Nikola (NKLA) - Get Nikola Corporation Report released details about its hydrogen-fuel-cell electric commercial truck program Tuesday, unveiling a series of trucks with ranges from 500 miles to 900 miles.
Shares of the Phoenix company at last check were down nearly 11% at $18.69. Other electric vehicle companies were lower, with Tesla (TSLA) - Get Tesla Inc. Report dropping 10% and Nio (NIO) - Get NIO Inc. American depositary shares each representing one Class A 蔚来汽车 Report off 13%.
Nikola said it planned to introduce a fuel-cell-electric-vehicle variant of the Nikola Tre Cabover and the long-range Nikola Two FCEV Sleeper in the North American market.
The trucks are aimed at the commercial freight market, with the Nikola Tre BEV Cabover for trips of up to 300 miles; the Nikola Tre FCEV for trips of up to 500 miles; and the Nikola Two FCEV Sleeper for trips of up to 900 miles.
The Two FCEV model will be based on a new chassis custom designed for North American long-haul routes and is expected to launch in late 2024.
The first Tre FCEV prototype builds are scheduled to begin in Arizona and Ulm, Germany, in the second quarter, with testing and validation of the vehicles continuing into 2022. Production is set to begin in the second half of 2023.
"To expedite the transition to a carbon-free future, the trucking industry needs heavy-duty, zero-emission commercial vehicles engineered to match the weight and range capabilities of today's diesel trucks," Nikola's global head of fuel-cell-electric vehicles, Jason Roycht, said in a statement.
Roycht said the company is building on the current Tre platform with the planned launch of its fuel-cell and hydrogen storage systems in 2023.
"These systems are designed to be scalable in order to handle the greater power and longer-range requirements for long-haul, which allows for concurrent integration into the chassis design of the Nikola Two FCEV Sleeper," he said.