Nikola said in February poor demand had hurt delivery of its battery-powered trucks, that its cash reserves had dwindled and that it expected 2023 gross margins to be deep in the red.
Iveco said in a statement that the deal announced on Tuesday would produce a 44-million-euro one-off negative impact on its first-quarter income statement that it expected to absorb through cash flow generation, without changing its cash flow target for this year. Equita analyst Martino De Ambroggi said the move would not have a relevant impact on Iveco as any contribution from Nikola was expected only beyond the group's current business plan.
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