29 Burst results for "Trevor Milton"
"trevor milton" Discussed on Bloomberg Radio New York
"Equity stake in Clean Energy Trucking startup Nikola Corporation, But that plan has fallen apart. And quite frankly, I'm confused, but I know somebody is on top of it, and it's Tim O'Brien. Senior columnist for Bloomberg Opinion. Tim It was a promising deal, but a strange one. But what's even stranger here is that General Motors as kind of pulled out of the deal with Nikola, what's going on? Well, they're pulling out Paul because it's become an embarrassment and and the curious thing in in this whole transaction is GM had every opportunity not to do the deal if it Famously began unraveling in September after Hindenburg researchers a short seller, published a research report pointing out ah, whole raft of problems with Nicholas leadership and Statements by by its founder, Trevor Milton, and, uh, that ultimately forced Mary Berry GM to step back. But it wasn't September when a lot of controversial things about Nikola was known. Were known that goes back as far as July when issues were raised about Claims that it made for trucks. It was producing that that, um It said There were heightened design. And, um, uh, energy efficiencies around that vehicle that weren't the case. Uh, Other things came out about Milton's passed over the summer. So the father was out there. In the real question they comes up in all this is what sort of due diligence to G have actually do when they decided to give its corporate blessing. To a three year old startup that was still in essentially unproven truck producer. Right. And why don't we know that I surely That should be transparent? Well, it should be. I mean, I think you know, there's now the Securities and Exchange Commission and the Justice Department are both now reportedly looking into some of Nicholas public statements and Trevor Milton's public statements. Uh, there are probably legitimate legal reasons for GM and for bear up, not wanting to be more more forthcoming in the moment. That's an argument they could be made. The problem is, I think she had had some problems of its own. In this transaction. It came to Guiana, Mary Barra's attention Through Stephen Girsky. He's a former GM and executive who became an investor and invested in Nikola and was very, um uh Public in his statements that Nikola was the real thing. It was Stephen Girsky, who brought this deal through GM's doors. So was there an arm's length transaction here when? When Mary Barra Says that her team and the companies, accountants and lawyers and financial wizards Scrutinize this before GM tied up with Nikola. Well, did they really? We don't know. And I think that it would be useful for the company to be more transparent and author I'm or public Timeline of what occurred here and Tim, you know, for background. I used to work with Stephen Girsky Way way back in the day when he was young, auto analyst of PaineWebber. I know he's enjoyed a very good career in the auto industry government folks known from the bailout Plus Mary Barra, who again has a very good reputation. You just wonder how you know people like these could put such a odd transaction together. Do you think this is going to Way on Mary bearers reputation and maybe even that of General Motors. Well, I think they've taken a repeat. Both of them have taken a reputational head. You know, I agree with your politics. Mary Barra is an incredibly inspiring executive. She's one of the few women to run a fortune 500 company. She's the daughter of a GM tool and dye craftsman. She's entirely self made. She went to work for GM when she's 18 went on to get a degree in electrical engineering and an MBA from Stanford. She's been She M CEO for almost seven years, and she's handled a bunch of thorny problems. Very deftly. But this this this is a real problem for her because She's been opaque about it. Her decision making here was clearly flawed and she's not really coming clean about what led to debacle. This this there's no allegations of fraud here. There's not going to cause legal headaches for her. She actually engineered a very smart financial deal for GM, So there's no money being lost. But there is reputational damage that I think they should think about. And is it also assigned him off the desperation on sort of older legacy companies to try and get in on what they see as something that might be disrupting them and not missing out on that. Well, you know, it's this is classic in corporate America. When upstarts find new markets and they get, um lush evaluations from the market we slide, you know, a decade ago, when banks began rushing to create Internet only banks under new brands, but only the banks sort of Capitalize on the markets enthusiasm for stand alone digital only financial services companies, and it's happening now. Clearly in this sector test was obviously enjoyed a big run up, but at one point in June Nikola had a market capitalization that was larger than Ford's. And, um, I think the auto companies they're seeing this. They want to capture that value, but the end of the end of the day. Ah, well run company in a well run corporation captures value by making great products and being very profitable. And if if legacy automakers want to be competitive in this new space You've got to be shrewd about who they partner with, and they've got to be willing to embrace authentic innovation. It's interesting to him. I was talking about this with Kevin Tynan. Bloomberg intelligence, auto analysts and, you know, just we had this ongoing conversation. It just feels like the big automakers say, Let's just take the Big Three in Detroit are just so far behind in this evey that their seeding the market to test the but Kevin and other auto and also come back and say, Hey, When there's a big enough market to make these things profitably, really? Probably. The Big Three will be there is that kind of the feeling you think is permeating through Detroit. I think so. And I think there's some truth to that. You know, the reality is that Tessa was not necessarily at a point right now where it can scale its production at all on the order. Of afford Origi M. Um I think it's some point. Testable will probably need a production partner if it really wants to become a mammoth producer of vehicles at a lower price point that it that it sells right now, Um, On the other hand, I don't think legacy companies can just sit back. And say we have production advantages with marketing advantages we have scaled were authentically global. Therefore we can let someone else innovate and then we'll pick them off. When they're mature enough. That's a dangerous Strategy for any corporation in any industry, and we've seen this in media. We've seen it in traditional manufacturing and other sectors where people wait too long to innovate. Tim. Thank you. You're always innovating with your column. So you appreciated. Tim O'Brien is senior columnist for Bloomberg Opinion and his column today. Mary Barra need to explain GM's Nikola Misstep Pretty much speaks for itself to have a read ours. I'm going to continue on in our next hour is speaking to more p Jim guests, of course, today just to reiterate we are bringing you a special edition off Bloomberg Markets is focused on E S G and Green finance, and it's brought.
Nikola Falls Amid Growing GM Deal Doubts As New Claims Hit Founder
"This time. It's General Motors, and its deal with Nikola Philibeaux all over that story, he's on the fast line right now with the details what can you tell us bill? Dahm, we have confirmed through sources that the discussions between Nikola and General Motors. They were trying to hammer out a deal by tomorrow that was the deadline that they had set for finalizing the deal when they first announced it on September eighth but obviously given everything that has happened over the last three weeks There were a number of discussions and still our discussion between General Motors. And Nikola. Our sources tell us that they will not finalize an agreement by tomorrow. However, the discussions between the two sides continue we may see a deal announced maybe two three a week from now that's still a possibility. There's also the possibility that things could fall apart but to be clear, they will not finalize a deal by tomorrow. However, the discussions continue between GM and Nikola Dom. Alright syllabus. Thank you very much. Know you'll stay on top of that story as well for our listeners on Sirius? Xm. Who didn't see those charts what we are seeing a spike in the after hours in shares of General Motors one and a half percent on roughly eighty three, thousand shares of volume. Meanwhile, you've got a drop in shares of Nikola Oh no. Now, they've reversed around Nicholas now up five percent after falling about that equal amount just. About five minutes ago about half a million shares of volume there for Nicholas. So a very volatile trade in the after hours session relatively for general, motors and Nikola. So let's talk a little bit more about this and maybe care and I'll go to you for this one here. This is a story that made a lot of waves because of the HINDENBURG research report, the short-selling side of things on nickel and trevor. Milton. It cost him his job. Is. General Motors. Still a stock that you want to invest in if they are making strategic types of investments like in Nikola. I'm long General Motors. So the answer would be yes. I, liked the Nikola deal for them before of the HINDENBURG. came out of but I think that. Negotiated a final deal yet I think GM hold every single card here. So we may see a very different deal a deal that's even better for GM than the one that they originally announced clearly. Nikola. Is You know still even if they do it, it's a bit of a black guy for GM and that due diligence couldn't possibly have been. Have unearthed everything in the HINDENBURG report, but I think it's an interesting Jill for GM. They can get a better deal than they cut originally and so I think. Let's see how it plays out. It'll be. Either really good for them or the walk away with a little bit of an embarrassment but having put no money up at all I think they'll just have to go on and look for the next product that hopefully will reinvest will invigorate e-business.
Founder of GM electric truck partner quits amid allegations
"Truck startup that's partnering with General Motors has resigned amid accusations of making false representation is about the company's technology. Shares in Arizona based Nikola lost over 19% of their value and trading Monday. While GM was off. Nearly 5% of the company said late Sunday that the founder and executive chair Trevor Milton was stepping aside. Investment fund. Hindenburg Research has accused the company of making false representation Sze about it's a vehicle and technology, and Nikola rejects that and has hired an attorney for potential legal action.
Nikola Founder Resigns as Executive Chairman Amid Fraud Allegations
"Stock is shorting out after founder Trevor Milton step down his executive chairman for the company, which has been under fire from a noted Wall Street short seller for allegedly being a fraud. Milton says in the resignation from the board that he doesn't want Nikolay to be distracted by him as he fights what he calls her false allegations leveled by outside detractors. Hindenburg Research accuses Milton of making false claims in the electric vehicle makers technology. Days before the accusations came out. GM sank a big investment in you, Nikola as a manufacturing partner, sending Nicholas shares soaring higher, but it's been downhill since then, and shares the Nikola today were pummeled falling. 19% and GM felt some of that pain with its stock down about 5% on the money
Nikola Founder Quits
"Shares of Nikola started the day falling nearly thirty percent. It is bounced back up from that last I checked it was only down around fifteen sixteen percent. And this is because Trevor Milton the founder of the electric truckmaker is stepping down as chairman of the board. This is effective immediately, and it comes in the wake of investigations started by both the SEC and the justice. Department on the potential that Nikola has misled investors. For those. You know was at Hindenburg research is that the outfit that came out with a short report about ten days ago? A. Certain. That they believe that this is a where there's smoke there's fire. Situation. But. I don't know this guy. This seems like one of those sudden. Effective immediately departures that doesn't happen if everything is going great at the company. Yeah I would say this is one of the more impactful short reports that I. can recall given the speed with which have been happening both You know when a fairly thorough Report comes out from some of the names that we know in in that space that can be twenty thirty percent on a stock, and that was the case with. but then to. Drive out. Let's for the moment. Give it to the short report for today's News I'm sure that that is not Company is spinning but I'm GonNa go ahead and do it for the moment and say that a speed with which we've seen reaction to a short report that I can't recall and for a company that was in the news on its. Seeming merits for an improved situation having just locked up a deal with the GM selling eleven percent of itself to GM. For some in kind services of this says been a reversal of fortune for Nikola and its shareholders that is if not unique, you know on a shortlist. Yeah, and to your point, just to give a little bit more detail. Hindenburg research came out September tenth with a report entitled Nikola how to Parlay an ocean of lies into a partnership with the largest auto em in America.
"trevor milton" Discussed on Techmeme Ride Home
"Nikola is one of those electric vehicles startups we discussed recently on a weekend bonus episode it's an electric vehicle startup not named. . Tesla remember and Nikola is one of those startups that's also focusing more on trucks. . Yeah well, , the founder of Nikola Trevor Milton has abruptly resigned as executive chairman of Nikola amid what the Wall Street? Journal. ? . Is Calling fraud allegations quote Nikola, , which went public in June through a reverse merger has come under scrutiny. . Since Short Seller Hindenburg research released a report earlier this month accusing the company and Mr Milton of making exaggerated claims about the readiness of Nicholas Technology, , and how much of it is proprietary doubts about the company's readiness to produce vehicles and questions about its claim to own proprietary technology have prompted US securities regulators and the Justice Department to investigate whether Nikola misled investors. . The Wall. . Street Journal reported earlier this month citing people familiar with the matter Nikola has called the. . report false Mr Milton said in a company statement that he had asked the board to step down. . So the focus was on the business not him. . He added in a separate statement posted on his twitter account. . Early Monday that he intended to defend himself against quote, , false allegations levelled against me by outside detractors and quote Mr Milton thirty nine years old founded Nikola twenty. . Fifteen and owns nearly one quarter of the Phoenix based companies shares according to fact set he served as chief executive until the company went public at which point he became executive chairman and Mark Russell was appointed as CEO investors have seen Mr Russell as a calming influence over the bullion behavior. . Mr. . Milton who has frequently vented frustrations and shared ideas via twitter and quote. . More. . Details I learned about Nikola today while researching this segment GM recently said it would take an eleven percent stake in Nikola in exchange for helping to engineer and build an electric pickup truck called the Badger and Nicholas Stock was down twenty one percent in this morning's trading that nonetheless still gives it a thirteen billion dollar market cap. . This just popped up on tech crunch quote news is breaking that Trevor Milton Nikola Co founder, , and former executive chairman was arrested by the DOJ FBI at Sky Harbor Airport in Phoenix Arizona. . This morning this is so far unconfirmed and quote. .
Nikola Founder Resigns as Executive Chairman Amid Fraud Allegations
"Nikola is one of those electric vehicles startups we discussed recently on a weekend bonus episode it's an electric vehicle startup not named. Tesla remember and Nikola is one of those startups that's also focusing more on trucks. Yeah well, the founder of Nikola Trevor Milton has abruptly resigned as executive chairman of Nikola amid what the Wall Street? Journal. Is Calling fraud allegations quote Nikola, which went public in June through a reverse merger has come under scrutiny. Since Short Seller Hindenburg research released a report earlier this month accusing the company and Mr Milton of making exaggerated claims about the readiness of Nicholas Technology, and how much of it is proprietary doubts about the company's readiness to produce vehicles and questions about its claim to own proprietary technology have prompted US securities regulators and the Justice Department to investigate whether Nikola misled investors. The Wall. Street Journal reported earlier this month citing people familiar with the matter Nikola has called the. report false Mr Milton said in a company statement that he had asked the board to step down. So the focus was on the business not him. He added in a separate statement posted on his twitter account. Early Monday that he intended to defend himself against quote, false allegations levelled against me by outside detractors and quote Mr Milton thirty nine years old founded Nikola twenty. Fifteen and owns nearly one quarter of the Phoenix based companies shares according to fact set he served as chief executive until the company went public at which point he became executive chairman and Mark Russell was appointed as CEO investors have seen Mr Russell as a calming influence over the bullion behavior. Mr. Milton who has frequently vented frustrations and shared ideas via twitter and quote. More. Details I learned about Nikola today while researching this segment GM recently said it would take an eleven percent stake in Nikola in exchange for helping to engineer and build an electric pickup truck called the Badger and Nicholas Stock was down twenty one percent in this morning's trading that nonetheless still gives it a thirteen billion dollar market cap. This just popped up on tech crunch quote news is breaking that Trevor Milton Nikola Co founder, and former executive chairman was arrested by the DOJ FBI at Sky Harbor Airport in Phoenix Arizona. This morning this is so far unconfirmed and quote.
"trevor milton" Discussed on Techmeme Ride Home
"Bonus episode it's an electric vehicle startup not named. Tesla remember and Nikola is one of those startups that's also focusing more on trucks. Yeah well, the founder of Nikola Trevor Milton has abruptly resigned as executive chairman of Nikola amid what the Wall Street? Journal. Is Calling fraud allegations quote Nikola, which went public in June through a reverse merger has come under scrutiny. Since Short Seller Hindenburg research released a report earlier this month accusing the company and Mr Milton of making exaggerated claims about the readiness of Nicholas Technology, and how much of it is proprietary doubts about the company's readiness to produce vehicles and questions about its claim to own proprietary technology have prompted US securities regulators and the Justice Department to investigate whether Nikola misled investors. The Wall. Street Journal reported earlier this month citing people familiar with the matter Nikola has called the. report false Mr Milton said in a company statement that he had asked the board to step down. So the focus was on the business not him. He added in a separate statement posted on his twitter account. Early Monday that he intended to defend himself against quote, false allegations levelled against me by outside detractors and quote Mr Milton thirty nine years old founded Nikola twenty. Fifteen and owns nearly one quarter of the Phoenix based companies shares according to fact set he served as chief executive until the company went public at which point he became executive chairman and Mark Russell was appointed as CEO investors have seen Mr Russell as a calming influence over the bullion behavior. Mr. Milton who has frequently vented frustrations and shared ideas via twitter and quote. More. Details I learned about Nikola today while researching this segment GM recently said it would take an eleven percent stake in Nikola in exchange for helping to engineer and build an electric pickup truck called the Badger and Nicholas Stock was down twenty one percent in this morning's trading that nonetheless still gives it a thirteen billion dollar market cap. This just popped up on tech crunch quote news is breaking that Trevor Milton Nikola Co founder, and former executive chairman was arrested by the DOJ FBI at Sky Harbor Airport in Phoenix Arizona. This morning this is so far unconfirmed and.
Founder of GM electric truck partner quits amid allegations
"Nikola faces uncertain future after its founder and chair stepped down amid fraud allegations. Trevor Milton is accused of making false statements to investors about the electric truck startup. It's a charge, he says is false. The company is getting support from partner GM, which says it won't abandon nickel up with
First Berlin Production Equipment, New Largest Supercharger Location, Daimler Emissions
"Our here, and today we have a super charger network update, which is nice. Little throwback for those of you that have listened to the podcast for a long time I used to do those every day at the start of the podcast. We also have some news on Berlin paint a small little updates slash rumor. I would call it on Battery Day and the news on Daimler Nikola Motor as. Well. Tesla stock with another really strong day to day even though it was relatively quiet news wise finishing up seven point two percent to four hundred and forty nine dollars seventy six sense that compared to the Nasdaq up one point two percent we'll start off with these super charger news. This is coming from Brian Mac se on twitter, who is a long-time listener and I believe Patriot supporter of. The podcast who happen to come across a super charger network location under construction near Firebaugh California. As far as I can tell, this location had not yet been noticed. So upon Brian tweeting these out Tesla Motors Club Forum members did some digging on this and they were actually able to find that the permit for the site as well as planning documents for sort of a conglomerate travel center at. This location those documents disclosed that Tessa. We'll have fifty six spots for Tesla charging at this travel center. Assuming each of those spaces has a super charger associated with it. fifty-six chargers would put this as the largest superchargers location in North America and possibly in the world surpassing cattleman city in the United States at forty chargers and believe in China, there are a couple locations that have fifty chargers. So. Pretty exciting this location is between San Francisco and La driven miles. It's about two hundred and thirty miles from La and about one hundred and fifty from San Francisco. It's not clear if these will be all version three superchargers but I'd have to imagine that they would be and as far as other features go. It looks like about two thirds of them thirty eight of the fifty six. will be pull through hopefully accommodating the use of a trailer and making things a bit easier for the cyber truck and potentially also accommodating the semi of course, cincy unveil of the semi. We haven't heard much more about Tesla's mega charger plans. So hopefully, we get a bit of an update on that during battery debt. Right next today is an update on Gigabytes Lynn gigafactory underscore four on twitter. Has Been following. The gigafactory development closely looks like some equipment has started to arrive, and some of that equipment carries branding for Geico Tikey Shah? which is a paintshop solutions provider based in Milan Italy. There's also some signing there that is co branded between that company and desolate GEICO take show describes their approach by saying quote innovation is our weapon of choice were constantly increasing the technological possibilities in. Order to meet the needs of the most demanding customers in a highly competitive sector and quote they also seem to be heavily focused on sustainability and they're their paintshop operations. They have a project called the party's project, and they say quote with the Party's project launched in two thousand, five Geico Kotecki show was the world's first company to offer zero environmental impact paintshop reducing consumption by seventy percent and. So. Without really knowing much more about the company does he pretty good fit for Tesla we know Tesla has pretty big aspirations with the shop and gigabyte Lin Yuan talked about it many times and even setting Matt aside, it's good to start to see some production equipment on the grounds of Giga Berlian and though I haven't seen it yet. Maybe this gives us another milestone to compare the progress with Giga Shanghai from what I can. Tell, it looks like paintshop equipment started being put in place at Giga. Shanghai. In early to mid August of two thousand, nineteen with production of course, then starting about four months later. So if that's the case, if Berlin falls a similar time line that could potentially project out to start production and January probably best to keep expectations for later than that but I do think it's helpful to keep an eye on how those timelines compare all Right next up today is something that could end up being completely nothing but I thought it was at least interesting enough to share earlier today Fred Lammert over at electric tweeted out a couple of images of him holding a pretty significantly sized battery cell and Fred Ask if anyone has seen this battery cell before or you have some information about them, please reach out to him. A says also by the way, this new cell May. Or may not have been made by Tesla I don't really have much speculation to add this. A couple of people on twitter were saying that it does look like a tablets design which we've talked about and past episodes. But really just pointing out to say could be something to keep an eye out for the next couple of days if electric is able to you dig up a little bit more information on whatever this ends up being. Last couple of pieces of news here. Today I on Daimler Daimler has reached a settlement with the US government to pay one and a half billion dollars and settlements and penalties to the US and California State to resolve allegations of Daimler using emissions test cheating software to conceal the actual emissions from vehicles even with the settlement, and despite the fact that engineers at the EPA found software designed to cheat the emissions tests. Damore denies wrongdoing saying quote as stated in the consent degrees the. Class Action Settlement the company denies the authorities allegations as well as the class action plaintiffs claims and does not admit any liability to the United States. California plaintiffs or otherwise and quote. So I don't know kind of disappointing to see a settlement of that nature that doesn't require the admission of fault with such seemingly strong evidence against Daimler right lasting today is a quick update on Nikola Motors. It sounds like from the comments yesterday that most of you preferred that I don't do significantly. Deep dive on this budget stick to the high level updates, which I'm totally fine with if Trevor Milton wanted to come back on the PODCAST, I would probably do that. Otherwise, we'll stick with these updates anyway today the Wall Street Journal and other outlets are reporting that the Justice Department has started to also investigate Nikola Motors due to the allegations that they had misled investors by making exaggerated claims about their technology I know that sounds similar to
US justice department inquires into Nikola fraud claims
"They are under pressure because it appears there are now two agencies that are investigating Nikola this afternoon to reports one from Dow Jones one from the F. T. saying that the Department of Justice specifically, the US Attorney's Office for the southern. District of New York has made inquiries to Nikola regarding the fraud claims. By the way we have reached out Nikola. No comment at all. We've been unable to hear anything back from the company regarding this report of the DOJ investigating company remember yesterday the report came out that the S. E. C. is also looking into these fraud claims surrounding Nikola Nikola for its part says look we. Reached out proactively last Friday to the SEC and we said look we want you to look into these claims that were made. By Hindenburg, research those claims about forty three of them essentially saying that this is an intricate fraud that Nikola is perpetrating here and that basically investors are on the hook again, what you heard from Nikola not only on Friday, but also on Monday was a refuting of those claims from Hindenburg but today Enberg double down issuing another report basically saying we view Nicholas response as a tacit admission of securities fraud that tacit admission is because one of the claims from Hindenburg research was that a semi truck. That was filmed by Nikola back in two thousand seventeen was not actually propelling itself. It was being rolled down a hill. It was in motion. It was not an actual driving vehicle showing your General Motors because General Motors has said look we did appropriate diligence when it comes to looking into Nikola before striking the deal where General Motors takes an eleven percent stake. Nikola will have its badger electric pickup truck built by General Motors That's the latest in terms of what we have at this point Melissa. But what's interesting here is we have heard nothing nothing at all from the chairman of Nikola Trevor Milton and these two investigations you have to wonder if this takes away the real oxygen that has pushed this stock higher over the last month and that's Trevor Milton on social media
"trevor milton" Discussed on CNBC's Fast Money
"Nikola Philibeaux rejoining us down till may or may not have gotten a hold of Nikola Trevor Milton Phil what can you tell us didn't get hold of Trevor Milton but we do have a statement from Nikola and it's it's short and doesn't really give a whole lot of insight but it says on September Eleventh Nikolas Legal Counsel proactively contacted and briefed the US Securities and. Exchange Commission regarding Nicholas concerns pertaining to the Hindenburg Report Nikolaos welcomes the SEC's involvement. In this matter not a surprise statement, Brian. This is sort of what you would expect them to say, and we know that last week they indicated that they were going to be talking with the SEC. This might be a little bit different than the headline that you alluded to earlier regarding the Bloomberg report. The SEC is reportedly looking into these allegations involving Nikola one would have. You thinking, are they looking into whether Nikola is in the wrong here the other would have you looking into did Enberg make up these allegations here? Bottom line is this the SEC is looking into these accusations and At some point we'll see whether or not. They believe that there is something to these accusations and one other thing Brian you the shares giving back right now after hours they were up during the day in part because RBC had a conference Gamco Mary, Barra presented at that conference and in her presentation no doubt she knew she was going to be asked about Nikola she said look we did our due diligence and we still believe that this agreement validates GM's EV technology. It's Hydra Tech investments. It's knowledge in that area. All of that is important for General Motors, and so any thought that people have the GM is pulling out of this agreement. There's no suggestion of that at this point. Yeah, yeah I saw that as well as a little bit confused by that, and by the way we should note in Philip both thank you very much. Some we do these insider buying segment of worldwide exchange every Friday and getting some notes that Trevor Milton bought about forty-one thousand shares of nickel of this morning. So the CEO Milton coming out and putting up some cash to buy his own stock more than Nicholas Story. I'm sure to.
SEC to examine Nikola over short seller's fraud allegations
"We start with some breaking news on Nikola shares they are down in the after hours that follows a big update Bloomberg reporting that the Securities and Exchange Commission will examine Nikola over the short showing fraud allegations stock down seven and a half percent right now guide Your response to that news. Again it probably Brian. Thanks for being here. Again, I can't speak, and I said this last week try to be a little clearer. Now, I can't obviously speak to the veracity of the short soul report accusations of fraud I have no idea what I did say last week, and what I'll stand behind is despite how the GM investment is structured whether they are actually investing money for the deal is structured fact that GM is somehow it linked. Their wagon to Nikola and if these accusations proved to be correct I, think the really deleterious thing could happen in shares of GM based solely on that not because it's just two billion dollars but the in my opinion, the potential for an exponential move based on that and based on the fact that maybe GM potentially didn't do the homework that are the people did that would be my primary concern right now as I look at this entire situation. and Tim to be clear on the story and I know we're GONNA. We're trying to fill up here. Any moment is that you don't Trevor Milton said the other day we're going to basically work with the SEC I wanna be clear according to the Bloomberg report. That's not what this is. This appears that the SEC is now poking into Nikola baby on not on the side of the short seller. But certainly from that angle, this is not some cozy deal between the two going after Hindenburg. No I think ultimately, the the SEC is going to do what they feel is just based upon both again allegations of fraud and actual fraud and investigating what was represented to investors I mean there's there's whether the technology is what it is and guys brought up some important elements of this that I don't I don't think we can know based upon even even if we read that entire report again, this needs to be validated or invalidated. The fact that the company has come out today and said, well, you know we said that it was. That the company was was was was excuse me that the truck was moving as opposed to it was actually individually propelled by our own engine etc I mean you know there's some some really frankly. that. BET semantic hair that's trying to be split here I think is is crazy I mean that doesn't sound good that certainly doesn't sound like something you'd rest. Well, we weren't really you know indicating that we were. We were on our own individual propulsion. So I think you know that doesn't read well. I to me GM the the issue was did this validate some of their fuel cell technology and some of their overall engineering prowess and did the deal makes some sense when you consider that unlike others Nikola was going with an asset light strategy and seeking to at least tap into engineering and we? Capacity that all makes sense. The fact that Jim got this for free was going to be paid seven hundred million dollars for access to some of their technology. I don't think this is necessarily harmful to GM. If this all turn to be a disaster for Nikola I think the fact of the matter is GM is pointing out that they have been in this space for a long time and I, think there's a lot there. Well it Dan Listen. That's the Tim. Actually hit on the one thing in the rebuttal that stuck out to me as well which is yeah. The truck may not have run on its own, but all the parts Kinda worked on their own but together didn't really matter because we're going to pivot to something else. Anyway there's a lot of pivoting going on Nikola and I wonder if investors should just pivot away from the stock because they don't know how this is going to end up. Well I think that's the main point. We just don't know we talked about this on Thursday. The stock was trading about thirty, eight hundred already had a big down day on the day before after that report came out my comment was okay. Well, there was two opportunities, the vet this story and I was a bit Glib about and so I said, you know there probably isn't fraud here. I had a very prominent short seller hit me after the fact on tax and say be careful here this is well documented and devastating I spent some time reading it the rebuttal there was really nothing there from Mykola and I think that's a pretty interesting. Story I'll just make one point and one of the reasons why I made that comment on Thursday I've been in this business for twenty five years. You know if you WANNA create some sort of scheme to rip people off of lots of money doing it in the public eye in front of know financial TV investors who are very well incentivized a sniff it out, and then no shortage of regulatory bodies. It's just not the best place to do it. So that's my first reaction often but who knows here, this seems like a really creepy situation and you know when you don't understand something you just avoid. Yeah, I think that's well setting care and I want to reiterate the news in case audience is just joining us here that the according to Bloomberg is now going to investigate at least sort of at a top level. The allegations of fraud against Nikola made by the short seller doesn't mean they're going to find anything and if they find anything, it may not. Be Serious and it could have some sort of an easy resolution as well. Just because the SEC goes poking around companies doesn't mean there's a negative outcome and I think that's very important to be said but on forget Nikola Karen is there any reason ever invest in the stock of a company where the even sniffing around? Maybe it does create some weird opportunity. Well I guess I point to Tesla the SEC. Sniffing around when they the statements about you know financing secured when when musk wanted to take private for four hundred and twenty dollars a share I guess that would have been one scenario but I agree with the guys on the panel that this particularly this issue of it was whether it was self propelled. We never said it was certainly one could reasonably assume that investors looking at that would think. That trump is going on its own. It just makes you think. All right. What else are they do? They have out there in the market that you know what are they sort of presenting that might not be actually as it appears this is a black eye for GM I'm GonNa Guess that maybe this deal falls apart I think GM I think is one of the guys said they didn't actually up any money it was the putting resources into advancing their. Ev Platform. But this this is a black guy for them. It's bad for them and I'm going to guess that this deal falls apart. We'll very quickly Karen and want to come back to number one on the propulsion sort of issue. Well, let's not forget the Financial Times. Did it's reporting a few days ago that they said they talked to a cameraman who said trump just basically rolled down the hill I think probably all of us that our worst moments of roll down a few hills once in a while after you too many. Let's move aside for that Karen. You think that if this comes out as a worst case scenario could GM's CEO Mary Barra lose her job. That I don't know I, mean imagine it. I. Would think the board probably not delighted by this It it it kind of I mean, maybe they did do their due diligence. Maybe they did know all of the points that were in that extensive short report, which I only read a little bit of to be to be fair did not read the entire thing and that they went through every single thing seemed okay. That's a bit of a stretch for me to believe. So I think the stock had rallied on that on the deal so it would be reasonable to You know I'm going to sell some stock I think. This is a black guy for them and for her and I think she's fantastic but. she is. Go out on religion meeting her and interviewing her and Mary Barra is is a class act all around guy but GM shares are moving on this news not a lot but they are down about one and a half percent and listen Y- again, and there's a lot of if and maybe you don't want to go too much down that rabbit hole you. So adroitly said very much of the top there but it is a difficult situation for GM and its investors when literally a couple of working days after you announce a big deal, basically one full week, you got the SEC poking around the company that you just kind of. GOT INTO THE BOARDROOM WITH Yeah I mean it's concerning again we I and we're all trying to be really careful here because obviously you know none of us know where the trews are and where they're not. But again, I want to emphasize if there's any truth whatsoever. In. Knows Ninety pages of that short sell report I think it's really believe it or not I think it's more of a negative for GM potentially that it is for nickel I know that sounds ridiculous but people will say how could you possibly got into whatever agreement it is whether it's a Deal whether it's just a collaboration thing whatever it is how do you partner up with a potentially something that isn't what they said it is to me that's a really scary notion and I think that's sort of the tail risk that GM is facing right now and obviously you know we're not wishing for this. I think we're just trying to point out what could happen and that sort of our jobs here.
Nikola Denies Short Seller's Fraud Allegations
"There's a nasty back and forth, taking place in public between a Wall Street short seller and an electric vehicle. Upstart. Nikola quickly responded to accusations from Hindenburg research. At the Phoenix, Arizona based startup is a fraud by saying in a statement that it was a hit job for a short sale profit driven by greed. Nikola goes on to say that it has nothing to hide and will refute the allegations and the firmest retained lawyers to look into potential legal recourse. Hindenburg accused Nikola founder and Sherman Trevor Milton. Of making false claims about the company's technology. Just days after Nikolas signed a partnership agreement with GM, in which Nikola will use G. M's battery technology for TV's Nikolas stock jumped on that news, but it's been hammered. Unhindered. Berg's allegations again today with Nikolas shares down by 15%
Nikola Denies Short Seller's Fraud Allegations
"And forth taking place in public between a Wall Street short seller, an electric vehicle. Upstart Nikola quickly responded to accusations from Hindenburg research. At the Phoenix, Arizona based startup is a fraud by saying in a statement that it was a hit job for a short sale profit driven by greed. Nikola goes on to say that it's got nothing to hide and will refute the allegations. And the firm has retained lawyers to look into potential legal recourse. Hindenburg accused Nikola founder and chairman Trevor Milton of making false claims about the company's technology just days after Nicolas signed a partnership agreement with GM. In which Nikola will use G. M's battery technology for TVs. Nikolas stock jumped on that news, but it's been hammered on Hindenburg allegations down another 8% this morning on the money Watch
"trevor milton" Discussed on CNBC's Fast Money
"Still awaiting a response from Nicholas Founder Trevor Milton to a scathing short seller report that sent shares tumbling eleven percent today Hindenburg research putting out a ninety page report that among other things calls. Nikola. A quote intricate fraud and claims Milton made dozens of false statements meant to inflate the company's valuation. The report also claims Nikola rigged truck reveals stage misleading demonstrations. Tow truck up on the hill and filmed it rolling down the hill to suggest that it actually worked. It goes on to say the GM which just announced and eleven percent investment Nikola didn't do its due diligence before making the deal G.. Telling CNBC were fully confident that value we will create by working together we stand by the statements we made in announcing the relationship Nikola did fire back today with Trevor Milton taking to twitter to call their hit job saying cowards, RON leader stay and fight for Integrity Hindenburg is only making people love us more for trying to destroy us. It will take the rest of the day to address the one-sided false claims but I will put out a detailed report to address it in the meantime troll on. It wasn't ninety Patriot ports of maybe taking a little bit longer for trevor to come up with this response here but Dan Nathan. What do you mean? The. First responded is we know Hindenburg did disclose that it does have a short position equal. But how is different from somebody who's long having taken a long position then putting a report saying this is the next one, thousand dollar stocker next three trillion dollar company. Yeah, it's a tough one I mean I think if you look back at Elon Musk history with Tesla over the last ten years faced a lot of criticism like this. There are a lot of things thrown at him. You know and he he took on the shore anyone and he even has a gym short line on the TESLA DOT com website. To, show for it. Listen I generally don't think as an investor. This e founders CEOS get in wars with shorts. It just does it's a bad look and it's distracting from the business that being said the fact that this stopgap forty percent on that GM news earlier in the week was pretty astounding. I think obviously a pretty impressive investment, but you've had two instances where investors the SPAC investors that brought this company public, and then GM had the opportunity to really do the due diligence here. So I'm to me you know I I suspect it's probably more the same I doubt there's fraud there I'd be surprised. Well. This is what I mean to answer your question Dan. There is no difference at all I. Mean You can do thoughtful work on the Bulls siding and do thoughtful work on the bear side. The only real difference is as we've many people have learned the hard way. It's a lot more difficult to make money on the short side with that said and obviously have no idea the veracity of the truth I can't speak to that. But I'll say this GM had better hope they did all their homework and cross their t's and dotted. There is on this one if they didn't, and if there is some truth in this report. The two billion dollar investment will have an exponential negative factor in terms of what it means for GM going forward in my opinion again, having no idea, the truth veracity of whatsoever in terms of the report. But if I'm a GM right now, I am absolutely burning the candle at both ends to make sure I did my homework quick thoughts Tim. Yeah I. Think one of the differences to go back to your first question is there alleging fraud it's one thing to say that a company isn't worth evaluation We've on this very show had Trevor Milton on and I think the term you know business plan not business has been used. There's there's a lot of allegations including nepotism at the company or that there's no real technology there but it's very different than alleging fraud, and so I would just point out I have zero position and Nikola and I ultimately short reports like this that are very sensational are also ones that I think investors have to pay attention to as well. The guys at hamburger out there, and they've done this for a bunch of people obviously do an extreme in-depth worked. So again, it's not an attack on Hindenburg. It's to point out that there are certainly opportunities that people will get out there but there's a difference between fraud and inexpensive valuation for a company that we're struggling with a lot of that in the market right now and that may not. Be a crime. All.
"trevor milton" Discussed on This Week in Startups
"For making ray products candidly, I, love the products. Okay. Let's get back to this. Amazing. Right. We're chopping it up with Trevor Milton the. Executive Chair and founder of Nicola Motors. They are building hydrogen battery-powered powered semi trucks with their partners taking. Route they raised about five, hundred, million dollars before they did their SPEC. Brought in another seven, eight, hundred billion is that correct? Seven hundred yet. Yeah. and. There were a bunch of warrants associated with that and so when you buy a warrant, you actually have to buy it. So I believe that the company gets that cash. Correct. Two hundred and sixty million this week from it. So that means you have a billion dollar war chest we do. We have almost billion dollars account right now I mean. only five hundred employees of four hundred employees. So that means you're really only spending on employees ten, million, a month or something I guess something in that race really low, and that's what the advantages. That's why we did it that way. So now you've got all this cash. On the balance sheet and you've got all this runway. But you this building a network of hydrogen chargers and coordinating the building of hydrogen trucks and satisfying a bunch of customers seems like an awful lot of work. And then I'm not sure exactly date you nounce what day did you announce that you're going to take on Ford F one, fifty pickup truck and Yulon cyber truck and the riven riven is the video. Sorry. Ribian. So now you decide F it I'm going to create an F. One, fifty, the best selling car in the United States I think and obviously the best selling truck why would you take on more work? That's a good question. Yeah. So here's the reason why our trucks are a gravy train with money. That's where all the money comes from is a big semi trucks right. The problem is is ninety percent of Americans will never own a semi truck and so your investment you're invest your portfolio of investors can be very limited and we wanted to go and build a companies can be worth five, hundred, billion, trillion dollars over say ten or ten or fifteen years, and if you're limiting yourself ten percent the market, you'll never do it no matter how good your numbers are the reason why people love apple they everyone touches their product why do? They love Google everyone touches our product. So you're what ideas I knew day one you know once once we started coming out all his gravy train company infamous Mitra program my my question was okay that's great but I'll never touch the average consumer. So therefore, ninety percent of investors will probably never invest in me. So I needed a touch, the consumer, and so that the truck is for the Prophet. That semi truck the pickup trucks for the consumer and the consumer is the one who is part of the Robin Hood portfolio is part of the. Family officer whenever that's all the devaluation company comes from. Are you saying you to do it profitably or that it's a loss leader a break it's profitable will. Be. Profit with it. What would that retail for have you announced the pricing and the launch date of that yes sixty ninety K.. and. So very reasonable in the price and while the bell somewhere rhetoric about twenty percent margin on that in hit son next year. So it will be in production in the next year and are you taking the same approach you're going to build it with a partner as opposed to us. So who's that partner who build a pickup truck? It'll be coming out soon. That's probably one of the biggest announcements of the entire investment community wants to know about Nikola and hits very soon. Okay. That's a huge deal and it'll be built of had their factories through their supply chain. You're talking about billions of dollars in saving with the ability to build one hundreds of thousands of these without any type of. Growing pains and it's going to be hydrogen or is it going to be battery both you can either choose batteries or hydrogen hydrogen? How would you fill the tank if you have yet to build the? Network. One. Some states California hydrogen. Hydrogen stations but we have seven hundred hydrogen stations going up right now throughout America and it just GonNa take time. We also hydrogen in every market we're going to say look our station comes online. Then you can buy the hydrogen version. Why would somebody buy the hydrogen because it's It seems like we said earlier that battery kicks hydrogens ass in low load situations. We take that as a given those who who has a pickup truck that's going to be going for ten hours hauling something huge. That seems like a tiny part of the market what? What is that market? Now about thirty to forty percent of pickup truck market actually uses truck for work in trailer. So in that situation, you do not WANNA battery truck. It only view politics trade with a Tesla Model X Ray. Now, you lose about sixty seventy percent of your age. So you're talking about giving, you can't put a trailer during more than a hundred miles on a on a cyber truck without a diner one, hundred fifty. So the idea here is that if you can with hydrogen, you can allow trump to pull a trailer. It'll give you a six hundred mile range without a tree there about three hundred mile range with it, and so that's it's made for the construction or world that people pulling trailers, the business owners, the guy's going to job sites or those trying to power a job site or those Holland big loads, and that's what it's four on the the that's what it was made for for the android version. And so you will on the hydrogen side is there a hydrogen pickup truck out there today? No, the first one. Yeah. So you're not going to be competing with anybody on the hydrogen side for the pickup truck, but you will be competing with Ribian and the cyber truck eventually. On that side but you're not gonna be building it yourself. You'RE GONNA be putting your innards. You're drive train your battery, etc. But I assume you're not making your battery packs either that's your life. You do make. Key a key on that because of the cost, the battery packs thirty percent of your vehicles, cost or forty. So it's one of the most important things to actually bring in house. So we do make their own battery packs. The whole truck is designed is our is our bill, but another may factors could actually be spitting out on their life. So you're going to be in the battery business, you're going to build battery packs. You'll never make it as an oem children battery. That's the most critical part. What do you think? Tesla's going to announce with this new battery technology that had bought that battery company is it going to be that the life cycles of batteries we'll get much better. You know he's down. What do you think it's going to be. Yeah, I think you're going to be cost material type. You know things like that but I think that you know he's Its top like I get I, get where they come from but Dave. I really hope that they focus on just getting out what they've promised like full self-driving promise for many years is still not there. It's, and there's just a lot of things where they need to focus on delivering and they've started deliver quantity of cars but they need to start delivering on their on their their promises of what they've done and that's been really my only critiquing another battery thing is like, okay, look you got Samsung G. and on expanding tens of billions of dollars in research and development. Why would you WanNa try to injure your on sell? Pace. To do that like why traded? I think the reason they would be doing it is because they think they can do it better and that if they do ten different things concurrently ten twenty percent better, they changed the world. They can. The complexity is is that you can't focus. That's that's okay. But I mean gets it's a it's a tough one for me because is an entrepreneur. The easiest thing to do is be distracted. It's easy to be distracted. It's hard to focus and I. Maybe that's where we differentiate ourselves a little bit as we have a lot of the one on as well. But I mean, there's no money matters it'd be a buck seventy. Five or sell right now came the twenty, one seventeen. That's the going rate for billions of cells. They're bucks five for this battery right and if you build it yourself, you're going to be a you might you might be ten or twenty percent cheaper than that..
"trevor milton" Discussed on This Week in Startups
"They call it Zeph and they're the experts you know thirty, forty, thousand employees on board. Why would you want to do what they do? So Tesla does everything themselves. I don't I'm not seeing there. Right number on I'm not saying I'm right there. He's going full stack for Tesla gives them the ability to build these dreadnought factories around the world, and if they can continue to sell cars at this pace, it could become like. Like a literal factory where they're dependent on no one I think with the OEM, you have so many people who can screw up. And then delay the production of what you're doing. You lose control, which is what Tesla had actually in the roadster days. I think that almost killed the company before you on was running. The tests erodes it was built with OEM's and. There is some challenge to that too right. You are dependent on each piece of the puzzle coming together with those Oem's if any one of them screws up, you've gotTa then you have a delay, right? You're you lose control is true but there's been hundreds of millions of cars built on that platform and they've all all these millions of figured out how to manage their supply chains. It's not that hard to do. You have a lot lot of down to financing how much you know just in time versus stored inventory most guys are too greedy to ever have stored inventory so they're if. The day delay affects her entire supply chain. I'm not like that I'd rather have a big inventory of parts and just first ability but it hundreds of millions of cars have been built by third party suppliers with with these different parts. Remember the tech is ours. So the battery like all the important stuff like software batteries or or e Axel designs it just means we use someone else to to build them in the thousands for us, but we own all attack and that that to us is allows us not have to have fifty thousand employees right and then let's talk about self driving. That's. Obviously coming and it's going to be coming in the midterm I think trucks and truck routes are the most repetitive and the easiest to get right and That's clearly why so many people are focused on it you're taking this approach. You'RE GONNA have to have self driving the trucks at some point. is going to be a similar thing where you pick crews or you pick waymo and you just say, Hey, can we license your technology which is what way my wants to do anyway absolutely I mean look here's the thing different different model than. Everything in house and they're good for, but they're also bad for it. You've got thousands of people like, for instance, diamond of got thousands of people on atonomy right now you have crews at the hundreds of people you have to simple. You have waymo you've got thousands of people spread throughout this. Entire, these people's almost impossible. Let alone teams of thousands of and the cost is outrageous and is becoming a commodity. So I kind of what I tell everyone is at in source anything that's commodity. So it's a commodity don't do it just bring it in from a supplier. Glass on a window why? Why do your glass sits in Saint Louis by someone's classmate I guess the re the argument Tesla had was because they built the entire thing they're depended on nobody they put raw materials into one side and they capture all that Prophet. Then, they can scale faster that would be the argument. But in your case with trucks, it's not like you're trying to produce five or ten million of these a year there you expect to produce five or ten, thousand a year. It's all about money and that's a problem with truck. Enjoy the quantity you have an automotive in. That's why tell people. What we do is doesn't mean that Tesla's wrong. It just means that the different industry. So it's it's just a totally different world and now did you pick the name Nicola five years ago because Tesla Thought that would be like interesting. How'd you come to the brand name because I think people are like? Well, that's Kinda close to Tesla. How did you come to the name? These are the company when there was another company with the last name. Name because it that'd be a very quick move to do. You said it not me I ask your. Truly to. It would be a prick move if it was, it had nothing to do with that had everything to do with the fact that Nikola Tesla was the greatest inventor in the world I'm a true inventor. I started five companies in my life. I've been doing this for twenty over twenty years. I know it. It's like decree orders like to innovate and the greatest creator of Electricity and technologies around that have been Nikola. Tesla. So this is paying homage to him had nothing to do with and the biggest problem I have is you know The the guys over there that got upset at us for doing that it's all priding has nothing to do with like. I mean I guess the argument would be you're drafting on their branding. We get out of it. There's nothing we. To category, every journalist has to say Nikola Tesla Nikola Tesla get it like it. Basically me it puts you in the category or standing next to them. Right? It's kind of like a photo bomb I. Describe, it, I, guess, there's probably some good that can come from, but there's also been a lot of bad and so I've I've always told people look when I have a belief in something, which is it Nikola Tesla was one of the greatest inventors in the world. I'M GONNA need my company after him I owned the trademarks on it. So I'm going to do regardless of what someone else thinks because I'm a guy at principle. Now, if if someone else like it, I don't it doesn't really matter to me but it just the answer I had nothing to do with what Tesla itself i. I've been I've had tessa cars for the last I. Think over five years now and I finally got rid of it finally went to a Jaguar I pace to try it out and the first time. In the Jaguar. Software Wise Tesla destroys Jaguar quality-wise. Jaguar destroys TAT's love, but it's but that's the problem is I like software more than the quality of the material. So it's Kinda problem because I. Prefer the test car went because of this offer how easy it is to use, but I am I despise Jaguar with their software monstrosity of problems and nothing works. But so I love what Tesla's been doing around the world because they they've literally pushed Oem's to learn how to beat to think. Just, to be normal, I'll give you a quick example. If you WANNA start your car.
"trevor milton" Discussed on This Week in Startups
"You can move well, then ten thousand pounds of cargo. A lot of times gets charged if you're talking about like pork or whatever else are heavier rohr drinks. You can get charged fifty cents a pound. So it's a huge problem losing fifty cents a pound. Essentially you're losing losing losing money and revenue on every load. So it. Doesn't make sense in every situation. It's only a very narrow window and that narrow window happens to be a trillion dollar industry. That's that is weight sensitive loads long-range what we over the road freight? So that's moving stuff from state to stay weight sensitive would be the trucks are being filled to the brim as opposed to like a fedex truck may not be filled to the brim. It's filled with whatever it's got to be there tomorrow. So it might only be bill failed fifty percent or if you're transporting cars, maybe they only take fifty percent of the volume but something that could fill a complete volume would be beer or food or milk or something correct exactly or there's two things that they call and trucking wait Alan freight out. Okay. So afraid. Toilet paper in there and you have no room and it doesn't matter because you're you're you're thirty pounds lighter than than capacity anyways or thirty thousand pounds and no one cares battery makes a lot of sense for that God. But when you start putting heavy loads like drinks like Bush or beer or food or meal or anything else way becomes a major problem and that's where hydrogen makes a lot of sense. Now, here's the key hydrogen. Hydrogen. Up, until like two years ago, unequal came along until we really change holding hydrogen would never worked. It was too expensive. We started at sixteen dollars a kilogram, which is like five times more than you would with with three. Cents a kilogram drive a truck eight miles. Drive like a normal car like five times or ten times normal kill. Forty Miles Scott. So kilogram six dollars eight miles two dollars a mile. Crazy crop. Yeah. So now now what we drive hydrogen down to under four dollars kilogram, we're about three dollars a kilogram of hydrogen now. So all of a sudden those economics now make sense you're cheaper than diesel your down below that thirty cents per mile mark on on fuels. Now makes total sense to to drive hydrogen and hydrogen zero emission. How does that? How did you get from fourteen to three? Is there some special sauce they're? Very simple. It's all about it's about standardization. So it's like a phone right when apple makes a phone no make twenty, five, million or one, hundred, million of the same thing. So up in America right now there's no to hydrogen stations that were actually developed on the same platform they're they're engineered from the ground up separately. So it's like your cost is outrageous and they have to, but there's no standardization so we developed I ever. Standard hydrogen station that could be produced in the thousands, and that's the key driver costume. So that takes if you make a thousand of these instead of requesting fifty million I heard to make a hydrogen station is that about right right now going so huge station for semi trucks, it'd be fifty. Now we've got a down below fifteen. So this is the equivalent in the Tesla operating system or the Tesla World of the Super Charger Network. Yeah very similar to that but we don't ever built on speculation Tesla goes out and puts these charges all over the place for everybody we don't. So Nikola, we do. We sell the customers that go two point eight point every single day and they go back and forth. Route. So that's what they they anheuser. Busch a deal is exactly. So you put a station on that one route. And you never have to worry about if there's trucks to fill their, they're going to feel twenty, four, seven on route every single day, and that's where all the money us and so that eight hundred billion dollar deal. How is that stage? They have they paid you any of that it's a letter of intent just curious the. Clutch and why are they in contract or contract, but we have to what we have to do is pay per mile. So we allowed him to run our trucks. We cover all hydrogen, Kospi cover everything, and they pay about a dollar mile. And that's how we make our money and so here's here's the way it works. When peterbilt truck they're gonNA make fifteen thousand dollars in profit on that truck. When Nicholas as a truck, we can make almost a quarter million profit per truck that means they have to sell twenty times. So around there, we may twenty times more money per truck. We Seldom Peterbilt does our than our competition and because we own the hydrogen, we own the oil, but it's not royal zero emission fuel and that's the key to hydrogen is is you own the network and? The tank's empty and you don't have the weight. So that's the reason why you have this big advantage on the volume, the sort of Max load. Routes even like even our even our hydrogen sixty kilograms. That's only one hundred, twenty pounds you know it's like a very light is is sixty kilograms is more energy than. Denison she'd have fifteen thousand pounds and batteries Tesla. So that's I mean you're talking one hundred twenty pounds compared to fifteen thousand pounds or ten bucks. Why has hydrogen not taken off in the United States then I'm Expensive. down. So now you see the whole world's talking about hydrogen because I three years ago you couldn't even talk about hydrogen. Now it's the talk of everything around the rule Europe's. Spending hundreds of billions on a everyone is now. So so the rest of the world tried to figure out hydrogen. Power, cars and trucks. They couldn't figure it out and they know guys came along and you figure it out. Exactly. Because cars are terrible idea. A lot of times a hydrogen they picked the wrong market these I mean it's insane stupidity. They wouldn't have today like cars people want to thirty thousand car they don't want one hundred, thousand dollar cheap car they wanna you know what is jeep that means like it doesn't give you it's not like you're buying A. G Wagon by a little car, you're one, hundred, thousand dollars. It'll never work the reason why hydrogen works on big trucks because you make revenue with it and you could pay back you can. It's all about weight and it's all about range and you get range in weight with hydrogen and you don't get that with batteries. So in cars batteries awesome man this is the thing we were honest with people because we sell both battery and hydrogen. So we're very honest with people about what the advantages are and when you get into cars and light duty batteries. The best thing you get into heavy duty hydrogens thing. So big hockey to go after stupid makes sense and so also you guys are making when you do the routes, your pre selling the route. So you don't have to incur the cost of building this route. Let's say it was from Arizona to Texas or something making something up here In Arizona so Betting now it's the if you do get this anheuser-busch thing up and running would be in that. West category. Correct. There's two or three rows you have in this. In this western area, we're doubling in focus on those for sure right away and so those repeated routes de risk rescue because you don't have to take on the tax structure without a customer. So previously, the people making the hydrogen hydrogen sows trucks and making the stations we're all different people nobody had the ability to build it, and then people would come and then people would. Actually. Everyone else. So think about a company called clean energy that used to build natural gas stations. They spent hundreds of millions all over the country actually billions I think and no one ever came to fill out, and so they just things hoping people would come Nicholas totally different. We only build the order that means we presell Arou- we put a station on and we make hundreds of you know we make either tens of millions or hundreds of millions of dollars on their route over time. So we just keep building on every every single row rally. Do we can make a quarter million dollars truck and that's the margins are huge compared to our competition and that's why. There's so much excited about equal because we've done a couple of things one, we made the second dirtiest industry in the world goes zero emission. We've we create tend to twenty times more revenue per truck than our competition. Our margins are gigantic and we have ten billion dollars over ten billion dollars in preorder reservations why why customers signed ready for us to deliver them trucks, letters, Crystal Terai these are people who want to happen and why do those trucks.
"trevor milton" Discussed on This Week in Startups
"We'd see that I invested in a company that wanted to make stocks. Freely traded with no commissions, Robin Hood and now that companies got over ten million users and retail investors have gotten involved in the market. Now layer on top of that the battle for getting off of carbon perhaps the most important battle of our lifetime. The biggest existential crisis if you ask anybody is. Global warming. Or maybe China and Communism taking over the planet It's kind of a toss up for me. These are things that we certainly should worry about and the phenomenal success of Tesla. The founder of Nikola. Motors is with us today they are company. That went that was private for about five years I believe and they went through a SPEC and to have a massive number of retail investors who are speculating on the company as one does when they buy a company pre launch, this is a company that has not launched their products yet. So of course, they've gotten that criticism should accompany go public. If the product is not out yet. The last time we saw that was the dot com boom right and I've got some scar tissue from that. So welcome to the program program Trevor Milton the Now you're the the founder and chair executive chair correct of Niccolo, and you had your friend in colleague take over the Presidency Yo slot. Correct. Thanks for having me. So you hurt my little preamble utha had a heck of a ride and so there's many different places to start with the story of Nikola but. I'd like to start with. what is the product that you are trying to create in the world or products, and why is that important to you? Yeah. It has been a pretty pretty crazy incredible ride. Get here. We we were. We were private for. For few years and a Lotta people ask you know why did you go public? Well, mainly because we work once we were came around and A. Glass House start coming the whole thing fell down overnight and they wanted to they wanted to see our entire business model. When in prior to we work, investors would come in invest a lot of money and it was you. Should sell them on the vision that that hire McKenzie, to analyze your business and Often making investment once we came along ultimately, the next question was, what makes you not the next we work so the discussion totally changed and it became a problem. So we wanted to we wanted to show everyone when you when you go public, you shaw everything, you get your books, the money, every contract, every related party transaction digging to see everything, and ultimately what that is brought a lot of confidence to investors around Nikola. So what is Nikola? We are a zero emission. Owing original manufacturer building. Very big. Zero semi trucks but I would tell everyone we're not really just a truck builder. We're actually technology infrastructure play and the why is that? It's because we don't make money necessarily on the trucks we make money on the on the emphasis hydrogen. So if you think about a diesel truck when you buy a diesel right now brand new peterbilt big semi truck. Eight hundred and fifty thousand for the date for diesel truck, and you'll pay about a million dollars Ish for the for the fuel for that truck. So the big problem with that is the wheel Comey's make all the money. So we came and we wanted to all that money from the.
"trevor milton" Discussed on This Week in Startups
"This week in startups brought to you by. Lincoln jobs of business is only as strong as its people and every higher matters get a fifty dollars credit towards your first job post at linked in dot com slash twist Fanta compliance and security shouldn't be a deal breaker for startups to win new business vantage makes it easy for companies to get a sock to report fast twist listeners can get one thousand dollars off for a limited time Advanta dot com slash twist. And mud loft the only modern furniture brand that offers a leak design, fair prices and delivery in days not months see Y. founders, venture capitalists and celebrities choose mocked get fifteen percent off and free shipping at. Dot Com slash twist. Hey everybody everybody. Welcome to this week in startups and I'm really excited about today's episode because brings together a lot of the topics we've been talking about on this very podcast for the last decade as we all know, private companies have been staying private for a long time and my friend Gurley was saying, Hey, maybe companies are staying private too long Airbnb may have missed their window and public, and then you had uber which took ten years May Be worth it or maybe there's some criticism that the retail investors didn't have a big enough lift. Then you have my other best he tra- moth doing specs for Virgin Galactic and specs becoming very popular special purpose vehicles acquisition. Companies and reverse mergers. Then retail investors getting involved in the stock market. Again,.
Nikola Badger electric truck reservations open
"Hot new electric vehicle maker. Nikola has been surging since it's June. Fourth debut up over seven percent next week could be a major moment of truth of the company joining us now is Trevor Milton, founder and Executive Chairman of Nikola Motors. Welcome back Trevor Great to speak with you. Mondays win reservations. Open up what you're expecting. Expecting a lot of fun and a lot of excitement, so we've all been waiting for this. For a long time Negro finally allows people to make paid reservations for the Nikola, Badger. It's the coolest. Truck pickup truck. The world's ever seen so Yeah, it's a big day on Monday on also those reservations turn into. Tickets for Nikola world happening December, when we show off the Badger, so it's just the next four or five months is just going to be an incredibly fun time you mentioned. It's the coolest pickup truck. The world has ever seen. The world hasn't seen it. Has It traveling I mean at what point will will the world actually see a truck and one that can operate as opposed to seeing mock mockup pictures because that's that's really the question for a lot of analysts and investors, they like the long-term vision they see the total addressable market is very large. The potential is very big, but then they go back to you. Guys have not made a truck yet. Well, we have made a truck. Actually meet the most advanced semi truck. The world's ever seen. We showed it off last year driving on fuel-cell, we made deliveries with anheuser. Busch these are big semi truck, so the technology's all done, which is now bringing it into the into the smaller market, and it's kind of fun I mean. Yeah, we haven't showed it off to the world, but that's the fun of it. The next four months everyone's gotta wait gotta get in line and Monday. The reservations open in December. They'll all get to see it in person so all the critics lot. Trucks. In December I understand that at unequal world. You're going to line this up against competitors. You might do a little I don't know racing or comparisons. Will it be operable in? December will actually be a truck that people be able to test drive. Who are there or that? You'RE GONNA. Actually drive onto the stage or or something to that effect. Oh, yeah. I'm probably going to rip up on whether it's ours or someone. Else's I can't promise you. WHO's is GonNa win, but I promise you is going to be a show, so yes, it will be operable in a bumper is coming off one of the vehicles, maybe even a whole rear end of a truck. I mentioned this because you had an interesting tweet. The June about Nikola world, not being a fake truck show, and there is a Bloomberg article article a couple of weeks ago, that that asserted that you had misled the audience back in two thousand sixteen when you were unveiling the Nikola one making references to a truck that was drivable when actuality it lacked parts that would enable it to operate at all. Are you suing Bloomberg over this, did you? Did you not make those comments? Was it in fact, this sort of a fake truck show in two thousand sixteen. Knows a total hit. Job Is really sad. I talked with him before he even had the cloud, it was all recorded. He refuses to release. The recording. Any would show the world the truth. I mean the answer was as every part on that truck was functionable. We just didn't feel safe driving. And at that time that was our first chuck what four or five years ago? Ago It was all operable, but it wasn't really that safe like it could have killed someone in the audience. We didn't know we are new. And so all the parts were there, though even took him out and showed them on the table, the people and and so it's kind of sad that I think it was just. It was just a hit job. Someone wanted clicks. Just, wasn't that cool, but that's okay I mean it comes with the territory when you're when you're coming out here with this kind of valuation and excitement, everyone always targeting for you and I. I kind of laughed with them as I said look, there's a lot of things you can hit me on. This is one that's kind of crazy. Because that's five years ago and the people there Oh tell you everyone there. We actually talked about it at the show so sure why he picked that. That fight okay, so between now and December thirty th when when Nikola world happens, you're asking investors to basically say we believe you in terms of your timeframes for delivering these vehicles whether it'd be the Nikola one or the Badger. We believe you in terms of the reservations turning into actual actual orders. What can you tell us? Though in terms of tangible progress towards meeting production targets whether it be who partnered with for the Badger or what what stage you are in the manufacturing process. Yes. We've got a couple of big cities going on over the next four or five months giving a lot of comfort to people one is we ever factory in Germany with the BECO-? We did a joint venture with them. We have the first ever zero emission semi truck coming off the assembly line right now, handbuilt units. I'll be taking videos of those. Showing some testing of those to the world as well over the next day following months. That'd be a Lotta Fun. The badger will be leaking videos to the public as well when they're. You know it's all about the leader. I mean the four months. All the way into. I guess our many months until December that leading into that as the excitement, so we don't want to give it all the way at once, but we'll be announcing who build Nikola Badger with us in the next couple of months. I'm on how many reservations we have the open Monday this Monday eleven o'clock eastern all that Nikola Badger reservations open up so people can get in line with them and they. They also get a ticket to Nikola world, so there's GonNa. Be a lot of data leak videos I've done if you follow me in the last few days, I've done on our battery technology wherever the only submerge battery technology really out there. That's really really danced pretty awesome. Idea deals on that Beatles are infotainment system. All these systems that people thought were fake, and so it's just kind of cool to like. Kind of fun to prove the critics on a little bit every time, not just give everything away in one day you. Can See Trevor that proving the critics wrong involves actually not just making videos and talking about these fantastic technologies, but actually putting them to work, so there's a little bit of skepticism amongst critics at this point, because everything or many things that you're promising are still promises even though they are, they are there and they're. They're promising technologies. I WanNa ask you about what has pressured the stock in recent days, and that is a registration of warrants on file with the SEC is expected to become effective in the coming days I. Don't know if you have any comment as to win. You expect that to happen because that could be a major overhang for the stock jp P.. Morgan is estimating in its initiated notes that that can mean tens of millions of shares coming to market of Nikola. y'All to answer the best. TRUMP SEC so ultimately, you're warrants that are gonNA come in, and once those are approved by the year with our ask finally. We're waiting on the SEC to give one approval that could take anywhere from a couple weeks to months. No one has any time line on that because it's the SEC, and so it's kind of interesting. A lot of people are putting articles out there that all these shares are hitting, and it's not even true is not accurate. Some will eventually shares come online. People bought shares Dave the desert on. But we don't know when they're gonNA. Come in when they do. Come. Most of these share folders that we have our long-term shareholders. They're like you know what I have. No desire to sell minutes for the long run. There are some that will cause. The value is increased so much that they're required to sell some of their portfolio because they can one item that much value in a portfolio so I. Guess that's the that's the. Punishment for doing really well, so some will sell some, but other people will buy, so it's just a stock market. That's how it goes. Travers speak with you. We hope we'll talk to you again and keep us informed on on. How are you can give us a number? On Monday. Monday because we'll be getting all that data in we'll see it depends on depends on all the data, but I will be given out some information coming after that after that day of just not sure win because it just. Data look far to trevor thank you. Trevor Milton of. All Right Guy, what do you think? I was absent that day in high school. We did the periodic table, so I'm not familiar with the properties of hydrogen, but what I will say is J. P.. Morgan just initiated with a forty five dollars price target and feels like that's where the stock is going to go. This could very well be be K.. Put It in the draw stock much like Tesla was literally have ten seconds. Would you say it's put in the door, vk? I would absolutely not. It's not a putting the dry. Thank God. Trevor's very enthusiastic and probably the best salesperson his company could. Could ask for
"trevor milton" Discussed on Tesla Daily: Tesla News & Analysis
"Diesel across the board is in trucking is is no longer important. It needs to go away. And the technologies there now to do it so I think that's one thing we can really work together with on on I'm trying to find ways to work with Tesla to really try to help. To come together and try to help his world. And, I hope that's one area. Where we find common ground, we can say let's go after the diesel community was released. Shut this thing down at least in the in the trucking role. Now in time we can do the same thing with the marine world and other worlds, but we're, but we just need. We can do one at a time. There's just no reason for people to be driving these trucks out there anymore at all it's. The electric fuel cell now outperform diesel. In every category. Because on hydrogen side. You have the weight advantage and electric side. You have the cost advantage you combine those two together. They does the end of all these we have a HASHTAG NICO call diesel is dead. and. It's true diesel is dead now and I think that's one area where we can find a lot of awesome common ground with everybody here is there is no one out there is trying to make that make much changes as as tesla except for Nikola were really that's all we offer. We don't have a diesel platform to go sell or a gasoline like these other guys are all there. I always called imposters. Because, they talk a big talk about how they're going to let. You get a million mile battery. We're the best in the world. Whatever you guys don't give a shit about electric vehicles. The only reason why you're doing is you don't want to be kicked off. You're bored. Does he? Only reason why these guys even are even talking about it and I promise you that because they are every day. They're cussing inside of their building about electrification about the money they have to spend, and there are a bunch of impostors and I. think that's what's really cool about Nikola Tesla is we really are were given the name after the greatest inventor in the world, the true best homage in the world. Together we can attack the entire emission problem around the world and together we can be successful. We don't eat a ride. Their coattails Dave. They've already proven how good they are like. He's proven. How good is cars I don't need to like he's done an incredible job. And now we're doing the same thing, but trucks and semi, trucks and everything else so it's. It's an exciting time in debt I. I hope that we can get rid of. I hope that's like our common. Goal right there. As let's go, let's go squash these.
"trevor milton" Discussed on Tesla Daily: Tesla News & Analysis
"So, we didn't throw the first stone and. I I never went to their teeth. Guys in China hiring away ever. That's okay. Everyone can work for who they want. That's not a big deal. Depart the got real hard was we knew what they were doing and we went to? And we said guys. We Really WanNa work we we don't. We don't WanNa hurt you. We don't want you guys to hurt yourself. We don't want you to come out with something. That's using these patents and. And here's why we use. Them has nothing to do a little bit to do and design. Everyone wants their own design. Everyone wants somebody to recognize their vehicle. But that's like five percent of what the lawsuits even about this is where the media was reporting all. It's all about the design. It looks like the same thing in screw unique. How dare you sue these guys? So it was a little hard because it at like five percents to do a design and ninety five percent. Design I'll talk what that is. There are very specific things when I first started developing his truck. The Coefficient of drag was impossible to achieve without moving the door behind the driver. And this had never been done up to this point. Some people have built mock-ups of things, but the office doesn't consider that a patent. You've got actually show utility usage of it. So, they nothing about patent law if they did they, would you know if you don't like it? Go Change Patent Law, but here's the facts of America in how the patent office has been set up since a foundation of our country. You have to show that gonNA use something you have to show the utility of and you have to show why it actually solves a problem, and through that you have to show novelty, which is something that is new and unique. This by moving that door behind the cab you can, you can move the driver all we have next to the glass, the driveway of very good visibility all the way around the truck..
"trevor milton" Discussed on Tesla Daily: Tesla News & Analysis
"Parts all the dealerships by him. They stock. It allows you to have instant access to parts most of them, and it becomes a lot less capital intensive when it comes to servicing your customers, so yeah, all the dealerships handle everything for force at this point on dot. So in terms of the biggest constraints for you guys over the next couple of years. Do you see that being capital in terms of building out infrastructure? Do you see it being just rap production getting up to speed or one of the biggest things that will be bottlenecks for us over the next few years as soon ramp up. I think a lot of is really the the quality. Just making sure your qualities did on because you can, you can build a lot of trucks. It's not hard to build a lot of trucks. Once you have the factories and you have the experience, the biggest one is. Have you ever recall a battery? That's one hundred thousand dollar battery. You're screwed. Like. It's not like a car. It's not like a car where your? Testimony, eat. Test because a lot of your are. This could equal. You know this could be to Audi or Jaguar speaking to a lot of Tesla so I just WanNa. Add don't understand why I keep saying for that to help you guys relate with your knowledge, but a battery on a model last you know that might be ten thousand dollars or something right, or whatever or twelve or fourteen, but and you can deal with that part, but when you get into a truck, and you have a major failure bankrupt your company with one problem. You know it doesn't take very one hundred thousand dollar batteries to to white your company's. Reserves out. So are the one that we worry the most about every single day is the complete reliability of massive abuse on a battery over a period of a million miles because these semi trucks, the G. Loads semi truck receives is in the order magnitude hundreds of times more than a car. It's like. The amount of frequencies in vibration, they get his just insanity literally shades the ground,.
"trevor milton" Discussed on Tesla Daily: Tesla News & Analysis
"We're yeah, we're hoping between fifty and fifty and seventy S or goal That's really where we're where we're where we're hoping for but it. It's really hard like you said because we don't know. equipment. We can't really test. We've been ordering equipment. We've been working with battery suppliers. They're helping US pick out equipment test with, and they want to see the results you and and so far we've had every we've had passed thousands of cycles with less degradation than a lithium ion right now and so. We haven't had any failures on the cells where they're. Mo- sales out there that have really good either cost quality or performance. They only last two hundred cycles, and then they're dead. But when you get into the high cycle sales, no one's been able to really figured out. And it wasn't. It wasn't really us. We just found some brilliant professors that were actually working on it, and we licensed all the Ip from these professors, and they brought it together and helped us put it. They put it all together. They've been working on it for a long long time. They came to us and said look. You know we'd love to. Blood to talk to you guys about this. We sat down, looked at it, and there were there were really They're great people and I think. We'll see where it goes hard to tell because it's just not there yet. You know in six months. I could give you a lot better answer, and this is one of those things that sucks 'cause. I can't give you an answer, not that I don't want. He was saying I. Truly don't even have one because. Until I get these machines, and until we actually do the final testing with like you know three four five seat test rates with these things at five thousand cycles in different temperatures, vibration going on and. I can't can't even comment on it because I don't have the. Right got. one of the things that was recently in the news was the partnership with rider, and maybe this is similar to sort of how he hasn't been reevaluating. Because I, guess going back to like. Twenty nineteen, there was a lot of focus on the vertical integration and that value add from the company, and now it seems like it's shifted a lot more towards the partnership to sort of add the speed and things like that. Is that a similar situation with the Ryder News or can you just give us a mortgage on that? Yeah, rider was interesting Kazaa as our business model has been evolving. It's crazy. People don't realize how many times a month we have to sit down with their business bottle and look at it and reevaluate how you how you actually do this and everyone does it. Doesn't matter who you are it's. Like there's five new companies that come into the market, and they're all hidden different points, and you have to figure out kind of weave in and out of all this to be successful. Rider was a great partner. They helped us get to where we were today and we sat down with rider like. Look Hey, guys, here's all the stations. We're about ready to launch when we went over ovum. This is what we're GonNa do this trucks have? This is all the fat? There's all the factories give up. Trucks are coming off this where there can be delivered this what we need pre delivery inspections is where we need hydrogen stations where we service we service on. We have we need warranty here. We need backup parts third party logistics, and it was like Holy Shit like they didn't realize that we didn't adapt time. When we deal with them, we didn't have an ECHO. And we didn't have a group to help us get to full speed fast. We all thought we had another three years to to really think about how to make this everything Kinda..
"trevor milton" Discussed on Tesla Daily: Tesla News & Analysis
"So that's why it's not all about. It's not just about which was more efficient. There's a lot of other factors in play here. Especially regarding way in Philip time and turnaround time and You can charge a hydrogen vehicle in ten minutes, and if you charge battery Tim, you're going to destroy it. And so, but most people don't need a ten minute turnaround so it. It doesn't even make sense to go hydrogen if you're in the city and you don't need to turn around that fast, so for sure, that's super interesting. Thanks for going into that detail one of the things that. Came Up. There is in terms of those hydrogen stations. You said that it's quite a bit cheaper per energy stored for those in tanks. How much in terms of like how much doesn't average hydrogen station? How much is that going to cost you to? Build out hundreds of thousands of these overtime. I'm I'll give you a range because I. don't want to give it away to our competitors, but between about ten and twenty thousand dollars hydrogen station. This is for a minimum eight ton station totally done, and that's everything all in. That's everything lent even the land. So if you factor that added you look at that. That's an eight ton station that would do eight thousand kilograms a day. And if you look at that energy storage, that's in the you know that's that's enormous amount of energy. Now you lose about thirty percents that when it gets back on, you know on the truck and you reconverted to electric city right, so let's just say it's eight thousand kilograms. Eight thousand kilograms. Every kilogram has about. Fifty, five sixty kilowatt hours it depends on. That's how much it takes to produce it, but let's say stories about fifty kilowatt hours like that in a in a kilogram, the alludes thirty percent of that you're down to thirty five.
"trevor milton" Discussed on Tesla Daily: Tesla News & Analysis
"About being You can package it. However you want. You can order it as a fuel cell and battery, or just as a battery, and then add fuel cell later, so a lot of customers that don't have the hydrogen in their city at don't order. It is a battery electric and two three years down the road. They can put the fuel cell in it. If they want to. It's fully upgradeable. And that was an interesting one because it was really catered to the the work. Mark the Ford F one fifty market big market where people are buying trucks for business, not necessarily like the consumer market where. kind of like the Ravens. The Ravens are very consumer oriented market like a lot of lifestyle studio borders. You know outdoor guides. All that like Nikola was all about the consumer commercial vehicle market so F, one fifty off-road pulling trailers hill down Dow. It'll be done with a with a partner another oem that'll be announced. Sometime here shortly. Don't know the day yet, but it work. We're pretty far into lighted to. Essentially knowing that went down. And that OEM actually build it service at warranty and sell for us. And that's what's so. We won't do any of that. We won't have to do any of that. The next product lines are are a little bit down the chain or more offer like they're kind of more of a consumer product. That's more for me is what I call the way to communicate with our shareholders. So a lot of investors, no never touch us in my truck never will never go for a ride in his semi truck. They'll never wanNA drive a semi truck. So the way that we communicate with our investors through the through the other products that we have nets the off road, E. T. net zero tol- is what it stands for, and that is the off road jeep all zero. It's all a battery electric over one hundred kilowatt hours two to three hundred miles on a charge and is made you know Scott twelve you know seventeen to twenty inches of travel, so it's just this total offroad beast made to go sixty miles an hour around the desert or one hundred miles an hour. Whatever if you want to die? And, then and then the last one would be as the is the watercraft Nikola wave and that's an electric wave runner and. The I love the lake might my instagram name is linked Paul Trevor, and so I made hardcore I..
"trevor milton" Discussed on Tesla Daily: Tesla News & Analysis
"Everybody around our here and I'm excited to be joined today by Trevor, Milton the founder and CEO of Nikola Motor. On a pretty big day for the company has completed your merger well almost completed the merger today. with bt I, Q, and shortly on Thursday I believe you'll be listed publicly under K., L. A. So congrats on that. Trevor any thoughts for today. And thanks! FIGGY obviously a lot of a lot of. I had no idea how much work went into going into becoming listed on the Nasdaq being publicly traded. It was A. Man Has I'd more work than I've ever imagined in my life on anything, and it also makes it a lot more fun in a lot more enjoyable, so you know being publicly traded people get to see the good the bad about your company and so I actually think that's good. Because up to this point I'll been kind of speculation across the board from either people that like guests don't like us, and now there's a lot of facts out there in. That's the that's probably the best part about it is. Finally finally. Getting talked about stuff that. That's actually filed. A you know with the SEC, so it's good stuff. Yeah, I really appreciate second time announce probably been a crazy day for you to do the interview today and hopefully go through some of those those facts and stuff you're talking about. Yeah yeah was inside in Thursday. Obviously, that's a big. That's when we actually ring the bell and the Nasdaq. which over from the Q. To in Calais so? Big A big couple days here up God to have you here and obviously i. Would love to know you know tons of questions in. And I'm happy to answer it was. Fun Yeah a lot of interest in in nickel from The test community, so I think where love to start is just more details on the merger. So when things switchover on Thursday, does anything really change, or is it kind of just trade the same way that the Vdi q does right now like those the share price day at thirty three boxer work. So if someone has shared veto Yankee, they still have a shared Nikolai and..