PHOENIX, Sept. 30, 2020 /PRNewswire/ -- Nikola
Corporation (NASDAQ: NKLA) today issued the following statement
highlighting key elements of the Company's strategy and vision to
become a global leader in zero-emissions transportation:
Nikola is a technology disruptor and integrator, working to
develop innovative energy and transportation solutions. We are
pioneering a business model that will enable corporate customers to
integrate next-generation truck technology, hydrogen fueling
infrastructure and maintenance. By creating this ecosystem, Nikola
and its strategic business partners and suppliers can pave the way
as global leaders in zero-emission transportation – and, together,
leave the world a better place. See our trucks in action here.
Our Business: Delivering Innovative Technology, Energy and
Transportation Solutions
Nikola is an Original Equipment Manufacturer (OEM) whose
expertise lies in design, innovation, software and engineering. We
assemble, integrate, and commission our vehicles in collaboration
with support from business partners and suppliers that bring
decades of experience in manufacturing, and that have invested
billions of dollars in industrializing and scaling production.
Nikola designs and engineers its vehicles and works with business
partners and suppliers to manufacture a majority of the vehicle
components.
Nikola is an innovator and an integrator. The Nikola model
combines our own intellectual property and proprietary technology
with that of our strategic business partners and suppliers to
design and manufacture innovative energy and transportation
solutions.
This innovator/integrator business model is not uncommon in the
next-generation technology space. At Nikola, we are laser-focused
on pursuing the quickest, least capital-intensive path to market,
in combination with our own intellectual property. If our partners
have a less expensive, more efficient solution that works with and
in our designs, we very intentionally want to go with that. This is
in the best interest of our company and our shareholders – and,
simply put, is the smart business decision. In line with our
strategy, Nikola will continue to partner with world-class
companies that will enable us to save billions of dollars and years
in development.
We operate in three business units: Truck, Energy and
Powersports.
- Truck Business Unit: Developing and commercializing BEV
and FCEV Class 8 trucks that provide environmentally friendly,
cost-effective solutions to the short-haul, medium-haul and
long-haul trucking sectors.
- Energy Business Unit: Developing and constructing a
network of hydrogen fueling stations to meet hydrogen fuel demand
for our FCEV and other customers, including potential charging
solutions for BEV customers.
- Powersports Business Unit: Developing electric vehicle
solutions for outdoor recreational applications.
Nikola serves a global total addressable market for Class 8 BEV
and FCEV trucks of approximately $600
billion1. Across the world, regulators,
policymakers and corporations are looking to address sustainability
as a priority and many have committed to net zero-emission
targets.
The European Union plans to invest $1
trillion over the next 10 years to advance the hydrogen
economy2. Emission standards are becoming more
restricted in numerous countries, including in the United States. On September 23, 2020, California Governor Gavin Newsom signed an executive order directing
the California Air Resources Board to establish regulations
requiring that all new cars and passenger trucks sold in the state
be zero-emission vehicles by 2035. These are just two examples of
today's rapidly evolving global environment. Looking ahead, we see
tremendous opportunity in capitalizing on the need for green
transport solutions.
Our Network: An Extensive Group of World-Class Companies,
Working Toward Shared Goals
As an early-stage growth company, Nikola is uniquely positioned
to bring together strategic business partners and suppliers to
significantly reduce execution risk, improve commercialization
timelines, and build long-term competitive advantages. A number of
world-class firms, which include the Bosch group of companies, CNH
Industrial N.V., Hanwha Group and Nel Hydrogen, are strategically
involved and have invested capital. The Nikola Board of Directors
comprises a number of individuals from its strategic business
partners and suppliers. Bosch, one of our suppliers, was an early
investor in Nikola, leading the Series B and C private investment
rounds, and we have filed jointly owned patent applications related
to batteries and fuel-cell technologies. In 2019, CNH Industrial
became our lead investor in the Series D private investment round,
and has been instrumental, through its IVECO and FPT Industrial
business units, in de-risking the commercial truck manufacturing
process and accelerating the process of bringing a leading Class 8
battery-electric semi-truck to market.
With support from our business partners and suppliers, we are
focused on executing on our strategic initiatives and laying the
groundwork to become a vertically integrated zero-emissions
transportation solutions provider.
Our Progress: Committed to Achieving Key Milestones
Nikola continues to make progress on and remains committed to
achieving the following milestones:
Nikola Tre Battery-Electric Prototypes
Nikola expects the first batch of five prototypes of the Nikola
Tre, a 100% battery-electric truck, will be substantially completed
at our JV facility in Ulm, Germany
in the next few weeks. The Nikola Tre prototypes will be
subsequently bench tested as well as road tested in Germany. We remain confident in our ability to
begin production of the Tre and make it available to customers
starting in the fourth quarter of 2021.
Our joint venture with IVECO for the Nikola Tre illustrates the
power of our business partnership and supplier network and
go-to-market model. Nikola has engineered, in conjunction with its
business partners and suppliers, the electrification elements of
the Nikola Tre. During this process, Nikola engineers have taken
the lead on the Human Machine Interface, infotainment, battery pack
engineering and integration into the e-propulsion architecture,
vehicle thermal management, and the e-axles. The vehicle controls
architecture has been developed solely by Nikola. For the balance
of the Tre BEV, Nikola leverages validated and homologated IVECO
components to drive cost efficiencies.
Bosch's rotor, stator and inverter products and related
expertise, and FPT Industrial's industrialization expertise and
experience, have enabled Nikola to move quickly on an aggressive
path to bring its electric truck e-axles to market.
Nikola Hydrogen Fuel-Cell Powered Semi-Trucks
Nikola expects to begin testing production-engineered prototypes
of its hydrogen fuel-cell powered semi-trucks for the medium- and
long-haul trucking sectors, by the end of 2021. FCEV beta
prototypes are expected to be tested in the first half of 2022.
Anheuser Busch LLC previously announced its placement of an order
for up to 800 trucks. Nikola is currently evaluating additional
strategic partners and supply chain arrangements.
Bosch has been instrumental in helping to integrate heavy-duty
fuel-cell power modules into Nikola trucks. Nikola is defining and
engineering the architecture of the truck, vehicle technical
specifications, features and functions, and styling theme.
Hydrogen as a Competitive Advantage
Nikola's planned network of fueling stations are central to its
business model and to advancing hydrogen fuel-cell based
transportation.
Nikola is actively partnering with industry leading companies
including Nel Hydrogen on hydrogen producing technology and with
organizations committed to developing common fueling standards,
including standards for fueling heavy duty vehicles, and protocols
to enable reliable, safe and open fueling networks for hydrogen
fuel-cell based vehicles. Nikola representatives occupy leadership
positions in various industry organizations, including as
working group chairs within the worldwide International
Standards Organization (Heavy Duty) hydrogen fueling standard
development and the Society of Automotive Engineers fuel-cell
standards committee for the HD vehicles' fuel economy.
Nikola continues to work on the establishment of hydrogen
fueling stations in support of vehicles sold to customers and in
building collaborations to develop a national hydrogen fueling
network. Nikola announced an order for electrolyzers in excess of
$30 million from Nel Hydrogen to
support initial hydrogen fueling stations. The Company has one
hydrogen fueling station at its headquarters location capable of
storing and dispensing up to 1,000 kg of hydrogen. Nikola remains
committed to its goal of announcing a major collaboration for
hydrogen production and hydrogen fueling stations by the end of
this year. Nikola's hydrogen fueling network will provide reliable,
safe and cost efficient fueling to customers and will play an
instrumental role in the growth of hydrogen as a sustainable energy
source for the transportation industry.
Manufacturing Facility in Coolidge,
Arizona
Nikola continues to make progress on the development of its 1
million square-foot manufacturing facility in Coolidge, Arizona. The Company is on schedule
to complete Phase 1 of construction by the end of 2021, with
construction intended to be fully complete by mid-2023. The
greenfield facility will initially produce battery-electric trucks
and, subsequently, will produce fuel-cell electric trucks. The
facility will have the capacity to produce 35,000 Class 8
commercial semi-trucks annually, running two shifts, with
approximately 1,800 new full-time positions.
Update on Nikola World
Due to COVID-19 audience size restrictions at Arizona's major venues, we have made the
decision to reschedule an in-person Nikola
World until we can bring the Nikola community together
safely. Any tickets related to Nikola
World will be refunded or held, based on the customer's
preference. We will continue to provide progress updates across our
entire product portfolio.
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, 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 its
business, 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
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; the conversion of pre-orders into binding 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
quarterly report on Form 10-Q for the quarter ended June 30, 2020 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.
SELL-SIDE ANALYST / INSTITUTIONAL INVESTOR
INQUIRIES:
Kim Brady
kim.brady@nikolamotor.com
MEDIA CONTACTS:
Nicole
Rose
nicole.rose@nikolamotor.com
480-660-6893
Colleen Robar
crobar@robarpr.com
313-207-5960
Tim Lynch / Tim Ragones
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
1 Includes vehicle, fuel, and service &
maintenance for approximately 7 million trucks in service; based on
proprietary research from ACT Research.
2 January 14, 2020 press release: Financing the green
transition: The European Green Deal Investment Plan and Just
Transition Mechanism
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SOURCE Nikola Corporation