Even in the midst of global COVID-19 crisis uncertainties, Nikola Motor has continued pushing forward on some ambitions plans.
So far this year, the hydrogen fuel cell truck startup based in Phoenix expanded its original plan of producing fleets of fuel cell big rigs to include the production of electric pickups. In February, Nikola said it will produce its Tre model, a battery-electric heavy-duty truck, in an Iveco commercial vehicle plant in Ulm, Germany. That plan comes with CNH Industrial, the European parent company of Iveco, taking a $250 million stake in Nikola.
And in March, Nikola founder and CEO Trevor Milton executed a merger with VectoIQ Acquisition Corp., the investment company formed by former General Motors Vice Chairman Steve Girsky. That deal valued Nikola at $3.3 billion and will infuse the venture with $525 million in new capital.
The new arrangement will result in Nikola being a publicly traded company.