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Nikola Corporation SWOT & PESTLE Analysis

ID : 521133053| Apr 2022| 18 pages

COMPANY PROFILE -Nikola Corporation

Business Sector :Automobile

Operating Geography :United States, North America, Global

About Nikola Corporation :

Nikola Corporation is a commercial vehicle manufacturer headquartered in Phoenix, Arizona. The company makes electric vehicles, drivetrains, components, energy storage systems, fuelling station infrastructure, and other transportation solutions using battery and hydrogen fuel-cell technology. The business was formed by Trevor Milton in Salt Lake City, Utah, in 2014. Its product line comprises class 8 commercial trucks, off-highway vehicles, and watercraft that are all battery-electric or hydrogen-electric. Nikola One, Nikola Two, Nikola Tre, and Nikola Badger are just a few of the company's offerings. Nikola NZT, Nikola Reckless, and Nikola water adventure vehicles are among the company's Powersports vehicles (WAV). Nikola Corporation announced a partnership with PGT Trucking, Inc. (PGT) in October 2021 to advance electric drive heavy-duty transport. Following the successful completion of a Nikola Tre FCEV demonstration programme, the parties will sign a Letter of Intent (LOI) to lease 100 Nikola Tre heavy-duty fuel cell electric vehicles (FCEVs) on terms to be agreed upon.

Nikola Corporation's Unique Selling Proposition lies in it being the world’s leading provider of zero-emission transportation and infrastructure solutions and specialising in battery-electric and hydrogen trucks and Powersports vehicles. The mission statement of Nikola Corporation reads, "To transform the transportation industry while improving our employees’ lives and leaving the world a better place”.

Nikola Corporation Revenue :


$95,000 - FY ending 31st December 2020 (y-o-y growth -80.3%)
$482,000 - FY ending 31st December2019

Competitive Analysis of Nikola Corporation

SWOT
PESTLE
The SWOT analysis for Nikola Corporation is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Multiple strategic partnerships with well-established companies

2. High spending on Research and Development activities
3. Unique bundled lease model for customers
2. Global recognition in zero-emission vehicle category
1. Multiple fraud allegations regarding proprietary technology
2. Sexual assault charges against former Executive Chairman
3. Highly volatile stock prices post IPO
OpportunitiesThreats
1. Increase production capacity through multiple new manufacturing facilities
2. Maximize opportunities in hydrogen fuel technology
3. Restructure Board to regain public trust
4. Enter the autonomous vehicle segment
1. Shortage of skilled workforce in developed economies
2. Competition in the heavy-duty vehicle segment from big players
3. High cost of meeting multiple regulatory requirements
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Nikola Corporation

Strength

1. Multiple strategic partnerships with well-established companies: Nikola is a new company without any products on the market. Most of their product portfolio are under development or waiting for approvals, so it is important for a nascent company like Nikola to enter into strategic partnerships with bigger companies to attract potential investors. Nikola has a Commercial Letter Agreement with Nimbus, a subsidiary of Bosch. Under this agreement, Nikola will equip its autonomous driving trucks with components from Bosch. Nikola will also source other services like inverters, fuel cell batteries, etc. from Nimbus, at pre-negotiated prices. Nikola signed the European Alliance Agreement with CNHI/Iveco in 2020 to enter into a partnership to develop and manufacturer BEV and FCEV trucks in Europe. Both parties will contribute equally to the project, taking on 50% of the total expenses. Under the European Supply Agreement, Nikola Iveco JV was granted exclusive right to supply BEVs and FCEVs in Europe and under the North America Supply Agreement, Nikola Iveco JV could do the same in North America. Nikola also has an agreement with Anheuser-Busch where AB agreed to lease hydrogen-fuel trucks and tractors from Nikola. Nikola’s controversial MoU with General Motors was finally signed on November 29, 2020 under which GM agreed to integrate their Hydrotec-fuel system into Nikola’s commercial trucks.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

1. Shortage of skilled workforce in developed economies: Employees are a valuable resource for Nikola Corporation because a large portion of them are highly skilled and specially trained. Employee compensations have to be higher in order to retain employees. The company conducts regular workshops to upskill their employees. As Nikola is primarily a manufacturing company, they need a lot of skilled workers for engineering, working in factories, information technology, cybersecurity, flight operations, strategy and management. In 2016, technology jobs in the US outnumbered skilled workers by 3 million and according to estimates, by 2030, the global shortage of skilled workers will reach 85 million, leading to loss in revenues worth $8.5 trillion. As more and more companies are adopting digitalization, the demand for skilled tech workers continues to rise. Some countries have started offering incentives beyond money to attract workers. Greece has partnered with several venture capitalists to invest more in the domestic tech sector. Portugal has offered citizenship to tech workers. Nikola has to match their competitor’s employee compensation rates and offer incentives to its workers to ensure that they continue to work at their company.

The remaining section under "Threat" is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Tesla
  • Toyota
  • BYTON
  • Faraday Future
  • Fisker Automotive
  • Rivian Automotive
  • Hyzon Motors

Major Brands :

  • Nikola Iveco Europe B.V
  • Nikola Motor Company
  • Nikola Energy Company LLC
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TABLE OF CONTENTS
DELIVERY AND FORMAT
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References used in Nikola Corporation SWOT & PESTLE Analysis Report

1. Nikola 2020 Annual Report - https://d32st474bx6q5f.cloudfront.net/nikolamotor/uploads/investor/annual_report/document/2/2020_Annual_Report.PDF

2. Federal inquiries, allegations of sexual assault, a resignation, and billions on the line: Here's everything you need to know about Nikola and its founder's controversial last 5 weeks | Business Insider India - https://www.businessinsider.in/thelife/news/federal-inquiries-allegations-of-sexual-assault-a-resignation-and-billions-on-the-line-heres-everything-you-need-to-know-about-nikola-and-its-founders-controversial-last-5-weeks/articleshow/78732565.cms

3. Nikola Q1 2021 EARNINGS CALL May 7, 2021 - https://d32st474bx6q5f.cloudfront.net/nikolamotor/uploads/investor/presentation/presentation_file/27/Q1_2021_Nikola_Earnings_Call_Presentation.pdf

4. The Global Competition for Technology Talent – IMF Finance & Development Magazine | March 2019 - https://www.imf.org/external/pubs/ft/fandd/2019/03/global-competition-for-technology-workers-costa.htm

5. Nikola’s Stock Selloff Accelerates as Shares Fall Below $10 | Transport Topics - https://www.ttnews.com/articles/nikolas-stock-selloff-accelerates-shares-fall-below-10

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Nikola Corporation SWOT and PESTLE analysis has been conducted by Anangsha Saha and reviewed by senior analysts from Barakaat Consulting.

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