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Nikola Electric Truck Generates $2.3 Billion in Pre-Sales in First Month

June 16, 2016 By: Trucking News Staff Tags: Fleet Management, Fuel, News, Technology
Nikola Electric Truck Generates $2.3 Billion in Pre-Sales in First Month

Nikola Motor Co., which announced last week that it is launching an electric Class 8 semi-truck, said this week it has received $2.3 billion in reservations — which is more than 7,000 truck reservations with deposits.

Dubbed Nikola One, the company said its technology is 10 to 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 pounds,” said Trevor Milton, founder and CEO. To have over 7,000 reservations totaling more than $2.3 billion, with five months remaining until our unveiling ceremony, is unprecedented.”

The Nikola One truck-leasing program costs $4,000 to $5,000 per month, depending on which truck configuration and options the customer chooses. The first million miles of fuel is included with every truck sale, offsetting 100 percent of the monthly lease for every owner. An average diesel truck burns more than $400,000 in fuel and racks up over $100,000 in maintenance costs over a million miles. These costs are eliminated with the Nikola One lease.

“We believe we will pass the current market leaders in sales orders within the next 12-24 months,” Milton said. “We have shown other OEMs and their shareholders why they should be nervous about Nikola Motor Co. Some of the top Class 8 dealerships in America have reached out and are willing to either add our brand or move away from their existing brands,” he added.

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