EV maker Nikola CEO Michael Lohscheller stepping down
Lohscheller will be replaced by Stephen Girsky, who is currently Nikola's chairman
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Less than a year after taking the job, electric truckmaker Nikola said on Friday that chief executive Michael Lohscheller will step down at the end of the month.
Lohscheller will be replaced by Stephen Girsky, who is currently the company's chairman. He will be Nikola's fourth CEO in as many years. Lohscheller’s decision to step down from the position is because of a family health matter in Europe.
Stephen "Steve" Girsky, vice chairman of General Motors Co., gestures during a joint news conference with PSA Peugeot Citroën in Brussels, Belgium, on Thursday, January 24, 2013. (Jock Fistick/Bloomberg via Getty Images / Getty Images)
Although Lohscheller will return to Europe, he will remain in an advisory capacity through the end of September.
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Shares of Nikola fell more than 14% in midday trading.
Separately, Nikola reported a narrower second-quarter loss as lower production of its Tre battery-electric trucks in the April-June period helped keep costs in check.
Nikola has been burning through cash to ramp up production of its trucks.
Michael Lohscheller, president of Nikola Corp., during the unveiling of the Nikola Tre FCEV truck at the IAA Transportation show in Hanover, Germany, on Monday, September 19, 2022. (Krisztian Bocsi/Bloomberg via Getty Images / Getty Images)
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The electric vehicle maker announced Tuesday that it won an additional $16.3 million grant to support seven hydrogen refueling stations under its Hyla brand.
A Nikola Tre battery-electric heavy-duty truck at the Nikola Corp.-Iveco SpA joint venture electric truck plant in Ulm, Germany, on Wednesday, Sept. 15, 2021. (Andreas Gebert/Bloomberg via Getty Images / Getty Images)
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Nikola said it has now received $58.2 million in awards to build the hydrogen stations in California’s South Coast Air Quality Management District, the San Diego County Air Pollution Control District, and Mojave Desert Air Quality Management District.
Nikola Corp.
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Reuters contributed to this report.