Nikola Motor’s Tre semi-truck.
Nikola Motor Company
Electric heavy-truck startup Nikola introduced on Wednesday that it has begun production of the battery-powered model of its electric Tre semitruck at its manufacturing facility in Coolidge, Arizona, beating rival Tesla’s electric semitruck to market.
Nikola plans to start deliveries of the vehicles within the second quarter, executives mentioned throughout a presentation for analysts. Production of the vehicles for purchasers started on Monday.
Nikola shares have been up about 4% in after-hours buying and selling following the announcement.
The battery-electric model of the Tre is meant for shorter routes, with an estimated vary of about 350 miles. Nikola expects to ship between 300 and 500 of the vehicles this year earlier than ramping up production to a better stage in 2023.
Nikola’s as soon as high-flying stock has slumped to single-digits for the reason that departure of its founder, Trevor Milton, below an moral cloud in 2020. The company has reduce ties with Milton and has settled all excellent claims associated to his actions, it reiterated on Wednesday.
Milton was indicted final year on federal fraud fees associated to statements he made earlier than Nikola’s preliminary public providing.
Nikola plans to observe the battery-electric Tre with a model powered by a hydrogen gasoline cell that can include vary of as much as 500 miles, appropriate for longer routes. That will probably be adopted by what Nikola calls a “next-generation” fuel-cell mannequin in 2025, appropriate for long-haul routes with as much as 900 miles of vary.
The hydrogen Tre is on observe to start transport late 2023, the company confirmed.