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 on as CEO in August after then-CEO Mark Russell introduced his retirement.

The corporate mentioned the transfer comes attributable to a household well being matter the place Lohscheller shall be returning to Europe. He’ll stay at Nikola as an adviser by way of 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 shall be promoted to chair.

Girsky shall 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 workforce.”

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 yr. Shipments to sellers additionally fell from 48 final yr to 45 within the second quarter. Nikola has now made 96 vans this yr, transport 76 of them. In the meantime, the corporate had its finest 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 growth is full, with the brand new mixed-model line put in. The power’s present capability is 2,4000 vans per yr (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 yr 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 yr ($225.8 million).

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