Interest in CNG-Bolstered Battery Truck Said ‘Unprecedented’
Salt Lake City’s Nikola Motor Company said today that its idea for a compressed natural gas-fueled, electric-drive Class 8 trucks has generated $2.3 billion in reservations – totaling “more than 7,000 truck reservations with deposits.”
Plans for the ground-breaking Nikola One vehicle, to be leased with CNG fuel included, were disclosed last month (F&F, May 15). Nikola said today that the truck will be unveiled on December 2.
“To have over 7,000 reservations totaling more than $2.3 billion, with five months remaining until our unveiling ceremony, is unprecedented,” said Nikola founder and CEO Trevor Milton said in today’s announcement.
Will ‘Outperform’ Diesels, Nikola Says
“Our technology is ten to 15 years ahead of any other OEM in fuel efficiencies, MPG and emissions,” he said. “We are the only OEM to have a near zero-emission truck and still outperform diesel trucks running at 80,000 pounds.
Nikola is pricing its Nikola One truck leasing program at $4,000 to $5,000 per month, depending on which truck configuration and options the customer chooses.
‘First Million Miles of Fuel Is Included’
“The first million miles of fuel is included with every truck sale, offsetting 100% of the monthly lease for every owner,” the company says. “An average diesel burns over $400,000 in fuel and racks up over $100,000 in maintenance costs over 1,000,000 miles. These costs are eliminated with the Nikola One lease.”
Nikola plans to establish its own, full vertically integrated CNG fueling network too.
OEMs ‘Should Be Nervous’
“We believe we will pass the current market leaders like Daimler, Paccar, Volvo and Navistar in sales orders within the next 12 to 24 months,” Milton said.
“We have shown other OEMs and their shareholders why they should be nervous about Nikola Motor Company. Some of the top class 8 dealerships in America have reached out and are willing to either add our brand or move away from their existing brands,” he said.
Nikola said too that it’s completed a seed round of funding and is working on funding a $300 million “A round” to be completed by December.
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Source: Nikola Motor Company with Fleets & Fuels follow-up