“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. View Mark Russell’s profile on LinkedIn, the world's largest professional community. Russell said talks continue to finalize an alliance with GM but declined further comment. The company anticipates billions of dollars of revenue from selling and leasing futuristic 18-wheelers and pickups that emit no tailpipe pollution. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Milton, who is Nikola’s biggest shareholder, ended the week with a net worth of $7 billion. Those statements, estimates and projections are subject to certain risks and uncertainties that could cause actual results to differ materially. Mark's background and experience match well with the challenge to ramp up production of the extraordinary vehicles we will unveil at Nikola World on April 16 and 17," said Trevor Milton, founder and CEO of Nikola. The Phoenix-based company, which won’t generate meaningful revenue until 2022, reported about $699 million of cash at … CNHI 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 as much as 12per cent. 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. 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. For more information, visit nikolamotor.com or Twitter: @nikolamotor. All content was current only as of the date originally presented. The company is privately-held. It may also issue debt in 2023 and 2024 totaling $500 million. This service is not intended for persons residing in the EU. , ValueAct and European commercial vehicle maker CNH Industrial Russell has also been a business mentor to brash 38-year-old entrepreneur Milton. 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. 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. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. It’s also preparing to announce a separate production alliance with an unnamed automotive company to manufacture its Badger fuel cell pickup. 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. Nikola CEO Mark Russell. Fuel cell technology, which makes electricity in a chemical reaction involving hydrogen and oxygen with only water vapor as a byproduct, has been around since the 1960s, but earlier iterations were far too costly and not durable enough for heavy daily use. In 2024, Nikola expects to sell or lease 7,000 battery-powered units and 5,000 hydrogen fuel cell trucks, according to an SEC filing. Nikola Corporation designs and manufactures electric vehicles, vehicle components, energy storage systems, and electric vehicle drivetrains. He retains that title in addition to being CEO. All Rights Reserved, This is a BETA experience. That’s changed dramatically in the past decade, with costs for the materials and fuel tanks dropping steadily as the technology matured.
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