NKLA - Nikola hits 100 orders milestone for hydrogen FCEV Class 8 truck

2023-03-29 10:00:22 ET

Nikola ( NASDAQ: NKLA ) announced on Wednesday that it has now received orders for 100 Class 8 Nikola Tre hydrogen fuel cell electric vehicles. The company said deliveries of the purpose-built heavy-duty trucks will begin in Q4 of 2023.

CEo Michael Lohscheller said Nikola ( NKLA ) is believed to be the only company in the U.S. with a Class 8 hydrogen FCEV that will be available in calendar year 2023. The FCEV will be engineered and assembled in the U.S., as well as a variety of upcoming hydrogen energy solutions.

Nikola on the Tre FCEV: "With a range of up to 500 miles and an estimated fueling time of approximately 20 minutes based upon expected technology improvements, the Nikola Tre FCEV is anticipated to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks. The Tre FCEV is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload and specialized hauling use cases."

The California Air Resources Board was noted to have played a significant role in securing many of the 100 sale orders that are expected to convert to purchase orders following the satisfactory completion of the demonstration programs. The HVIP program enables customers of Nikola's Tre FCEV to access a point-of-sale incentive starting at $240K and ranging up to $288K per truck, in 2023. Customers will also be eligible for a $40K clean commercial vehicle tax credit from the federal government due to the passage of the Inflation Reduction Act.

Shares of Nikola ( NKLA ) rose 1.05% in early trading on Wednesday.

Read the reaction from Morgan Stanley to the CFO switch at Nikola.

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