Nikola Motor says it has started production of Trey Electric Semi

Nikola Motor said Wednesday that it has begun production of the all-electric tray, a semi, at its factory in Coolidge, Arizona.

According to a presentation set up by the company to analysts, Nikola plans to begin deliveries of the electric semi during the second quarter. Production began this week, as Nikola began manufacturing lines for customer vehicles on Monday, it said.

Shares of the electric automaker rose nearly 10 percent during after-hours trading as the Trey announced the start of production.

The Tre is only a semi with a range of about 350 miles, but the vehicle is intended for shorter logistics routes. The company’s estimates indicate that Nikola could deliver between 300 and 500 units in 2022, with a planned ramp up in production for more units in 2023, CNBC.

Nikola slipped into 2021 following the indictment of its founder and former CEO Trevor Milton, who was arrested last year on securities fraud charges. Milton misled shareholders prior to the company’s initial public offering. As a result, Milton was relieved of his position and Nicola severed all ties with its founder, settling all outstanding claims related to his actions, according to the presentation on Wednesday. The company reached a settlement with the SEC last year, agreeing to pay a fine of $125 million.

SEC Officially Announces $125M Settlement With Nicola In Milton Fraud Case

Following the Tre, Nikola plans to build a hydrogen fuel cell semi that packs around 500 miles of range, which would be more suitable for longer routes. In 2025, another fuel cell model with a range of up to 900 miles is in the works, suitable for the longest logistics routes across the continent. A hydrogen version of the tray is “on track” to start shipping in late 2023, Nikola confirmed during its presentation.

Nikola’s lineup of electric semi-trucks will compete with Tesla’s Semi, which was expected to be delivered to PepsiCo. earlier this year. Neither Tesla nor Pepsi has confirmed any deliveries of the Semi yet, although Tesla said earlier this year that it was still struggling with cell shortages that would hinder development of future products until 2023. will delay. Tesla didn’t indicate which vehicles it would specifically affect, but Cybertruck was delayed until 2023, according to the company’s website.

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Nikola Motor says it has started production of Trey Electric Semi






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