CNH Industrial will enter into a heavy-duty truck partnership with Nikola Corporation based in Phoenix, Arizona, to “accelerate industry transformation towards emission neutrality of Class 8/Heavy-Duty trucks in North America and Europe through the adoption of fuel cell technology,” according to a press release.
Nikola’s zero-emission Heavy Duty Trucks, powered by hydrogen fuel cell and battery technology, will be the first to production. According to a press release, the company foresees creating an industry-first “all-in” lease rate which includes vehicle, service, maintenance, and fuel costs.
CNH Industrial will take a $250 million strategic stake in Nikola as the lead Series D investor, comprising $100 million cash and $150 million in services such as product development, manufacturing engineering, and other technical assistance.
Source: CNH Industrial