Truck maker Nikola logs $2.3 billion in advanced orders

Truck maker Nikola logs $2.3 billion in advanced orders

Bold claims on costs, effectiveness of all-electric Class 8 trucks draws advanced orders.

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June 14, 2016

Salt Lake City, Utah – Nikola (pronounced Neek-oh-la) Motor Co. founder and CEO Trevor Milton says the company has generated $2.3 billion in reservations in the first month, totaling more than 7,000 truck reservations with deposits. The company announced last month that it will launch an electric Class 8 semi-truck, dubbed Nikola One.

"Our technology is 10-15 years ahead of any other OEM in fuel efficiencies, mpg, and emissions. We are the only OEM to have a near zero emission truck and still outperform diesel trucks running at 80,000 lb. To have over 7,000 reservations totaling more than $2.3 billion, with five months remaining until our unveiling ceremony, is unprecedented," says Milton.

The Nikola One is a 2,000hp, electric, class 8 semi-truck. The first prototype will debut in early December. A truck leasing program costs $4,000 to $5,000 per month, depending on which truck configuration and options the customer chooses. The average diesel truck burns more than $400,000 in fuel and racks up more than $100,000 in maintenance costs in 1 million miles. These costs are eliminated with the Nikola One lease.

"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 says.

Nikola Motor Company has already completed a seed round of funding and is working on funding a $300 million A round to be completed by December 2016.

Nikola Motor Co.