Electric truck maker Nikola aims to deliver 500 vehicles

The company was working to pay a $125m (€110m) penalty to settle a charge against its founder

Start-up Nikola is focusing on ramping up production of its electric trucks.

Start-up Nikola has said it aims to deliver 300 to 500 electric trucks this year, as it works on expanding its plant in Arizona.

The company, which was working with the US Securities and Exchange Commission to pay a $125m (€110m) penalty to settle a charge against its founder Trevor Milton, said it had made its first instalment last December and was seeking reimbursement from its founder.

The US regulators had charged Mr Milton over using social media to repeatedly mislead investors about the electric truck maker's technology and capabilities, reaping "tens of millions of dollars" as a result of his misconduct. 

The Phoenix-based start-up has been trying to close this chapter and focus on ramping up production.

'Ramping up production'

"During the fourth quarter, we began delivering Pre-Series Tre BEVs to customers and dealers, and we are ramping up production in Coolidge," Nikola chief executive officer Mark Russell said in a statement.

"We anticipate beginning series production of the Tre BEV on March 21," he said. 

Nikola, which has yet to report any revenue from truck sales, said it expects revenue between $90m and $150m this year. 

Its current quarter will not record any revenue, it added.

The company, which is working on expanding its plant in Coolidge, Arizona, delivered its first two electric trucks in December to a southern Californian port trucking company TTSI as part of a three-month pilot programme.

The Arizona-based start-up said it expected to complete the expansion works at its Coolidge facility in the first quarter of 2023.

The larger facility will provide Nikola with a production capacity of up to 20,000 trucks per year on two shifts, the company added.

• Reuters