Aeolus Truck & Driver News
Nikola now buddies with GM
Aeolus Truck & Driver News
Electric truck startup Nikola has scored another coup – pulling off a deal with General Motors that boosts its plans to build electric pickup trucks and fuel cell electric heavy trucks.
The deal, said to be valued at $US2billion, sees GM take an 11% stake in Nikola, in return for supplying it with hydrogen fuel cell technology for its heavy-duty etrucks.
It will also supply batteries, chassis architecture and fuel cell systems for the proposed Nikola Badger pickup – and the factory to build it in.
GM says it expects to realise $US4bn in value from the deal, including $700m for building the Badger.
...Subscribers: Please LOGIN to read the full article.
Electric truck startup Nikola has scored another coup – pulling off a deal with General Motors that boosts its plans to build electric pickup trucks and fuel cell electric heavy trucks.
The deal, said to be valued at $US2billion, sees GM take an 11% stake in Nikola, in return for supplying it with hydrogen fuel cell technology for its heavy-duty etrucks.
It will also supply batteries, chassis architecture and fuel cell systems for the proposed Nikola Badger pickup – and the factory to build it in.
GM says it expects to realise $US4bn in value from the deal, including $700m for building the Badger.
GM’s own electric pickup truck, the GMC Hummer, is due to go into production late next year – with the Badger scheduled to start manufacture a year later. The two pickups will share major components.
Nikola will buy GM’s hydrogen fuel cells for its North American market highway tractor units, in a deal set to run at least four years.
The deal excludes Nikola trucks for the European market, where the company already has a similar partnership with Iveco – the Italian make’s parent company, CNH Industrial, now holding a 7.11% stake in Nikola. Iveco and Nikola will produce electric and hydrogen fuel cell trucks together.
Nikola says it expects that the GM deal will save it $US4bn in battery and powertrain costs over 10 years and over $US1bn in engineering and validation costs.
The deal, said to be valued at $US2billion, sees GM take an 11% stake in Nikola, in return for supplying it with hydrogen fuel cell technology for its heavy-duty etrucks.
It will also supply batteries, chassis architecture and fuel cell systems for the proposed Nikola Badger pickup – and the factory to build it in.
GM says it expects to realise $US4bn in value from the deal, including $700m for building the Badger.
GM’s own electric pickup truck, the GMC Hummer, is due to go into production late next year – with the Badger scheduled to start manufacture a year later. The two pickups will share major components.
Nikola will buy GM’s hydrogen fuel cells for its North American market highway tractor units, in a deal set to run at least four years.
The deal excludes Nikola trucks for the European market, where the company already has a similar partnership with Iveco – the Italian make’s parent company, CNH Industrial, now holding a 7.11% stake in Nikola. Iveco and Nikola will produce electric and hydrogen fuel cell trucks together.
Nikola says it expects that the GM deal will save it $US4bn in battery and powertrain costs over 10 years and over $US1bn in engineering and validation costs.
+ EQUIPMENT GUIDE - FREE
