By Russ Wiles | Arizona Republic
Nikola Corp. is pausing production of its Arizona-built, zero-emission heavy trucks for several weeks as it adjusts its vehicle mix and alters a relationship with a key European partner.
The news came during an earnings report in which the Phoenix company disclosed higher vehicle orders and revenue but also a widening loss and declining cash levels.
Nikola’s stock price, which in recent weeks has slipped below $1 a share, closed May 9 at 86 cents a share, down 13 cents a share for the day. During the early euphoria over zero-emissions vehicles, the company’s stock briefly pushed above $90 a share in June 2022.
Nikola said it will temporarily halt manufacturing at its Coolidge factory at the end of May to convert production to accommodate both hydrogen fuel-cell and battery-electric trucks, with manufacturing expected to resume in July. The company is not furloughing or laying off workers, a spokeswoman said.
