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Nikola's Founder Talks EV Developer's Q2 Results, 2020 Goals

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Nikola's Founder Talks EV Developer's Q2 Results, 2020 Goals

Nikola Corporation (NASDAQ: NKLA) reported its first-ever earnings as a public company with zero revenue and no physical product to showcase, CNBC's David Faber said on "Squawk on the Street."

The post-earnings conference call was notable for CEO Mark Russell not being "particularly forthcoming to the frustrations of some analysts," Faber said. 

Faber discussed the Nikola with Trevor Milton, its founder and executive chairman, on CNBC Wednesday. 

Milton On Leadership Style: Milton said he considers himself "an outspoken, communicative" type of business leader, while Russell is "very methodical" and focused on "managing expectations with analysts."

"I'm a lot to handle, I know that," Milton said. "It's good to have a CEO and CFO that are very methodical. They ran publicly traded companies before."

Nikola Milestones: Since Nikola has no profits, investors must gauge the company's outlook based on its progress toward achieving previously announced production goals and milestones.

The announcement of a significant commercial agreement for Nikola's zero-emission trucks is still on track to come by the end of the year, Russell told Faber. The same can be said for an announcement related to selecting an OEM partner to produce the Badger.

In fact, Milton said he had "three term sheets on his desk to chose from" and "everyone is going to be very excited about that."

For the time being, the company can't comment further, but an announcement is forthcoming, he said. 

"It's going to be very exciting when that news comes out." 

Nikola is also on track for an announcement of a hydrogen station collaboration by the end of 2020, Milton said. 

NKLA Price Action: Nikola shares were down 7.53% at $35.92 at last check Wednesday. 

Related Links:

2 Trading Pros Make The Case For Nikola, Nio Over Tesla In EV Stock Race

Everything Nikola CEO Mark Russell Said On Benzinga's PreMarket Prep

Photo courtesy of Nikola. 

 

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