DETROIT– March 29, 2023 – At today’s Automotive Press Association meeting in Detroit, Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced that Nikola and its dealer network have received orders for 100 Class 8 Nikola Tre hydrogen fuel cell electric vehicles (FCEVs). Deliveries of the purpose-built heavy-duty trucks will begin in Q4 2023.
“We believe Nikola is the only company in the U.S. with a Class 8 hydrogen FCEV available in calendar year 2023, engineered and assembled in the U.S., as well as a variety of upcoming hydrogen energy solutions,” said Michael Lohscheller, Nikola’s President and CEO. “Customers are recognizing this and are demanding zero-emissions trucking solutions to fulfill their shipping needs and to meet their environmental, social and governance goals. And it will have quite an effect, as one heavy-duty zero-emission truck equates to removing 23 gasoline-powered passenger cars from the road in annual CO2 emissions.”
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 (“CARB”) Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”) program, 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 $240,000 and ranging up to $288,000 per truck, in 2023. Customers will also be eligible for a $40,000 clean commercial vehicle tax credit from the federal government due to the passage of the Inflation Reduction Act.
California’s HVIP is an important incentive program intended to advance commercialization and to help reduce the total cost of ownership of hybrid and zero-emission commercial vehicles in the state of California. The program is unique in that it accelerates the adoption of zero tailpipe emission commercial vehicles on a first-come, first-served basis that does not require the retirement and scrappage of an existing diesel vehicle.
“This 100 sale order milestone is certainly something to celebrate and shows the commitment of our customers, dealers, employees and stakeholders,” continued Lohscheller. “And this is expected to be the first of many upcoming announcements.”
ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expectations regarding the benefits of the FCEV sales orders and the ability to convert these sales orders to purchase orders; the business model and strategy; the company’s expectations regarding its projected truck builds and related specifications; the company’s expectations for its trucks and market acceptance of battery electric and hydrogen fuel cell electric trucks; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which Nikola is, or may become a party; failure to realize the anticipated benefits of the recently completed business combination with Romeo; the conversion of sales-orders into purchase orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on Nikola’s future business; the availability of capital; and the other risks detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
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