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Delayed Quote. Delayed Nasdaq - 12/01 04:00:01 pm
9.5 USD   -7.05%
05:12pINSIDER SELL : Nikola
11/24INSIDER SELL : Nikola
11/08Consumer Stocks Off Intraday Lows Late Monday
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Iveco charts future after CNH with Nikola electric truck deal

09/15/2021 | 11:48am EST

* Iveco, Nikola unveil joint production site in Ulm

* Iveco spin-off from parent CNH planned for early 2022

* Iveco, Nikola sign MoU with Hamburg port for e-trucks

ULM, Germany, Sept 15 (Reuters) - Iveco, the truck and bus business of Italian-American CNH Industrial, is pressing ahead with plans for a spin-off aimed at expanding electric vehicle production, its CEO-designate Gerrit Marx told Reuters on Wednesday.

Marx was speaking at the inauguration of a production facility in Ulm, Germany, where Iveco, a latecomer to electric trucks, and Nikola will jointly make vehicles, starting with the Nikola Tre from the end of the year.

"We are electrifying across the board. We are not behind," Marx, currently head of CNH's commercial and speciality vehicle unit, told Reuters. "If you had asked me that question in January 2019 I would have reluctantly agreed with you but not any more."

Marx reiterated that the process to separate the truck, bus and FPT engine units from CNH Industrial, which will focus on its agricultural and construction equipment businesses, would conclude at the beginning of next year.

"We target the earliest possible day. Regulatory steps determine the speed," he said.

The new company will be named Iveco Group and be listed on the Milan stock exchange in a move aimed at catching up with competitors such as Renault and Volvo.

Daimler, the world's largest truckmaker, is readying production of its first electric medium-sized truck e-Actros in the fourth quarter.

Iveco and Nikola have also confirmed plans to launch hydrogen fuel cell trucks at the end of 2023, in a deeper push into alternative fuels for the commercial vehicle industry.

CNH Industrial is controlled by Exor, the holding company of Italy's Agnelli family, which will be Iveco's largest investor after it is spun off from CNH.

In a sign of Iveco's ambitions, the truckmaker on Wednesday signed a memorandum of understanding under which it and partner Nikola will test and deliver up to 25 vehicles to the port of Hamburg, one of Europe's largest.

The agreement foresees the delivery of the Nikola Tre -- which is based on an Iveco platform -- throughout 2022.

"These types of landmark agreements continue to reinforce the global shift we are seeing toward a new zero-emission future," Nikola CEO Mark Russell said.

The car and truck industry is undergoing big corporate changes as it adapts to low carbon emissions.

China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year.

Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying it was penciled in for the end of September. (Reporting by Ilona Wissenbach and Giulio Piovaccari; Writing by Christoph Steitz; Editing by Madeline Chambers and Alexander Smith)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 3.67% 202.6 Delayed Quote.0.84%
DAIMLER AG 4.33% 86.59 Delayed Quote.49.84%
EXOR N.V. 2.75% 79.84 Delayed Quote.17.34%
NIKOLA CORPORATION -7.05% 9.5 Delayed Quote.-37.75%
RENAULT 3.06% 29.33 Real-time Quote.-20.41%
05:12pINSIDER SELL : Nikola
11/24INSIDER SELL : Nikola
11/08Consumer Stocks Off Intraday Lows Late Monday
11/08EV Stocks Rally After Passage of $1.2 Trillion US Infrastructure Spending Package
11/08Consumer Stocks Retreating This Afternoon
11/08DA Davidson Adjusts Nikola's Price Target to $12 from $10, Keeps Neutral Rating
11/08Deutsche Bank Adjusts Nikola's Price Target to $19 From $15, Maintains Hold Rating
11/08Wedbush Raises Nikola's Price Target to $15 From $10, Maintains Neutral Rating
11/05Nikola's Shares Drop After BTIG Downgrade to Neutral From Buy
11/05Today on Wall Street: All is well
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Analyst Recommendations on NIKOLA CORPORATION
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Financials (USD)
Sales 2021 2,54 M - -
Net income 2021 -641 M - -
Net cash 2021 512 M - -
P/E ratio 2021 -6,76x
Yield 2021 -
Capitalization 4 133 M 4 133 M -
EV / Sales 2021 1 427x
EV / Sales 2022 28,5x
Nbr of Employees 450
Free-Float 52,7%
Duration : Period :
Nikola Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends NIKOLA CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 8
Last Close Price 9,50 $
Average target price 15,43 $
Spread / Average Target 62,4%
EPS Revisions
Managers and Directors
Mark A. Russell President, Chief Executive Officer & Director
Kim J. Brady Chief Financial Officer
Stephen J. Girsky Chairman
Dane Davis Chief Technology Officer
Isaac Sloan Chief Information Officer & Software Architect
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