Nikola hydrogen truck starts trading as NKLAJune 5, 2020
The firm made its debut on the Nasdaq yesterday, ten years after Tesla made a similar move.
Following the investor approval for the reverse merger between Nikola and VectoIQ, the hydrogen truck maker is listed as NKLA on the Nasdaq.
The company intends to create a powerful shake-up in the high-tech transportation industry.
The hydrogen truck maker has intentions to make a substantial difference to the commercial transportation industry with zero-emissions fuel and vehicles. The newly combined company shares were listed for trading on Thursday.
The reverse merger occurred with VectoIQ, a publicly traded acquisition firm formed by Steve Girsky, former General Motors vice chairperson. It was announced on March 3, right before the pandemic lockdowns began. Girsky has been a long term analyst in the auto industry before being hired by GM. He has become a board member and advisor to Nikola.
The hydrogen truck maker intends to begin production of its electric Nioka Tre vehicles next year.
“We’re full steam ahead,” said Trevor Milton, the company’s founder who is stepping down from his role as CEO with the merger in order to step up as its executive chairperson. Production is to begin in Europe next year with partner CNH/Iveco. Some units of the electric Nikola Tre vehicles will be exported to the United States ahead of the company’s American factory. That will build both hydrogen fuel cell models and battery-powered vehicles.
“We have trucks coming out of Ulm, Germany, in full production next year, and then the year after here in Arizona, and we’re about ready to break ground here. We’re kicking ass,” said Milton.
This could present Nikola as a potential rival to Tesla in the electric truck category. Incidentally, Elon Musk’s electric automaker is currently suing Nikola for design infringement.
The hydrogen truck maker has raised around $600 million to help fund the production of its H2 powered semis at a new Coolidge, Arizona plant. Ahead of the VectoIQ merger, the firm achieved a valuation of $3 billion. That said the construction of the plant will require substantially more funding if the tech ambitions continue to include opening a battery charging and H2 refuelling network for his vehicles.