2,000hp electric truck company raises $3.1 billion


US startup has raised $3.1 billion in one month after announcing plans to build electric trucks

2,000hp electric truck company raises $3.1 billion
The Nikola One design.

 

A month after unveiling its electric turbine-powered heavy vehicle, US startup Nikola Motor Company has generated US$2.3 billion (A$3.1 billion) in pre-sales.

Announcing the news, company founder and CEO Trevor Milton says the first month has seen over 7,000 truck reservations with deposits for the Nikola One, a 6x6 on-highway truck with 2,000hp and minimal emissions.

While a physical version of the Nikola One is yet to hit the road – a working prototype expected to be on show at a launch event in Salt Lake City, Utah on December 2 – the CEO says its "technology is 10-15 years ahead of any other OEM in fuel efficiencies, MPG (miles per gallon), and emissions."

"We are the only OEM to have a near zero emission truck and still outperform diesel trucks running at 80,000 pounds (36.3-tonne)," Milton says.

Part of the incentive to get truck operators on board has been the company’s promise to cover the truck’s fuel for the first million miles (1.6 million km) – costs the company says could be up to US$400,000 (A$541,000) for an average diesel truck.

However, as the Nikola One features six 335hp electric motors – one on each wheel – powered by a central turbine and regenerative battery pack, fuel is only required to power the turbine.

Nikola Motor believes refuelling will need to occur approximately every 1,900km, depending on load and terrain.

While fuel for the first million miles are part of the deal, the cost of leasing a Nikola One falls between US$4,000 (A$5,400) and US$5,000 (A$6,800) per month.

The price scheme has Milton believing the company "will pass the current market leaders like Daimler, Paccar, Volvo, and Navistar in sales orders within the next 12-24 months."

"We have shown other OEMs and their shareholders why they should be nervous about Nikola Motor Company," he says.

The company is planning an event on December 2 to demonstrate the Nikola One prototype.

 

 

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