Nikola’s founder, who left college in his freshman year, briefly worked for Russell at Worthington, which provided early-stage funding for Nikola. Russell told Reuters he is confident Nikola will still announce by year-end a collaboration to build hydrogen-refueling stations. “I had grand dreams of turning Trevor into a corporate executive–which lasted about as long as he did in college,” Russell told Forbes in a 2019 interview. Mark has 9 jobs listed on their profile. The company is privately-held. We needed a seasoned manufacturing executive to join the Nikola team. The Phoenix-based company, which won’t generate meaningful revenue until 2022, reported about $699 million of cash at … “I’m thrilled to be joining the Nikola team at this critical time and look forward to assisting its growth into production and beyond,” Russell said. Nikola’s Coolidge, Ariz. manufacturing facility is scheduled to come online in 2022 and will be capable of building up to 35,000 trucks per year at full production. Most recently, Russell served as president and chief operating officer of Worthington Industries (NYSE: WOR) from 2012 to 2018, and prior to that served as president of WOR subsidiary Worthington Steel since 2007. Russell, who was president and COO at Midwestern industrial conglomerate Worthington Industries before joining Nikola in February 2019, held stock and options in the Phoenix-based company worth a little over $1.3 billion as June 12, Forbes estimates. Russell said talks continue to finalize an alliance with GM but declined further comment. "We've talked to all of those folks and those discussions are continuing," he said in an interview. Nikola Corporation designs and manufactures electric vehicles, vehicle components, energy storage systems, and electric vehicle drivetrains. ABOUT NIKOLA MOTOR COMPANY
"We needed the best. Copyright© Mediacorp 2020. We do not update, supplement or delete outdated information contained in our website, and we disclaim any obligation to do so. Find me on Twitter at @alanohnsman, © 2020 Forbes Media LLC. Russell has been building and managing companies in the manufacturing industry for over 20 years, helping them grow profitably while building significant value for investors. "Downstream revenue is more profitable and less cyclical. Nikola's shares have lost more than half their value since announcing on Sept. 8 a prospective alliance with General Motors Co to produce an electric pickup and fuel cell commercial trucks. The company estimates sales will jump from $150 million in 2021 to $3.2 billion by 2024 as production ramps up. Those statements, estimates and projections are subject to certain risks and uncertainties that could cause actual results to differ materially. All Rights Reserved, This is a BETA experience. "We're confident that we're still going to hit the milestones laid out there of announcing a partner by the end of the year and getting stations going starting next year.". Nikola has said it has discussed Hindenburg Research's charges with the Securities and Exchange Commission and will "fully cooperate" with the agency's inquiry. It’s also preparing to announce a separate production alliance with an unnamed automotive company to manufacture its Badger fuel cell pickup. You may opt-out by, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change. It may also issue debt in 2023 and 2024 totaling $500 million. This service is not intended for persons residing in the EU. Nikola Motor’s wild first week of trading–marked by Monday’s 104% surge, followed by a 24% drop over two days–boosted the fortune of founder Trevor Milton and has created another billionaire at the hydrogen truck startup: new CEO Mark Russell. Building hydrogen stations for its trucks, which will make the clean fuel from water and renewable electricity, will run to nearly $1 billion from 2022 through 2024.
Find, From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around. To be able to capture that revenue is pretty powerful to us," Girsky said. The shares rose 5.8% to $64 in Nasdaq On Wednesday, Nikola stepped up its efforts to regain investor support with a lengthy statement defending its business model and technology. TSLA , ValueAct and European commercial vehicle maker CNH Industrial Nikola is led by its visionary CEO Trevor Milton (Twitter: @nikolatrevor), who has assembled one of the most talented teams in the country to bring the Nikola products to market. CNHI By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Request processing. NDAQ
DETROIT: Nikola Corp Chief Executive Mark Russell said Wednesday he is confident the electric and hydrogen fuel cell vehicle startup will close a deal with an energy partner, and he defended the company's technology and strategy against a short-seller's fraud allegations, sending shares up almost 21per cent at one point. These risks and uncertainties are detailed in our reports filed with the Securities and Exchange Commission. trading on Friday. ’s a decade ago.
For more information, visit nikolamotor.com or Twitter: @nikolamotor. (For more, see “Behind New Billionaire Trevor Milton’s $3 Billion Push To Make America Run On Hydrogen” from the September 30, 2019 issue of Forbes magazine.). PHOENIX, AZ (February 26, 2019) -- Nikola Corporation today announced that Mark Russell has joined its executive management team as president. The information on Nikola’s website, inclusive of presentations, press releases, earnings call transcripts, reports, and all other information, may contain forward-looking statements, estimates or projections based on expectations as of the original date of those materials. Initially, the company will source battery-electric Nikola Tre semis built in partnership with CNH’s Iveco unit in Germany for sale in Europe and the U.S. in 2021. Russell, 56, joins Nikola at a time when the company is poised to start production of several groundbreaking zero … Russell said Nikola's success did not depend on partners, but they "increase the odds of succeeding.". MEDIA CONTACT: Colleen Robar, firstname.lastname@example.org, 313-207-5960. Mediacorp Pte Ltd. All rights reserved. Nikola has truck orders worth $10 billion from companies led by Anheuser-Busch, which wants 800 of its non-polluting behemoths. Nikola Corp. JP Morgan analyst Paul Coster said in a research note Nikola is trying to "re-establish control of the narrative around the company." Milton said in an interview that he needed an experienced hand to help build out and run his startup and recruited Russell to be Nikola’s president last year. Russell became CEO of Nikola this month, after the reverse merger with VectoIQ, while Milton shifted to the role of executive chairman. All content was current only as of the date originally presented. While industrial hydrogen is typically sourced from natural gas, new methods for generating “green” hydrogen from water and electricity from solar or wind farms have made the fuel much more compelling to environmental regulators in California, Europe, Japan, South Korea and China.
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