Nikola isn’t working on its electric watercraft and ATV projects now.
Nikola, the Zero-emission trucking company, is reported to shut its known Powersports division. Its shuttered work on the off-road vehicle and electric watercraft was first announced in April 2019.
Nikola paused work on the ATV projects as part of a bigger push to concentrate on making its initial hydrogen-powered truck outside, following various stumbles in 2020. According to a regulatory filing, the decision expense the startup $14.4 million.
A spokesperson said that they actually own the WAV and NZT rights and have placed the projects on pause, and they might consider pushing ahead with them at a later time, and currently, they are focusing on hydrogen infrastructure and commercial trucking.
Back in 2017, Nikola began seeking an electric watercraft after it purchased up to one of the additional guaranteeing startups dealing with the idea. Nikola’s annual event in 2019, both Powersports vehicles were a big focus, but the NZT specifically consistently appeared as though a moneymaker for the startup consisting of the interest it created from the defense industry.
The off-road vehicle was a mixing dune buggy styling, hybrid of sorts with the kinds of comforts found in passenger cars, such as air conditioning. Nikola was promising that the NZT vehicle would get 150 miles of range and 590 horsepower. This year at a beginning cost of $80,000, NZT was supposed to come to market.
Nikola’s rocky 2020, the Powersports division is not the only casualty, the pickup truck project from startup crumbled after an altercation with General Motors, which was supporting Nikola before fraud’s accusations begun flying.
Nikola reported that the Powersports division passed Thursday afternoon alongside its 2020 financial outcome. The company revealed a $384 million loss for the year, however, with $840 million in the bank, it completed 2020 because of the money it created when it opened up publicly earlier in the year.