Shares of Nikola Corp (NKLA) are down by double-digits after the electric truck maker announced its fourth CEO, Michael Lohscheller, is stepping down, effective immediately.
Nikola gets a new CEO amid crunchtime
Lohscheller joined Nikola as president in February 2022, taking over as CEO in August after then-CEO Mark Russell announced his retirement.
The company said the move comes due to a family health matter where Lohscheller will be returning to Europe. He will remain at Nikola as an adviser through the end of September to support the transition.
Steve Girsky, chair of the board since September 2020, has been named the new Nikola CEO. Girsky will remain a member of the board, while Steve Schindler will be promoted to chair.
Girsky will be Nikola’s fourth CEO in just a few years. After the appointment, Girsky said, “Since Nikola’s inception, I have been a champion of its mission. I am energized to take on this role and build upon the work of Michael and the team.”
Nikola also reported its second-quarter earnings on Friday, revealing growing net losses and lower production.
The company built 33 trucks in Q2, down from 50 in the same period last year. Shipments to dealers also fell from 48 last year to 45 in the second quarter. Nikola has now made 96 trucks this year, shipping 76 of them. Meanwhile, the company had its best retail quarter delivering 66 Tre BEV electric trucks.
On July 31, Nikola officially began serial production of its hydrogen fuel cell truck. According to the company, 18 customers have ordered over 200 units.
Nikola says the phase 2 assembly expansion is complete, with the new mixed-model line installed. The facility’s current capacity is 2,4000 trucks per year (on three shifts).
Amid the slowing deliveries, Nikola generated $15.4 million in revenue, down nearly 14% from 2022. Gross margins also slipped from 161% last year to 180% in Q2.
Overall, Nikola posted a net loss of $217.8 million, compared to a loss of $173 million in Q2 2022. The company ended the quarter with $226 million in cash, roughly unchanged from last year ($225.8 million).
Looking ahead, Nikola expects to deliver 300 to 400 trucks this year with targeted revenue between $100,000 and $130,000. Nikola is forecasting between 60 and 90 truck deliveries in Q3.