MICHAEL LOHSCHELLER NAMED NIKOLA MOTOR PRESIDENT

Rhea-AI Summary

Nikola Corporation (Nasdaq: NKLA) has appointed Michael Lohscheller as the new President of Nikola Motor. He will report to CEO Mark Russell and will focus on scaling Nikola's global truck business.

Lohscheller, who has extensive automotive experience, previously served as CEO of Opel and CEO of VinFast. His leadership is expected to play a pivotal role as the Nikola Tre battery-electric vehicle (BEV) moves into production and as development progresses for the hydrogen fuel-cell electric vehicle (FCEV).

Positive

• Appointment of experienced executive Michael Lohscheller as President, expected to enhance leadership.
• Focus on global production of trucks, particularly the Nikola Tre BEV and FCEV.

Negative

• None.

PHOENIX, Feb. 22, 2022 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy infrastructure solutions, today announced that Michael Lohscheller has been named President of Nikola Motor. Reporting to CEO Mark Russell and supported by the team that is already on the ground, he will be responsible for scaling Nikola's global truck business.

"Michael Lohscheller brings several decades of direct automotive industry expertise to our already accomplished leadership team at Nikola. His role will be immediately pivotal as the Nikola Tre BEV moves into production, and as we continue to achieve development milestones for the Nikola Tre FCEV," said Nikola Chief Executive Officer Mark Russell.

Lohscheller's career has included leadership roles in finance, technology, purchasing and logistics at Volkswagen, before becoming Volkswagen Group of America Executive Vice President. Lohscheller was named CEO of Opel, both under GM and Stellantis ownership. Under his leadership, Lohscheller led Opel to sustainable profitability. He also oversaw Opel's transformation into a respected electrified car brand. Most recently Lohscheller served as CEO of VinFast, the global electric automotive brand from Vietnam.

"As Nikola moves into global production, an experienced and respected industry veteran like Michael strengthens the Nikola team," said Stephen Girsky, Nikola Corporation board chair. "He knows his way around the manufacturing floors, board rooms and showrooms and has worked with the latest technologies throughout his career. We are pleased to welcome Michael to the team."

"It goes without saying that hydrogen fuel cell and battery-electric zero-emission vehicles are the future of mobility, and I am extremely proud to be joining a company that is paving the way for this global transformation," stated Lohscheller. "My career has prepared me well to achieve the ambitious milestones needed to make this happen."

About Michael Lohscheller
Michael Lohscheller graduated from Osnabrück University of Applied Sciences (Germany) and the University of Barcelona (Spain) in 1992. During his working years, Lohscheller completed a Master's Program in European Marketing Management and obtained his M.A. at Brunel University London in 1996. 

Having been active in the automotive industry for more than 20 years, Lohscheller has held a variety of high-ranking positions: Executive Vice President and Chief Financial Officer at Mitsubishi Motors Europe, Executive Vice President and Chief Financial Officer at Volkswagen Group of America, Chief Executive Officer at Opel Automobile GmbH and Member of the Board at PSA Group and Global CEO of VinFast.

In his tenure as Opel CEO, Lohscheller was presented with several prestigious awards including Eurostar 2019 (Automotive News), Manbest 2019 (Autobest) and Manager of the Year 2019 (AutoZeitung).

ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.

FORWARD LOOKING STATEMENTS OF NIKOLA CORPORATION
Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the anticipated benefits of Mr. Lohscheller's employment at Nikola. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola's management. We cannot assure you that forward looking statements will be achieved and forward-looking statements are not predictions of actual performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to, the failure to realize the anticipated benefits of the agreement; design and manufacturing changes, challenges and delays; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal, regulatory and judicial proceedings to which Nikola is, or may become a party; demand for and customer acceptance of Nikola's trucks; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the rollout of Nikola's business and the timing of expected business milestones, including delivery of trucks for sale; the effects of competition on Nikola's future business; the availability of capital; risks associated with changes in accounting treatment or accounting standards; and the other risks detailed from time to time in Nikola's reports filed with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2021 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.

 

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SOURCE Nikola Corporation

FAQ

Who is Michael Lohscheller in relation to Nikola Corporation?

Michael Lohscheller has been appointed as President of Nikola Motor, responsible for scaling the global truck business.

What is Michael Lohscheller's background prior to joining Nikola?

Lohscheller has held various leadership roles in the automotive sector, including CEO of Opel and most recently CEO of VinFast.

What are Nikola's plans for the Tre battery-electric vehicle?

Nikola is moving into production of the Tre battery-electric vehicle as part of its strategy to scale its truck business.

How could Michael Lohscheller's appointment impact NKLA stock?

His extensive industry experience may improve investor confidence and potentially enhance Nikola's business performance.