[Fox Business] EV maker Nikola CEO Michael Lohscheller stepping down

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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.

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.

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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.

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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.

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Reuters contributed to this report. 

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