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World Quick History of Nikola Motor Company, the Embattled Hydrogen and Electric Vehicle Startup

06:08  30 july  2021
06:08  30 july  2021 Source:   newsweek.com

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American hydrogen - electric vehicle designer and manufacturer. Nikola Corporation is based in Phoenix, Arizona.[2] Like the larger Tesla Motors , the company is named in honor of Nikola Tesla but not related to The Nikola Reckless was a concept vehicle that was projected to be a military grade fully- electric tactical " Electric -Truck Startup Nikola Bolts Past Ford in Market Value". wsj.com.

Nikola Corporation is dedicated to the advancement of innovative zero-emissions truck solutions, including the Nikola Two FCEV and the Nikola Tre BEV and FCEV, and the energy infrastructure required to make this feasible by pioneering a business model that will enable corporate customers to integrate next-generation truck technology, hydrogen fueling infrastructure and maintenance. A reimagined cabover with battery- electric and fuel-cell electric powertrain options.

On Thursday, Trevor Milton, the founder and former executive chairman of Nikola Corp., was indicted by a federal grand jury on three counts of fraud for lying about the business to investors. He also faces civil securities fraud charges from the Securities and Exchange Commission.

a truck that is driving down the street: Anheuser-Busch placed a provisional purchase order for Nikola trucks in 2018. © Nikola Motor Corporation Anheuser-Busch placed a provisional purchase order for Nikola trucks in 2018.

Nikola has long faced scrutiny from investors, automotive enthusiasts and the media regarding its pathway to vehicle deliveries. Here's a look back at the history of the company and the moves it's making in 2021.

2014

Milton founded the startup as Nikola Motor Company in 2014 with a $2 million investment from metals manufacturer Worthington Industries.

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Nikola Motor Company Hydrogen fuel. Shares of Nikola seesawed in Thursday trading, soaring by more than 24% after board member Jeffrey Ubben told CNBC the company is "pretty much on target" regarding its production plans. Most notably, customer production of its first semitruck, a battery- electric vehicle called the Nikola Tre, beginning in Europe in the fourth quarter, followed by a plant in Arizona coming online to produce the vehicle in 2022.

Nikola Motor Company is a pioneer in zero-emisson trucks. Nikola offers both pure electric and also hydrogen electric powertrains across multiple applications. PRODUCTS. The hydrogen fuel-cell electric day cab semi-truck. Available in North America.

2016

In 2016, the Phoenix-based company unveiled the Nikola One, a hydrogen-fueled Class 8 semi truck. Intended to be a sleeper cab with 8 wheels, the design included a 320 kilowatt-hour EV battery that supplied six traction electric motors for 1,000 horsepower and 2,000 pound-feet of torque. The model was to get its 300 kilowatts of power and 1,200-mile range from hydrogen fuel cells.

After announcing the truck, the company said that it had received 7,000 pre-orders, amounting to more than $2.3 billion.

2018

In 2018, Anheuser-Busch placed a provisional order for up to 800 leases of Nikola One. The move was part of a larger plan to decrease the beer company's carbon emissions by 25 percent by 2025.

The Nikola NZT was a prototype utility task vehicle concept unveiled in 2016. Equipped with either a 72- or 107-kilowatt-hour battery, the company said its power plant was capable of delivering 555 horsepower. Development of the vehicle was cancelled after the powersports division was shuttered in 2021 to focus on trucks.

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The Nikola Two FCEV Sleeper is a long-haul freight solution with hydrogen capacity allowing a non-stop range of up to 900 miles. The Two FCEV leverages the weight advantage of hydrogen in long-range, long-haul zero-emission commercial transportation. The Two FCEV will be based on a new chassis custom These forward-looking statements include, but are not limited to, statements regarding the need for and benefits of FCEV trucks and hydrogen and fuel-cell technologies; the ability of the company to achieve economies of scale; and the expected timing, features and specifications

Nikola Motor , the Phoenix-based startup that wants to disrupt trucking with futuristic electric semis powered by hydrogen , says it has developed a new type of battery cell with double the energy density, only 40% of the weight and half the cost of current lithium-ion batteries used in Teslas and other Nikola has subjected its cells to heavy-duty testing and says that charging and depleting them “over 2,000 times has shown acceptable end-of-life performance.” That’s equivalent to driving a vehicle several hundred thousand miles, says Nikola CEO and Founder Trevor Milton, who isn’t holding back

a truck driving down a dirt road: The Nikola NZT debuted then was quickly scrapped with the company turned its attention to trucks. Nikola Motor Corporation © Nikola Motor Corporation The Nikola NZT debuted then was quickly scrapped with the company turned its attention to trucks. Nikola Motor Corporation

A military-grade version of the NZT, called the Nikola Reckless, was an off-road concept displayed in 2018 that was also scrapped.

Following Tesla Motors' unveiling of its Tesla Semi in 2017, Nikola filed a $2 billion lawsuit against the electric carmaker alleging that it had infringed on six patents, pointing to numerous similarities in their respective designs. Litigation is ongoing.

2019

Early in 2019, the company hired Mark Russell as company president while Milton became executive chairman. Russell had previously served as president and CEO of Worthington. Shortly afterward, the Nikola Two, another hydrogen-powered Class 8 truck, was announced. Nikola advertises that the model delivers 645 horsepower and takes about 20 minutes to refuel. Production is expected to begin in 2024. The Nikola Tre, its European counterpart, was also announced in 2019.

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Startup Nikola Motor Company will unveil its hydrogen -powered truck, the Nikola One, at its headquarters in Salt Lake City Thursday evening. Nikola is the only start - up with plans for a hydrogen -powered truck, but there are other companies working on zero-emission trucks. Mercedes-Benz unveiled an electric truck it plans on producing in the next decade in September. Tesla CEO Elon Musk also said Tesla will build an all- electric semitruck in his "Master Plan, Part Deux," published in July.

Shares of Nikola Corporation, which makes battery- electric and hydrogen -powered trucks, jumped more than 20% on Tuesday shortly after the open, before reversing course and plunging more than 20%. At that point, trading was paused for volatility. The stock wound up closing 8.8% higher The company began trading on June 4 after a reverse merger with VectoIQ, which is a publicly-traded special purpose acquisition company headed by former vice chairman of General Motors Stephen Girsky. The deal was announced in early March. Based on Tuesday's closing price, Nikola is now

The company also revealed the WAV, a personal watercraft device.

2020

In February 2020, a midsize electric pickup truck called Badger debuted. Initially, Nikola planned hydrogen fuel-cell and all-electric versions of the model.

Nikola went public in March 2020 as part of a merger with VectoIQ Acquisition Corp., a special purpose acquisition company, and ended its first trading day with a valuation of more than $28 billion.

On September 8, 2020, the company announced a partnership with General Motors. For an 11-percent stake in Nikola, GM had agreed to use its manufacturing facilities to start production of the Badger.

A few weeks later, Milton resigned as executive chairman after a report was released accusing the company of fraud. In November 2020, GM announced that it would provide the company with fuel-cell technology but cancelled plans to take the stake and produce the Badger. The Badger concept was subsequently cancelled.

a blue car parked in a parking lot: The Nikola Badger was introduced as a revolutionary hydrogen-powered truck. Nikola Motor Corporation © Nikola Motor Corporation The Nikola Badger was introduced as a revolutionary hydrogen-powered truck. Nikola Motor Corporation

In September 2020, it was widely reported that the Securities and Exchange Commission had launched a probe into allegations of fraud against Nikola. An investigation by the U.S. Department of Justice followed.

Judge Orders Nikola Founder Not to Contact Investors Following Not Guilty Plea

  Judge Orders Nikola Founder Not to Contact Investors Following Not Guilty Plea Milton was released on $100 million bail after pleading not guilty, paid for by two Utah properties, including one a prosecutor said was valued at $36 million.Milton, 39, resigned from Nikola in September after allegations of fraud surfaced. But he doubled down, saying he would defend himself against accusations that Nikola made false claims about its vehicles.

On September 21, 2020 Milton resigned from Nikola.

2021

Nikola cancelled its powersports division in the first quarter of 2021 to concentrate efforts on the trucks side of its business.

Earlier this year, the company announced that it has invested $50 million in a new hydrogen plant in the Wabash Valley and expanded its sales and service footprint to 51 dealerships in nine states.

Related Articles

  • Nikola Founder Trevor Milton Charged With Securities Fraud, Making Misleading Statements
  • Judge Orders Nikola Founder Not to Contact Investors Following Not Guilty Plea

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