Nikola corporation founder Trevor Milton may be under a dark legal cloud, but the company’s electric semi-truck recently qualified for $120,000 in incentives.
Milton recently settled a U.S. Securities and Exchange Commission (SEC) civil lawsuit that resulted in a $125 million penalty. Based on allegations Milton made false representations regarding Nikola models, he also faces criminal proceedings brought by the Department of Justice. In the midst of finger-pointing between Milton’s legal team and government prosecutors, California cleared the way for the Nikola Tre battery-electric vehicle (BEV) to be categorized as a zero-emission vehicle (ZEV). This status positions the Nikola Tre to be purchased $120,000 cheaper in the Golden State.
“The automaker has a colorful and well-documented past of overpromising and under-delivering that was led by former CEO and plaintiff Trevor Milton,” Electrek magazine reportedly stated. “The company has also recently dropped its own lawsuit against Tesla over a patented semi-truck design and has turned its focus toward its Tre BEV trucks, which began first deliveries this past December. Yes, Nikola Motors delivered an EV. It happened.”
It appears Nikola Motors is repositioning itself for a dramatic comeback that could match the hype. The California Air Resources Board (CARB) agreed to make the Tre BEV eligible for California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) to the tune of $120K. The approval appears to be causing something of a stir as hundreds of orders have already reportedly been fielded by Nikola.
“We applaud CARB’s commitment to a greener future through the HVIP program. Our HVIP approval is anticipated to help dramatically reduce greenhouse gas emissions and lowers the total cost of ownership for Nikola’s California-based customers,” Michael Erickson, Nikola’s Global Head of Battery-Electric Vehicles, reportedly said.
The Nikola Tre BEV is expected to possess a single-charge range that delivers upwards of 350 miles. Its ability to cover that distance ranks it among the longest drivable miles for Class 8 electric vehicles of its kind. Industry insiders have pointed to its enhanced visibility and maneuverability chops as reasons it remains a go-to BEV option for metro and regional loads. Its life expectancy is approximately 700,000 miles and enjoys an estimated cost per mile of $0.29.
Reports indicate that a Nikola Tre BEV runs upwards of $270,000, with maintenance costs averaging between $6,680 and $9,540 annually. In 2020, a mid-level diesel-powered tractor ran in the area of $150,000 which is squarely in the Nikola Tre neighborhood after the CARB incentive. However, the shortage of semi-trucks and inflation has caused sticker prices to rise significantly in recent months. At $150K after California incentives, the Nikola Tre could be a steal if it lives up to its billing.
Sources: electrek.com, finance.yahoo.com
How much does it weigh? That is the question. Elephant in the room for all who are taking public funds for this R&D. 350 miles per charge is a joke. That’s not going to cut it. We need at least 600 miles.