Citing natural gas’ role in helping reduce truck emissions when used as a fuel, Marx said CNH believes that fuel-cell and battery-electric technologies such as those underpinning Nikola “will deliver the ultimate goal of zero-emission trucking.”Separately this week, CNH said it intends to spin IVECO off as a separate unit. The Nikola One sleeper cab and Nikola Two day cab are aimed at the North American market. That will not affect the Nikola deal or its ongoing relationship with IVECO, Milton told Trucks.com.But the European market remains essential. It also will provide key electric truck components including e-axles, power inverters and hydrogen fuel storage systems. It may launch with a battery-electric powertrain for shorter in-country and regional routes.Your email address will not be published.“IVECO is a huge global player and this shows, more and more, that Nikola is a serious company,” Antti Lindström, an industry analyst with IHS Markit, told Trucks.com.The Phoenix-based company is pushing toward a 2022 launch of its hydrogen fuel-cell and battery-electric heavy trucks.Milton, however, told Trucks.com that the agreement with CNH was “a special situation because they had a production-ready chassis” for an electric truck. The company makes trucks, buses and military vehicles under its name. It is publicly traded, but Exor, the holding company for Italy’s Agnelli family, owns a controlling interest. First is its high-volume, long-distance fuel-cell electric heavy-duty truck models. With CNH Industrial’s investment and partnership, we can now bring zero-emission trucks to Europe.
Reporting by Giulio Piovaccari; Editing by Kirsten DonovanUnder their agreement, CNH took a $250 million stake in Nikola - comprised of $100 million in cash and $150 million in services, giving the U.S. company scale and manufacturing capacity for its technologies.The truck will be produced in full electric and hydrogen fuel cell models, with a range of up to 600 miles (966 km). The Agnellis also control automaker Fiat Chrysler Automobiles.As part of its exclusive and global partnership deal with CNH, Nikola said that IVECO and FPT will assist with its engineering and manufacturing expertise to “industrialize” the Nikola trucks. It is exciting to see IVECO taking the lead in providing zero-emission solutions in Europe through its partnership with Nikola.
Fuel cell truck developer Nikola Motor will partner with CNH Industrial for ongoing development. And it will offer its operating software and vehicle-to-vehicle communications protocols.The company said in April that it intended to raise $1.5 billion. The Nikola Tre cab-over design is intended for the European market.Including the value of CNH’s in-kind contribution in the funding round raises concern that other investors also will put up goods and services instead of cash, Lindström said.Milton founded Nikola in Utah in 2014 and relocated to Arizona in 2018. CNH Industrial's truck unit Iveco on Tuesday unveiled its first electric vehicle, the Nikola Tre, built in partnership with U.S. startup Nikola Motor Co.. Nikola’s zero-emission heavy duty trucks, powered by it own hydrogen fuel cell and battery technology, will be the first-to-production, the partners say. Nikola will utilize its widespread sales network, particularly in Europe, Milton said. It is a privately held company that grew out of Milton’s experience with natural gas fuel storage systems and his desire to develop a zero-emissions truck.Worthington Industries, an Ohio-based international industrial metals company, was an initial investor and remains a significant stakeholder. CNH Industrial NV CNHI, -0.94% Tuesday said it is investing $250 million in Nikola Corp.'s series D funding, comprising $100 million in cash and $150 million in services.
Deliveries of the electric version are expected to reach clients in 2021 and of the hydrogen cell model in 2023.CNH said in September it would spin off Iveco and list it separately at the beginning of 2021.He said on Tuesday that orders for the Nikola Tre were already exceeding current production capacity.All of the major vehicle manufacturers have electric or fuel cell models in their product line-ups, but investment in the technology, coupled with a global automotive sector downturn, has squeezed profits and led to staff and cost cuts.Ambitious greenhouse gas reduction targets set by governments around the world are driving the development of alternatively-powered vehicles, with some countries already committing to phasing out traditional combustion engines.CNH CEO Hubertus Muhlhauser on Tuesday declined to disclose the estimated financial impact of the partnership but added that prior to the signing the company had set a conservative 1% average annual growth target for the next five years for the truck business.“A partnership like the one between Nikola and CNH could be a game changer – possibly a real threat to current hegemonic manufacturers,” she said.“Just three months after we signed our partnership we have been able to deliver this prototype, just imagine what we’ll do in the next three years,” Nikola founder and Chief Executive Trevor Milton said late on Monday at a dinner in Turin, where Iveco is based.TURIN, Italy (Reuters) - CNH Industrial’s truck unit Iveco on Tuesday unveiled its first electric vehicle, the Nikola Tre, built in partnership with U.S. startup Nikola Motor Co..“We now believe we can easily meet that target, despite a volatile and difficult market,” he said.Zita Zigan, an analyst at research firm LMC Automotive, noted that in Europe manufacturers will be required to cut carbon dioxide emissions from new trucks on average by 15% from 2025 and by 30% from 2030, compared with 2019 levels.“We’ll be sold out for many years,” he said at the official presentation of the truck.