10 Things You Didn’t Know about Nikola CEO Mark Russell
Many investors have become enamored with electrical vehicles (EVs) in the recent market surge. There have been many different EV companies that have come into the spotlight as the stocks surge at an unprecedented pace. Many riches have been made by both investors and owners during the recent uptick. So, there is no better time to shine a spotlight on one of the CEOs that has benefited the most from soaring prices. Mark Russell is CEO of EV truck company Nikola. Here are some important facts about this CEO, who is enjoying his newfound fame dealing with electric vehicles.
1. He is an Electric Vehicle Billionaire
A recent surge in Nikola stock price has given him a rare title: that of a billionaire. This is a rare title that has been reserved for the few titans of the industry. Now that is a billionaire from a bubble stock, it is likely that some selling in coming in no time. It’s really important to lock in some profits, given that the company hasn’t produced one car yet.
2. He Thinks Hydrogen is the Future of Alternative Vehicles
Though many believe that EVs will be driven by traditional lithium batteries, Russell’s company takes a different stand. They think that hydrogen cells will be the future of alternative travel. This is a competitive edge that sets Nikola apart and gives us all hope for a better future of travel. Hydrogen cells are, allegedly, more effective and cause less damage to the environment over the long. It remains to be seen how this will play out with consumers and how much they are ultimately willing to shell out.
3. His Company Could be a Bubble Stock
Many critics have pointed out that Nikola’s aspirations are more dream then reality. It seems that the stock is riding a speculative wave of enthusiasm given that the company produces virtually no revenue. It’s hard to understand how the stock price can continually go up on nothing but hope. Many critics have called the stock a bubble. It remains to be seen if Russell can actually bring a product to market, the toughest challenge of building EVs properly.
4. He Assumed the Helm in 2019
Mark was named CEO in 2019 after spending decades in the automotive and travel industries. It is clear that this experience has been invaluable in helping him to navigate the challenges of being the CEO of one of the hottest stocks on the exchange. There is hope that he can keep riding this momentum in order to turn a profit. Many people are excited about the prospect of driving an electric vehicle, Nikola was founded in-part on this idea. Though the company’s primary focus is trucks.
5. He Gets the Senior Discount
Believe it or not, Russell was 56 by the time he was hired as CEO. That can be a bit older than is normally expected of a top executive, but performance is what matters most in the end. One of the things that Nikola valued most was his expertise and knowledge of the automotive business. Many believe that he is the right person to lead the company into the green. However, in order to do this, he has to roll up his sleeves and get his arms dirty first.
6. He Wants Nikola to be a ‘Partner Company’
Striking up partnerships is a great way to make more lucrative deals. In fact, fleet sales. Have been a long-running trick in order to boost numbers for automotive companies. If Nikola partnered with a big company like Amazon, they could use their own delivery trucks to make a portion of Amazon’s deliveries. This could cut costs and help Amazon reach of its own pledge of net 0 carbon emissions.
7. He Thinks that Tax Credits Could Increase Profitability
It is no secret that tax credits are an important part of making EVs profitable. In fact, even Tesla relies on them in order to hit their quarterly profit numbers. The good news is the Russell envisions a future in which Nikola has multiple sources of revenue to boost his books. When you have green technologies like the kind his company is creating, it is no surprise that you are always looking for ways to boost revenue.
8. He Went to Brigham Young University
Not only does Russell have an outstanding professional pedigree, he also has the educational credentials to match. He holds degrees from both Brigham University and Weber State University, which helped him cement has worldview as one of the top advocates for alternative energy. There is no doubt that these schools are proud of how far he has come since his college days. He is now a world-class expert in all thing’s electric vehicles. This just goes to show that a good education really can change the world.
9. He Started Out as a Lawyer
Many may not believe that Russell is actually a lawyer by training. He began practicing right out of school, only to realize that he wanted to try something different with his career. It is impressive that he was able to make switch from one industry to another with little hesitation. This just goes to show that Russell is quick on his feet and more than willing to get the job done. It won’t belong before he takes Nikola to the top of the automotive industry.
10. He Wants to Change the World
One of the big goals of Nikola is to make the world a better place. Whether it is cleaner vehicles or the ability to make deliveries in a more timely manner, it’s important to realize all of the implications of the development of cleaner energy sources. Russell humbly accepts the task of bringing these products to fruition. For him it is just as much about creating a great product as it is making the world a better place. This is one of his main motivations for working at Nikola.