Nikola Motor’s Tre semi-truck.
Nikola Motor Company
Nikola, an electric heavy-duty truck startup, announced on Wednesday that it has begun production of a battery-powered version of its electric train semi-truck at its factory in Coolidge, Arizona, beating its rival Tesla’s electric semi-truck.
Nicola plans to begin delivering trucks in the second quarter, executives said in a presentation to analysts. Production of customer trucks began on Monday.
In after-hours trading after the announcement, Nikola shares rose about 4%.
Battery-powered Tre targets short routes with an estimated range of approximately 350 miles. Nicola plans to deliver 300-500 trucks this year before raising production to higher levels in 2023.
Nicola’s former highs have fallen to single digits since founder Trevor Milton left under an ethical cloud in 2020. The company broke its relationship with Milton and resolved all unresolved claims related to his actions. Wednesday.
Milton was charged last year with federal fraud related to his statement prior to Nicola’s initial public offering.
Nikola plans to follow the Battery Electric Tre with a version equipped with a hydrogen fuel cell with a range of up to 500 miles, suitable for longer routes. Later, Nicola called it the “next generation” fuel cell model in 2025, making it suitable for long-haul routes with a range of up to 900 miles.
The company confirmed that hydrogen trays are scheduled to begin shipping in the second half of 2023.