Nikola is highlighting reasons to remain optimistic about its zero-emissions strategy after its founder stepped down due to fraud allegations, its stock tanked and an SEC investigation was opened.<\/p>\n
Less than two weeks after Nikola Corp. founder and executive chairman Trevor Milton stepped down<\/a> amid accusations of fraud and deception, on Sept. 30, Nikola issued the following statement highlighting key elements of the company\u2019s strategy and vision moving forward.<\/p>\n \u201cNikola is a technology disruptor and integrator, working to develop innovative energy and transportation solutions. We are pioneering a business model that will enable corporate customers to integrate next-generation truck technology, hydrogen fueling infrastructure and maintenance,\u201d the company said in the statement. \u201cBy creating this ecosystem, Nikola and its strategic business partners and suppliers can pave the way as global leaders in zero-emission transportation \u2014 and, together, leave the world a better place.\u201d<\/p>\n In its statement, Nikola highlighted the three business units in which it operates:<\/p>\n Nikola also noted that it continues to make progress on and remains committed to the following:<\/p>\n Nikola Tre battery-electric prototypes:<\/b> In its statement, Nikola claimed it expects the first batch of five prototypes of the Nikola Tre, a 100% battery-electric truck, will be substantially completed at its JV facility in Ulm, Germany, in the next few weeks. The Nikola Tre prototypes will be subsequently bench tested as well as road tested in Germany. \u201cWe remain confident in our ability to begin production of the Tre and make it available to customers starting in the fourth quarter of 2021,\u201d the company noted.<\/p>\n Nikola also highlighted its joint venture with IVECO for the Nikola Tre, as well as its partnership with Bosch and FPT Industrial.<\/p>\n As per a strategic partnership announcement with General Motors, the automaker will supply Nikola’s Class 7 and 8 trucks with fuel cell technology and manufacture the Nikola Badger pickup. GM has an 11% stake in Nikola, which at the time was valued at $2 billion. The NKLA stock on the Nasdaq has plummeted by roughly 60% since being traded at $50 on Sept. 8.<\/p>\n The deal was supposed to close on Sept. 30, but amidst the allegations of fraud and investigations by the Securities Exchange Commission and the U.S. Department of Justice, that did not happen.<\/p>\n On Sept. 29, GM stated: \u201cOur transaction with Nikola has not closed.\u00a0We are continuing our discussions with Nikola and will provide further updates when appropriate or required.\u201d<\/p>\n\n