Nikola Motors secures $100M funding for producing EVs and hydrogen fuel cell trucks
In an announcement made via a recent press release this week, Utah-based startup Nikola Motors -- which develops electric vehicles (EVs) and hydrogen fuel cell trucks -- said that it has secured a new funding of $100 million for bringing its vehicles to the market.
The $100-million funding secured by Nikola Motors is part of a $200-million Series C funding round which will likely be closed by the startup this month.
With Nikola Motors having revealed in a 2017 announcement that it is relocating to Arizona where it would be building its new 150,000 sq. ft. headquarters and a manufacturing plant for producing its vehicles, the new funding will apparently be used by the company to proceed with that project.
In announcing that Nikola Motors has “now closed on $100,000,000,” the startup’s CEO Trevor Milton said in the recent press release that “Nikola’s business model has been vetted, and the investment world is taking notice.”
Milton said that other than securing the new funding and relocating to Arizona, Nikola Motors has also initiated plans for building the world’s biggest hydrogen network with NEL, and has finalized the most advanced class-8 independent suspension on the market with Meritor. In addition, the startup has also bagged a massive order commitment for 800 trucks from Anheuser-Busch, and developed the most energy-dense battery system on the market.
On Tuesday, ride-hailing giant Uber announced the launch of a new pilot program, under which the company will provide cash incentives to some drivers who switch to electric or hybrid vehicles.
According to the latest electric vehicle (EV) sales report for China for the month of March 2018, the number of EVs sold in the country during the month touched a total of 59,000 units; thereby marking a noteworthy 85% year-on-year increase as com
US electric vehicle maker Tesla Motors has begun the rollout of a new software update -- ‘2018.24’ -- to its fleet of electric cars this week.
In a recent announcement made via The Verge, Alphabet’s Waymo division has revealed that it is expanding its self-driving fleet with the addition of 62,000 more units of the Chrysler Pacifica Hybrid minivan.
French startup Jambon-Beurre Motorcycle has recently revealed its newest electric motorcycle called ‘Gloria.’ The motorcycle has been built under the startup’s newly-created Gloria Factory brand; and is likely to hit the markets in 2020.
At the Commercial Vehicle Show scheduled to be held at the NEC in Birmingham (UK) from April 24-26, Volkswagen (VW) will officially introduce the eCrafter --- the company’s new all-electric van.