EV maker Nikola names Michael Lohscheller as its subsequent CEO

Nikola Corp. stated Wednesday that Michael Lohscheller is taking up because the electric-truck maker’s chief govt officer when Mark Russell retires on Jan. 1 subsequent yr.

Lohscheller, who joined the corporate in February, will take over as president from Russell and be a part of Nikola’s board efficient instantly, the corporate stated.

Lohscheller, 53, was instrumental in Tre battery electrical autos’ manufacturing and in attaining improvement milestones for the Tre fuel-cell electrical autos, the corporate stated.

Nikola, aiming to fabricate between 300 and 500 Tre battery electrical vehicles this yr, caught to its manufacturing goal final week after its second-quarter income beat estimates.

Lohscheller was the CEO of German automaker Adam Opel AG from conglomerate Stellantis’ secure and briefly served as Vietnamese automotive maker VinFast’s world high boss earlier than taking up the position of Nikola Motor’s president.

Lohscheller has improved communication and accelerated decision-making at Nikola Motor, Chairman Stephen Girsky stated in a press release.

Russell, 59, changed Nikola Founder Trevor Milton, accused of defrauding buyers by mendacity concerning the firm, as CEO in 2020.

Shares in Nikola rose 2.7 % earlier than the bell on Wednesday.