Nikola stops working on electric watercraft and ATV projects

Zero-emission trucking company Nikola has shut down its so-called Powersports division and is suspending work on an electric watercraft and all-terrain vehicle first announced in April 2019. Nikola has stopped working on the projects as part of the project. ‘a broader effort to focus on getting its first hydrogen truck at the door, after a number of stumbles in 2020.

“We still own the NZT and WAV rights and have put the projects on hold. We might consider moving forward with them later, ”a spokesperson said. The edge. “Right now, our focus is on commercial trucking and hydrogen infrastructure.”

Photos by Sean O’Kane / The Verge

Nikola began developing an electric watercraft in 2017 after purchasing one of the most promising startups working on the idea. The all-terrain vehicle was sort of a hybrid, mixing the dune buggy style with the kinds of comforts found in passenger cars, like air conditioning. Nikola promised that the so-called NZT vehicle would get 590 horsepower and 150 miles of range. It was supposed to hit the market this year starting at $ 80,000.

The two powersports vehicles were the focus of Nikola’s annual event in 2019, but the NZT in particular has always seemed to be a possible source of money for the startup given the interest it has generated from it. defense industry.

The Powersports division is not the first victim of Nikola’s rocky 2020. The startup’s pickup truck project fell apart after a falling out with General Motors, which backed Nikola before fraud accusations began to fly.

Nikola announced the demise of its Powersports division on Thursday afternoon along with its 2020 financial results. The company reported a loss of $ 384 million for the year, although it ended 2020 with $ 840 million in the bank. , thanks to the money it generated when it went public earlier this year.