Nikola Brand Overview
Phoenix, Arizona, U.S.
Nikola Corporation is a relatively new American manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions. The company was founded in 2014 by Trevor Milton and is based in Phoenix, Arizona.
Nikola has presented several vehicle concepts from 2016 to 2020, the first of which was a natural gas fueled turbine-electric semi truck. The company has since shifted its focus to battery-electric and fuel-cell electric vehicles. In February 2022, the company projected deliveries of between 300 and 500 of its first battery-electric semitrucks, known as the Nikola Tre, to customers.
Nikola Corporation is a relatively new entrant to the truck manufacturing industry, founded in 2014 by Trevor Milton. The company is based in Phoenix, Arizona, and has been making waves with its focus on alternative fuel vehicles, particularly battery-electric and hydrogen fuel cell technology.
Nikola’s first major product announcement was the Nikola One, a natural gas turbine-electric semi truck, which was unveiled in December 2016. The company touted the truck’s range of up to 1,200 miles on a single tank of natural gas, as well as its zero-emissions electric powertrain. However, in 2018, the company announced that it would be discontinuing the natural gas turbine option and instead focusing on battery-electric and hydrogen fuel cell trucks.
In 2018, Nikola also announced the development of the Nikola Two, a hydrogen fuel cell truck that the company claims will have a range of up to 750 miles on a single tank of hydrogen. The Nikola Two is designed for long-haul freight operations and features a sleeper cab for the driver.
Nikola’s first battery-electric truck, the Nikola Tre, was unveiled in 2019. The Tre is a cab-over truck designed for the European market, with a range of up to 500 kilometers on a single charge. The company also announced plans to build a factory in Arizona to produce the Tre for the North American market.
In June 2020, Nikola went public through a merger with a special-purpose acquisition company (SPAC). The company’s stock price surged in the wake of the announcement, but has since come under scrutiny from investors and regulators due to allegations of fraud and misleading statements by company executives. As of April 2022, the company is under investigation by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ).
Despite these controversies, Nikola has continued to make progress on its truck development and manufacturing. In December 2021, the company delivered its first two battery-electric trucks to customers, and projected deliveries of between 300 and 500 more in 2022. The company has also announced plans to develop hydrogen fueling infrastructure and renewable energy solutions for its vehicles.
Overall, Nikola Corporation is an innovative and ambitious entrant in the truck manufacturing industry, with a strong focus on alternative fuel technology. However, the company’s recent controversies have raised questions about its long-term viability and ability to deliver on its promises to customers and investors.