Shares of Nikola Corp (NKLA) are down by double-digits after the electrical truck maker introduced its fourth CEO, Michael Lohscheller, is stepping down, efficient instantly.

Nikola will get a brand new CEO amid crunchtime

Lohscheller joined Nikola as president in February 2022, taking up as CEO in August after then-CEO Mark Russell introduced his retirement.

The corporate mentioned the transfer comes on account of a household well being matter the place Lohscheller can be returning to Europe. He’ll stay at Nikola as an adviser via the tip of September to assist the transition.

Steve Girsky, chair of the board since September 2020, has been named the brand new Nikola CEO. Girsky will stay a member of the board, whereas Steve Schindler can be promoted to chair.

Girsky can be Nikola’s fourth CEO in just some years. After the appointment, Girsky mentioned, “Since Nikola’s inception, I’ve been a champion of its mission. I’m energized to tackle this position and construct upon the work of Michael and the crew.”

Nikola additionally reported its second-quarter earnings on Friday, revealing rising web losses and decrease manufacturing.

The corporate constructed 33 vans in Q2, down from 50 in the identical interval final 12 months. Shipments to sellers additionally fell from 48 final 12 months to 45 within the second quarter. Nikola has now made 96 vans this 12 months, transport 76 of them. In the meantime, the corporate had its greatest retail quarter delivering 66 Tre BEV electrical vans.

On July 31, Nikola formally started serial manufacturing of its hydrogen gasoline cell truck. In keeping with the corporate, 18 clients have ordered over 200 models.

Nikola says the section 2 meeting enlargement is full, with the brand new mixed-model line put in. The power’s present capability is 2,4000 vans per 12 months (on three shifts).

Amid the slowing deliveries, Nikola generated $15.4 million in income, down almost 14% from 2022. Gross margins additionally slipped from 161% final 12 months to 180% in Q2.

General, Nikola posted a web lack of $217.8 million, in comparison with a lack of $173 million in Q2 2022. The corporate ended the quarter with $226 million in money, roughly unchanged from final 12 months ($225.8 million).

Wanting forward, Nikola expects to ship 300 to 400 vans this 12 months with focused income between $100,000 and $130,000. Nikola is forecasting between 60 and 90 truck deliveries in Q3.