Nikola Falling Behind on its BEV Truck Delivery & Canoo Signing a New EV Deal with Zeeba

Nikola Will Miss its Truck’s Annual Delivery Target

Market Impact Factor: High

Amna Mumtaz?| Junior Analyst – E-mobility

Nikola will miss its goal of delivering at least 300 BEV Tre trucks this year. The company expected to deliver between 300 and 500 battery-electric trucks this year, capitalizing on a shift to electric trucks by logistics companies seeking to reduce ownership costs while meeting sustainability goals. The company has delivered 111 trucks and produced 125 units. It produced 75 battery electric trucks in the third quarter but only delivered 63 units. Nikola Motor produced 50 Tre BEV trucks in the second quarter and delivered 48 of them to its dealers.

The company does not intend to issue new fourth-quarter and year-end forecasts. Nikola has only achieved 41.6 percent of its annual target after three quarters of the year. The sales figures from the quarterly report are currently insignificant. The revenue generated by the 48 trucks delivered and four cargo trailer units was $18.1 million US dollars. The two Tre BEVs that were already manufactured in Q2 were delivered in the first week of July and are thus included in the Q3 results. Nikola reported $24.2 million in revenue in the third quarter and an adjusted loss of 28 cents per share, which was less than expected.

The company also provided a brief update on the Nikola Tre’s fuel cell version in the release that the test drives with TTSI have continued, and Walmart has received the first Tre FCEV for pilot testing. In Q3, six beta trucks were completed. Development testing on beta trucks has begun in several locations. By the end of Q4, Nikola expects to have completed 17 beta trucks for the entire year. Furthermore, Nikola anticipates completing the Phase 2 expansion of its Arizona plant in the first quarter of 2023. The company would then have a production capacity of 20,000 vehicles per year.

You can reach the news?here.

Canoo has Signed an Agreement for Zeeba to Purchase its 5,450 LDVs & LVs

Market Impact Factor: High ?

Amna Mumtaz?| Junior Analyst – E-mobility

Earlier this week, Canoo (a leading high-tech advanced mobility company based in California) secured a major order for its Lifestyle Vehicles (LVs) and Lifestyle Delivery Vehicles (LDVs) from Zeeba (a growing national fleet leasing provider company based in Los Angeles) which has agreed to buy 5,450 Canoo electric vehicles, with an initial binding commitment of 3,000 units by 2024.

Zeeba has great electrification targets to electrify at least 50% of its fleets by the first quarter of 2024. Canoo’s LDV & LV technology will enable customers to run their operations more effectively and efficiently while lowering their carbon footprint. Customers will utilize the LDV and LV mobile goods, ride-hailing, food delivery, trade professions, and other applications.

Earlier this year in July, Walmart secured a contract with Canoo to order up to 10,000 LDVs, with prioritized deliveries beginning in the first quarter of 2023. However, Canoo, the financially struggling start-up imposed several terms for this order that may have been hard to accept like Walmart has the option of acquiring up to a quarter of Canoo, and Canoo is not allowed to sell vehicles to Amazon for the duration of the deal.

In the United States, decarbonization of the light-duty vehicle industry is a major policy priority. Light duty vehicles accounted for 58% of U.S. transportation carbon emissions in 2019. The Biden administration has set a goal of selling 50% of new vehicles that are zero-emissions by 2030. In 2019, Los Angeles establishes strong EV targets of 80% of all vehicle sales by 2028. According to the PTR database, it is expected that 92% of annual vans sales in the U.S. will be battery-electric by 2028, and this agreement between Canoo and Zeeba will assist in meeting that goal.

You can reach the news?here.

Westminster Appoints Siemens to Install 500 Ubitricity On-Street EV Charge Points

Market Impact Factor: Medium

Saim Talat | Analyst II – E – mobility

Westminster Council has turned to Siemens again to build out lamppost charging in the London borough. 500 new Ubitricity charge points shall link up to the existing network by spring 2023, impressively bringing up the total number of chargers in Westminster. Westminster Council says that with the addition, they will run more than 2,000 EV charging points in the central London district. Siemens eMobility, Ubitricity, and Westminster have been working together for some time, and in April last year had installed more than 1,000 on-street EV charging points.

The charge points, which are installed directly into existing street lampposts, charge at a speed of up to 5kW and take just under 2 hours to install. The rollout is planned to be installed in key residential and commercial locations, allowing residents to easily charge hybrid and electric vehicles on the street where they live. The council’s goal is to make EV charging accessible for everyone, with a particular focus on the residents in Westminster who do not have access to private off-street parking and charging.

Westminster is not the only borough relying on Siemens and Ubitricity. Siemens says it has now completed more than 4,500 Ubitricity charge point installations across London, significantly funded by the Go Ultra Low Cities Scheme. The Go Ultra Low City Scheme is a program by the Office for Zero Emission Vehicles within the Department for Transport. The scheme provided funding to local authorities to deliver a range of projects to support the uptake of zero-emissions vehicles. More than half of the funding awarded was allocated to London boroughs to deliver on-street residential charge points. Funding was provided to cover 75% of the capital costs of delivery and this workstream has so far funded the delivery of more than 4,000 on-street residential charge points.

On a national level, Shell wholly owns Ubitricity since September 2021. The oil and gas corporation targets installing 50,000 Ubitricity charging points in the UK by 2025, funded mainly by the British Government’s On-Street Residential Charging Scheme (ORCS). Shell only needs to retain about a quarter of the cost.

You can reach the news?here.