EV Start-Up Nikola Has Begun Production of Its First Battery-Electric Semitruck
Electric heavy-truck startup Nikola announced on Wednesday that it has begun production of the battery-powered version of its electric Tre semitruck at its factory in Coolidge, Arizona, beating rival Tesla’s electric semitruck to market.
Nikola plans to begin deliveries of the trucks in the second quarter, executives said during a presentation for analysts. Production of the trucks for customers began on Monday.
Nikola shares were up about 4% in after-hours trading following the announcement.
The battery-electric version of the Tre is intended for shorter routes, with an estimated range of about 350 miles. Nikola expects to deliver between 300 and 500 of the trucks this year before ramping up production to a higher level in 2023.
The Nikola Tre BEV always makes quite the grand entrance. Yesterday's chilly celebration at the Colorado State Capitol in Denver came with a warm welcome for our latest #dealerdelivery to @wagnerequipment. pic.twitter.com/Cz15FqqMJW
— Nikola Motor Company (@nikolamotor) March 23, 2022
Nikola’s once high-flying stock has slumped to single-digits since the departure of its founder, Trevor Milton, under an ethical cloud in 2020. The company has cut ties with Milton and has settled all outstanding claims related to his actions, it reiterated on Wednesday.
Milton was indicted last year on federal fraud charges related to statements he made before Nikola’s initial public offering.