Nikola 2022: A Smoother Ride Ahead After SEC Settlement?

GuruFocus2021-12-22

Summary Nikola has been badly battered over the past year thanks to federal charges leveled against its founder, Trevor Milton. On Dec. 21, the SEC announced that it had reached a settlement with ...

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Museigen
2021-12-22
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LeviSoon
2021-12-22
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yeo
2021-12-22
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schipperde
2021-12-22
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(NASDAQ:NKLA) has spent much of 2021 trying to pull itself out of the legal tarpit left in the wake of founder and erstwhile CEO Trevor Miltons unceremonious resignation the year before. Milton left the automaker under a cloud of federal fraud allegations.\nAs I have covered previously, these allegations proved enough not only to deflate investor confidence in the young automaker, but also to kill a promising partnership with General Motors Co. (NYSE:GM). Consequently, Nikola has been forced to dedicate significant time and resources to addressing federal allegations and investigations, even as it has striven to bring its hydrogen fuel-cell and battery-electric vehicle (BEV) products to commercial readiness.\nWith the year drawing to a close, it appears that Nikola may have succeeded in sloughing off the dead weight of the past.\nLegal overhang removed\nThe Securities and Exchange Commission opened an investigation of Milton and Nikola after it was revealed that a major publicity event, during which Nikolas forthcoming electric semi truck was shown to drive ostensibly under its own power, had been completely staged. As it turned out, the truck was far from the functional production model that Milton claimed it to be. Indeed, it was not even able to run on its own power, instead having to be pushed down a hill in order to create the illusion of driving functionality. Federal prosecutors charged Milton with fraud in July.\nNikolas post-Milton management team has worked hard to distance themselves and the company from the embattled founder. It seems these efforts have paid off. On Dec. 21, the SEC announced that it had reached a settlement with Nikola to the tune of $125 million:\n\n The order finds that Milton misled investors about Nikolas technological advancements, in-house production capabilities, hydrogen production, truck reservations and orders, and financial outlook. The order also finds that Nikola further misled investors by misrepresenting or omitting material facts about the refueling time of its prototype vehicles, the status of its headquarters hydrogen station, the anticipated cost and sources of electricity for its planned hydrogen production, and the economic risks and benefits associated with its contemplated partnership with a leading auto manufacturer\n\n\n The Commissions order finds that Nikola violated the antifraud and disclosure control provisions of the federal securities laws. Without admitting or denying the Commissions findings, Nikola agreed to cease and desist from future violations of the charged provisions, to certain voluntary undertakings, and to pay a $125 million penalty. Nikola also agreed to continue cooperating with the Commissions ongoing litigation and investigation. The order also establishes a Fair Fund to return the penalty proceeds to victim investors.\n\nThis was a big win for Nikola since, as automotive industry analyst John Rosevear pointed out on Dec. 21, all known federal investigations into the company have now been resolved.\nReady to deliver\nIn addition to its 11th-hour regulatory reprieve, Nikola has also managed to rack up an end-of-year operational victory. Specifically, the company is at last ready to begin delivering test models of its electric semi truck, the Tre BEV. As Car & Drivers Caleb Miller reported on Dec. 20, the first two test vehicles are rolling out:\n\n The two Tre BEV trucks went to Total Transportation Services Inc. (TTSI), a trucking company operating at the Los Angeles and Long Beach portsTTSI has a letter of intent from Nikola for 100 trucks following a trial program of two Tre BEVs and two Tre FCEVs. Nikola hasn't said when TTSI will receive its Tre FCEV pilot trucks, but after the program ends, Nikola aims to deliver 30 Tre BEVs to the company in 2022 and 70 Tre FCEVs in 2023.\n\nThe electric semi-hauler will put Nikolas engineering capabilities to the test in a real-world setting for the first time. With a claimed range of 350 miles and top speed of 75 miles per hour, the Tre BEV boasts impressive specs. Given the scale of its planned financial commitment, TTSI is likely to test the accuracy of Nikolas claims quite rigorously.\nWhile the Tre BEV is evidently ready to face the crucible of customer testing, the hydrogen fuel-cell version at the heart of Miltons current legal woes is not yet ready for primetime. When it is, it could prove transformational, not just for Nikola, but for the whole automotive industry, at least according to the more enthusiastic analysts following the companys progress.\nThe road ahead\nWith its legal and regulatory overhang apparently lifted, Nikola may see its battered share price begin to recover in the coming year. Down 44% in the last 12 months, Nikola could certainly use a reprieve. With a market capitalization of $4 billion, Nikola is a whole lot cheaper than many of the high-flying BEV stocks that have captured the markets imagination.\nThe upcoming year could prove to be a pivotal year for Nikola, in my assessment. I will certainly be watching its progress toward commercialization of its first vehicle models with great interest.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":691386517,"gmtCreate":1640137210878,"gmtModify":1640137213887,"author":{"id":"4097242955092060","authorId":"4097242955092060","name":"Museigen","avatar":"https://static.tigerbbs.com/64fdd755ede81fd5033abfe57c8a63b6","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"4097242955092060","authorIdStr":"4097242955092060"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691386517","repostId":2193169219,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":691300434,"gmtCreate":1640132361069,"gmtModify":1640132361069,"author":{"id":"4095861251655460","authorId":"4095861251655460","name":"LeviSoon","avatar":"https://static.tigerbbs.com/2277b8b2bfbb630f4314238a16f10a8e","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4095861251655460","authorIdStr":"4095861251655460"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691300434","repostId":2193169219,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":691944478,"gmtCreate":1640131238494,"gmtModify":1640131238554,"author":{"id":"3558440698099291","authorId":"3558440698099291","name":"yeo","avatar":"https://static.tigerbbs.com/f2ac157a0de74e3fac334b84c7779a75","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3558440698099291","authorIdStr":"3558440698099291"},"htmlText":"Let's go","listText":"Let's go","text":"Let's go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691944478","repostId":2193169219,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":7071287,"gmtCreate":1640131804404,"gmtModify":1640131804498,"authorId":3582343271957983,"author":{"id":3582343271957983,"idStr":"3582343271957983","authorId":3582343271957983,"name":"Michrich","avatar":"https://static.tigerbbs.com/8b1a28d47569c69731121b5b5a424aaf","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":691944478,"type":1,"supId":0,"prevId":0,"content":"Like","text":"Like","html":"Like"}],"langContent":"CN"},{"id":691941629,"gmtCreate":1640130643655,"gmtModify":1640130644247,"author":{"id":"3575256482663287","authorId":"3575256482663287","name":"schipperde","avatar":"https://static.tigerbbs.com/2a4e4121277bf6de1807fa76d4c1d390","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3575256482663287","authorIdStr":"3575256482663287"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691941629","repostId":2193169219,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":99,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2193169219"}