Nikola announced it had started production on its first battery-powered semi-truck, the Tre.
According to the company, production started on Monday at their Coolidge, Arizona factory.
The company will begin delivering the trucks in the second quarter of this year.
The battery-electric version of the Tre will have an estimated range of 350 miles. The company expects to produce between 300 and 500 Tre trucks in 2022, with a ramp-up coming in 2023.
Nikola stocks were up 4 per cent after the announcement came yesterday. This is good news, as Nikola stock has been slumping since disgraced founder Trevor Milton left the company in mid-2020. Since his departure, Milton was indicted on federal fraud charges.
In terms of long term plans, the company will follow up the battery-electric version of the Tre with a hydrogen fuel cell Tre. The hydrogen version will have a range of up to 500 miles. As per the company, the hydrogen version of the Tre will start shipping in late 2023.
As well, the company is currently developing its next-generation fuel cell, suitable for long-haul routes with 900 miles of range. The company expects to release this next-generation model in 2025.
