EV maker earnings show volatility in Q2

EV manufacturers Lion Electric, Mullen Automotive and Nikola remained volatile in the second quarter as the market navigates shifting consumer demand, governmental pressures and infrastructure concerns. 

Revenue for commercial bus and truck manufacturer Lion Electric dropped 47.8% year over year to $30.3 million in Q2, according to the company’s July 31 earnings release. Lion Electric deliveries dropped to 101 units, down 49.2% YoY, due to continued delays from Canada’s Zero Emission Transit Fund (ZETF), which helps Canadian communities invest in zero emission transit and school transportation options, and the U.S. Environmental Protection Agency funding programs, Nicolas Brunet, president of Lion Electric, said during the company’s July 31 earnings call. 

“The decline in deliveries was mostly the result of persistent delays with the ZETF program, coupled with the timing of EPA-related deliveries as we are in between funding rounds for the program,” he said. “Deliveries were also impacted by a slowdown in our production cadence as we are starting the integration of our Lion MD batteries onto our vehicles.” 

Meanwhile, LionEnergy, the company’s charging division, increased its order book to 394 charging stations and related services as of July 30, according to the company’s earnings release. The total order value is about $9 million, as the EV maker aims to accelerate EV adoption, Brunet said. 

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Mullen Automotive nears profitability 

Meanwhile, commercial EV manufacturer Mullen Automotive, parent company of Class 4-6 EV maker Bollinger Motors, continues to approach profitability as orders for its Class 1-6 commercial EVs roll in. Mullen’s net loss in Q2 was $327 million, a 59.5% improvement YoY, according to the company’s Aug. 12 earnings release. 

Despite continued losses, the fourth quarter should be strong, Mullen Chief Executive and Chairman David Michery said in the release.  

“We narrowed our loss in the quarter and year-to-date,” he said. “We are positioning our fiscal Q4 for strong year-over-year growth.” 

Mullen recognized $65,235 in vehicle sales revenue, down 78.8% YoY, across 15 units according to the company’s Aug. 12 10-Q filing with the Securities and Exchange Commission. Bollinger received sales orders for $13.2 million and $8.3 million in Q2, but the company delays vehicle revenue recognition until after end-user sales. 

Nikola posts record Q2 revenue

Class 8 truck manufacturer Nikola’s sales rose to $31.3 million in Q2, up 103.9% YoY as the company benefited from higher wholesale deliveries and average sales price (ASP), Tom Okray, chief financial officer at Nikola, said during the company’s Aug. 9 earnings call. 

“The average sales price improved sequentially by $7,000 per unit to $388,000 from $381,000 in Q1,” he said. “This is the third consecutive quarter of stronger ASP for our fuel-cell trucks.” 

Nikola is opening its own fuel stations under the HYLA brand to help facilitate EV adoption, Nikola CEO and President Steve Girsky said during the earnings call. 

“We’re delivering HYLA fueling solutions to support volume ramp-up,” he said. “We opened a HYLA-branded station in Toronto, Canada, and completed commissioning a modular station in Santa Fe Springs in Southern California.” 

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