has assembled provide building blocks necessary to develop, construct, and operate the fueling ecosystem of the future.
Strategic partnerships and collaborations provide the company key competitive benefits and may allow the company to become a leader in providing comprehensive, low-cost, safe, reliable, and efficient hydrogen delivery systems to FCEV end users.
Sales, Service, and the company’s Dealer Network
Sales and Marketing
The company takes an end user-focused, integrated solution approach to deliver trucks along with the infrastructure and service to support them. Across the product portfolio, the company is commissioning studies, performing market and segmentation research, and, with the help of the company’s dealer network, gathering end-user insights to focus the company’s sales and marketing efforts. The company is generating brand awareness not only through traditional marketing and social media, but also through direct meetings with fleets, industry events, and facility tours along with truck demos.
Service
A key requirement for the fleets purchasing Nikola trucks is knowing there is an available service infrastructure for the maintenance, repair, and availability of parts for the company’s vehicles. The company is building a network of dealers, a robust preventative maintenance program, as well as several levels of service to support fleet complexity, application, and duty cycles.
The company has assembled nimble and adaptable service, maintenance, and parts solutions for the company’s vehicles, which are expected to include the following options:
Electric vehicles have a system of sensors and controls that allow for precise monitoring of the vehicle and component operation performance. The company intends to use this data to provide smart predictive maintenance, which is expected to decrease downtime and costs by identifying a potential problem before it results in a breakdown. Preventative maintenance is expected to be customized to match duty cycle and fleet applications.
The company has the ability to provide over the air updates and software fixes when the vehicles are stopped. This significantly reduces the time for repair, improves uptime, and continually monitor performance, efficiency, and overall utilization.
In cases where a fleet has their own maintenance expertise and infrastructure, the company plans to identify and provide certification of technicians and procedures for items that can be maintained at their shops. This could include procedures such as tire changes, wearable parts, preventative maintenance and brake services.
In cases where the fleet does not have a maintenance infrastructure or for more complex items, the company utilizes a dealer network for maintenance and warranty work. The network is expected to monitor day to day trip activity and incorporate support at the origin and destination for truck routes. The company also intends to support its partners with the latest diagnostic technologies like an interactive diagnostic tool and web-enabled video to support technicians for complex tasks or newly identified issues.
If a vehicle requires maintenance of a complex system or component such as the fuel cell, e-axle, or battery-pack, some of those items can be removed and replaced with limited downtime. The company offers a network of trained technicians that can travel to a fleet or service partner as necessary. The company also expects to have dedicated vendor agreements to service and maintain a specific fleet on premise or close in proximity to the truck's domicile location.
Additionally, the company procures replacement parts, components, and aftermarket support supplies. These components and materials are inventoried, warehoused and distributed by third party logistic providers engaged in supplying the Class 8 truck industry.
The company opened the Nikola training academy facility in December 2021 on the company’s Phoenix, Arizona campus. The company’s training model provides dealer technician training and certification on Nikola BEV and FCEV trucks. The curriculum includes safety awareness, diagnostics, preventative maintenance, shop bay tooling, repair times and related technical competencies to support Class 8 vehicle services. Academy trainers have Class 8 industry experience, and an onsite dedicated service FCEV and BEV truck which are leveraged for the hands-on portion of certification. A portion of the facility is dedicated to a technical team that actively monitors fleets’ vehicle condition performance, assist dealers directly for troubleshooting guidance and alert service personnel in the event a vehicle transmits a proactive warning that may impact reliability.
Dealer Network
The company has created a sales and service dealer network that, to date, consists of 10 dealers with 181 service center locations. The company’s dealers bring both over the road truck experience as well as power, infrastructure, and hydrogen experience and complement the company’s integrated solutions strategy. The company’s focus is on locations in key metropolitan areas and at major intersections of the interstate highway system across the U.S. The dealer-based repair shop facilities are expected to have Nikola certified technicians, as well as a mobile service network tailored to meet carrier and fleet asset requirements. As the network continues to grow with new dealer locations and territories, future service solutions can be engineered and deployed to cover end-user fleets' locations or asset domicile requirements.
Target End Users
The company targets all Class 8 fleets with established sustainability goals, as well as fleets operating along dedicated routes that are located in regions offering strong incentives for developing hydrogen infrastructure and/or delivering zero-emission vehicles. The company’s primary sales conduit is expected to be through the company’s dealer network, in which the company sells trucks directly to the dealer. The dealers will enter into direct sales, finance leasing or full service leasing arrangements with their end-user fleet customers.
BEV End User Strategy
The BEV truck is designed for short and medium-haul applications, making it ideal for return-to-base operations, such as distribution, urban metro, inner-city, local delivery, port operations, and drayage applications. The company intends to prioritize truck deployment to well-respected, visible fleets to establish early market share and strengthen brand identity. Initial deployment to end users would typically be done in small groups of trucks to multiple locations, to supplement their existing non-EV fleets.
For BEV trucks, early U.S. sales to end users will primarily be in regions, such as California, New Jersey, New York or Canada where incentive programs already exist.
FCEV End User Strategy
For the FCEV truck, the company is planning to develop and construct initial hydrogen stations in California to create the nation's first heavy-duty ‘hydrogen highway’. Therefore, early FCEV purchasers will likely have significant operations in or between these states.
The company also intends to target dedicated fleets with either nationwide or significant regional distribution networks and dedicated route networks (i.e., where trucks operate between two fixed points, e.g., production plant and distribution hub) along highly trafficked freight corridors. The company intends to expand the FCEV offering to the entire Class 8 truck market as the fueling infrastructure is sufficiently developed.
Truck Co-Development Partners
Iveco
Iveco designs, manufactures and distributes under the Iveco brand a wide range of light, medium and heavy commercial vehicles and off-road trucks. Iveco with its affiliates and joint ventures, has significant manufacturing presence in Europe, as well as production facilities in Asia, Africa and Latin America.
Iveco and its affiliate, FPT Industrial, S.p.A., provided engineering and manufacturing expertise to industrialize the company’s BEV and FCEV trucks.
Bosch
Bosch is a leading global supplier of technology and services to automotive, industrial, energy, building technology, and consumer end-markets.
Bosch will supply their latest e-machines for the company’s electric truck e-axles and inverters.
The company also entered into a Fuel Cell Supply Framework Agreement with Bosch in August 2021, whereby the company committed to purchase certain component requirements for fuel cell power modules (‘FCPMs’) from Bosch beginning on June 1, 2023 through December 31, 2030. The company also entered into an FCPM Design and Manufacturing License Agreement with Bosch in September 2021, whereby Bosch granted the company a non-exclusive and non-transferable license to intellectual property that will be used to adapt, further develop and assemble FCPMs provided by Bosch for use in the production of the company’s FCEV trucks. The FCPM Design and Manufacturing License Agreement will continue in effect through December 31, 2030 unless extended by mutual agreement of the parties, or unless terminated by either party with written notice received by the non-terminating party or by Bosch in the event that (i) compliance with laws and regulations is no longer possible; (ii) Bosch determines that it is unable to protect its licensed materials as a result in a change in ownership and control of Nikola by a third party investor that is not a manufacturer of FCPMs; (iii) Bosch determines that it is unable to protect its licensed materials as a result of a third party manufacturer of FCPMs becoming a five percent owner of the company’s shares; or (iv) the company is in default of a payment for over one month period. Bosch continues to supply FCPMs assembled in Germany to the company for trucks.
Intellectual Property
Nikola and HYLA are trademarks of Nikola.
Government Regulation
The company’s vehicles are subject to, and are designed to comply with, numerous regulatory safety requirements established by the National Highway Traffic Safety Administration (‘NHTSA’), including applicable U.S. Federal Motor Vehicle Safety Standards (‘FMVSS’). As a manufacturer, the company must self-certify that the vehicles meet or are exempt from all applicable FMVSS before a vehicle can be imported into or sold in the U.S.
The company’s vehicles are also in compliance with Canadian vehicle requirements, including Canadian Motor Vehicle Safety Standards (‘CMVSS’), and most of these standards are similar to FMVSS.
In addition to the FMVSS requirements for heavy-duty vehicles, the company designs its vehicles to meet the requirements of the Federal Motor Carrier Safety Administration (‘FMCSA’), which has requirements for the truck and fleet owners. Many of these requirements are met by complying with the FMVSS.
The company is also required to comply with other NHTSA requirements and federal laws administered by NHTSA, including early warning reporting requirements regarding warranty claims, field reports, death and injury reports, foreign recalls, and owner's manual requirements.
The company has developed additional safety compliance requirements called Nikola Technical Standards based on other safety regulations for passenger vehicle, including FMVSS, UNECE, and UN Global Technical Regulations (‘GTRs’). The following are some of the Nikola Technical Standards applied to the company’s BEV and FCEV trucks:
Electromagnetic Compatibility & Interference—performance requirements for the prevention and interference of electromagnetic radiation which may cause disturbances in the drivability of the vehicles and other vehicles in the area.
Lane Departure Warning System—an Automatic Driver Assist System (‘ADAS’) requirement which provides warnings for the driver of an unintentional drift of the vehicle out of its travel lane.
Automatic Emergency Braking System – an ADAS requirement which warns the driver of an emergent braking event and begins braking in these circumstances.
Tire Pressure Monitoring System – an ADAS requirement for the monitoring of the tire pressure on all tires on the vehicle providing warning to the driver when the pressure is out of the acceptable range.
Electric Vehicle Safety—performance and testing for high voltage safety requirements for BEVs during in-use and post-crash.
Hydrogen Fuel Cell Vehicle Safety—performance and testing for hydrogen safety requirements for FCEV during in-use and post-crash.
The company’s BEV and FCEV trucks consist of many electronic and automated components and systems. The company’s vehicles are designed to comply with the ISO, Functional Safety for Road Vehicles Standard. This standard addresses the integration of electrical systems and software and identifies the possible hazards caused by malfunctioning behavior of the safety-related electrical or electronic systems, including the interaction of these systems.
The U.S. Clean Air Act requires that the company obtains a Certificate of Conformity for GHG issued by the EPA. CARB requires Nikola to obtain an Executive Order for their GHG rule.
The company’s vehicles are designed to ISO standards and UN GTR 20 for electrically-propelled vehicles in vehicle operational safety specifications and connecting to an external power supply. Additionally, the company is incorporating other ISO and Underwriters Laboratories (‘UL’) battery system standards in the company’s vehicles.
The company is designing its battery packs to meet and exceed the compliance requirements of the UN Manual of Tests and Criteria demonstrating the company’s ability to ship the vehicles and battery packs by any transportation method.
Research and Development
The company’s research and development expenses were $208.2 million during the year ended December 31, 2023.
History
Nikola Corporation was founded in 2015.
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