Nikola warns 2023 EV deliveries may fall short of target

Sales outlook warning comes after two fires at Nikola HQ

Dani Cole August 23 2023

Nikola Corporation has warned it may not reach its full-year delivery targets in the aftermath of several recent battery-related incidents.

The admission comes during a shaky time for the firm. Earlier this month its-then CEO Michael Lohscheller stepped down, citing a family health issue.

In June this year, a fire at company’s headquarters affected multiple trucks. A month later, a damaged truck reignited at its headquarters.

Following an investigation, Nikola issued a voluntary recall with the National Highway Traffic Safety Administration (NHTSA) earlier this month for over 200 battery-electric trucks, and temporarily stopped sales.

In its regulatory filing for the Security and Exchange Commission (SEC) earlier this week, Nikola said that as a result of two “thermal events” related to its battery packs: “We may incur significant expenses as a result of these events and there can be no assurance as to when we will be able to resume production of our BEV trucks.

“As a result, our brand, business, results of operations, financial condition and cash flows may be adversely affected.”

Nikola also said its “ability to meet our previously stated expectations regarding deliveries for the remainder of 2023 […] may be adversely impacted.”

The cause of the fire in June was originally thought be foul play after video footage showed a car parked next to the affected trucks “quickly pulling away.”

However investigations concluded that foul play or other external factors were “unlikely” to have caused the incident.

In the firm’s statement over the results of its investigation, Steve Girsky, Nikola’s CEO said: “At Nikola we take safety very seriously.”

In both incidents, no one was injured.

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