Nikola streamlines strategy to compete

Hydrogen truck manufacturer refocuses on core business areas

Nikola has long billed itself as a leading designer and manufacturer of hydrogen-electric semi-trucks. But the Phoenix-based company appears to have been overtaken by rival Hyzon Motors, slipping into a pack with several other truck manufacturers such as Cummins, Hyundai, Toyota, Daimler and Volvo. Nikola has been pressured to streamline its product line in order to compete. The move follows dwindling cash reserves and the company’s share price falling to single digits—after hitting an all-time high of $93.99 in June of last year, briefly giving it a market value greater than US auto giants Ford and Fiat Chrysler—following a barrage of bad press associated with legal issues facing its found

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