Trevor Milton reconfirmed several of the company's expectations, including production of its hydrogen fuel cell semitruck for next year and a partnership with a 'big OEM,' or automaker, for its Badger pickup truck.
CEO and founder of U.S. Nikola, Trevor Milton speaks during presentation of its new full-electric and hydrogen fuel-cell battery trucks in partnership with CNH Industrial, at an event in Turin, Italy December 2, 2019."We're coming in like a freight train. I think that's why people were excited to invest. It's kind of like getting in early or way early on Tesla," he said. "You either get in early and you get the benefits of the rockiness or you don't.
Investors were hoping for additional information and guidance on milestones for the company during its earnings call Tuesday with Nikola CEO Mark Russell and CFO Kim Brady. "The company did not report any meaningful new business development along with its 2Q earnings, likely putting large pressure on the stock price today," Deutsche Bank analyst Emmanuel Rosner said in an investor note Wednesday.
Deutsche Bank reiterated its short-term buy rating for Nikola, citing expected upcoming announcements from the company have "the potential to push the stock meaningfully higher over the next few months."Milton, who was not on the earnings call, said Russell and Brady were attempting to manage expectations of investors.
"With analysts, you really need to manage your expectations," he said. "I'm a little bit more of an outspoken, communicative type of executive chairman. Our CEO and CFO were very methodical and they're all about managing expectations with analysts."
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