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Nikola, Electric Vehicle Start-Up, Begins Production of Its First Battery-Electric Semitruck; Beats Tesla

TNI || New Delhi || 25th March 2022

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Nikola, an electric heavy-truck firm based in Coolidge, Arizona, announced on Wednesday that manufacturing of the battery-powered variant of its electric Tre semitruck has commenced, beating Tesla’s electric semitruck to the marketplace.

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During a presentation to analysts, Nikola officials stated that shipments of the trucks would begin in the second quarter of this year.

Monday marked the start of production of trucks for customers. Following the announcement, Nikola shares were up around 4% in after-hours trade.

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The Tre’s battery-electric variant is designed for shorter trips, with a range of roughly 350 miles. Nikola plans to deliver 300 to 500 trucks this year before increasing manufacturing to a superior stage in 2023.

Nikola’s once-high-flying stock had plummeted to single digits after its creator, Trevor Milton, left under a cloud of ethics in 2020.

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The company said that it had severed connections with Milton and had satisfied all outstanding claims connected to his activities.

Nikola intends to follow battery Tre with a hydrogen fuel cell-powered version with a range of up to 500 miles, making it suited for long trips.

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In 2025, Nikola plans to release a “next-generation” fuel-cell vehicle that will be useful for long-distance options with a range of up to 900 miles. As per the company, the hydrogen Tre is expected to start shipping in late 2023.