(Reuters) – Nikola Corp said on Thursday it aimed to deliver 300 to 500 Tre BEV electric trucks this year, as it works on expanding its plant in Coolidge, Arizona.
The company, which was working with the U.S. Securities and Exchange Commission (SEC) to pay a $125 million penalty to settle a charge against its founder Trevor Milton, said it had made its first installment last December and was seeking reimbursement from its founder.
The U.S. regulators had charged Milton for using social media to repeatedly mislead investors about the electric-truck maker’s technology and capabilities, reaping “tens of millions of dollars” as a result of his misconduct.
The Phoenix, Arizona-based startup has been trying to close this chapter and focus on ramping up production.
“During the fourth quarter, we began delivering Pre-Series Tre BEVs to customers and dealers, and we are ramping up production in Coolidge,” Nikola Chief Executive Officer Mark Russell said in a statement.
“We anticipate beginning series production of the Tre BEV on March 21.”
(Reporting by Subrat Patnaik in Bengaluru; Editing by Shailesh Kuber)