Shifting your business to the next gear, Nikola (NASDAQ: NKLA) today started a $ 600 million manufacturing facility that will be responsible for the production of Class 8, Nikola Tre and Nikola Two semi-trailers when operations begin. The maker of battery electric and electric hydrogen vehicles expects to complete the first phase of construction by the end of 2021 and the second phase of construction 12-18 months later. When operations are fully expanded, the company estimates that the facility’s annual output will be 35,000 units.
Expressing his enthusiasm for the company’s progress, Trevor Milton, Founder and CEO of Nikola, said: “This has been an incredible journey for the Nikola Corporation. We started in our basement six years ago and are now starting this million-square-foot facility foot manufacturing “.
Image source: Nikola.
If Nikola’s development of Arizona manufacturing facilities continues, Nikola Tre and Nikola Two won’t come off the assembly line until 2023, but investors won’t have to wait that long to see vehicles in the hands of customers. . Nikola plans to produce the first Nikola Tre vehicles in Germany with its partner IVECO. Management plans to begin production of the vehicles in the first quarter of 2021, and deliveries will begin later in the year.
The news of Nikola’s start in Arizona today follows soon after. Tesla (NASDAQ: TSLA) He confirmed yesterday in his 2020 second quarter earnings call that he will produce his Semi at the new Gigafactory in Texas. Additionally, Tesla confirmed that it plans to achieve volume production of the Semi in 2021.
