June 5, 2020
Nikola is officially a publicly traded company following its merger with VectoIQ, a special purpose acquisition company. With more than $700 million in proceeds from the reverse-merger transaction with VectoIQ, Nikola is well positioned to continue research in zero-pollution electric and hydrogen vehicles, break ground on a new Arizona factory and build a network of hydrogen fueling stations for semi-trucks.
Nikola plans to use proceeds from the merger to accelerate its development of electric battery and hydrogen fuel-cell heavy trucks and other vehicles. The company also plans to build a network of hydrogen fueling stations to support trucks ordered by customers, with two-dozen anticipated stations across the nation by 2024.
Nikola's electric-battery trucks are designed for short hauls of up to 300 miles and can be recharged in several hours. Its hydrogen fuel-cell trucks are designed for hauls of up to 750 miles and can be refueled within about 15 minutes. Anheuser-Busch (Tii:BUD) is one of the early partners as they seek “for innovative ways to improve sustainability across [the] entire value chain, progressing towards reaching sustainability goals and driving [the] industry forward.”
What might be even more exciting is that they’re also developing zero-emission light military vehicles, pickup trucks and off-road vehicles for consumer use, along with jet ski-like watercraft.
Formerly known as Spartan Motors, The Shyft Group announced its corporate name change this week following the divestiture of its Emergency Response business to REV Group (Tii:REVG). Headquartered in Novi, Michigan near the other auto and mobility behemoths, Shyft’s strategy focuses on delivery vehicle and work truck markets. Both of these categories have experienced spikes in demand commensurate with the growth of e commerce.
Utilimaster, a well-known brand in the delivery vehicle space, is a key component to Shyft’s business. Their network of service and support resources ensures delivery companies like Amazon (Tii:AMZN), UPS (Tii:UPS) and FedEx (Tii:FDX) can deliver your packages efficiently and easily, no matter where the road takes them.
Ford recently announced it has restarted its plants in Mexico after weeks of shutdown to the coronavirus. Ford joins a number of other public mobility companies that have made announcements in the past few weeks of restarting operations.
Ford didn’t offer much by way of detail as to when the restart would occur ow how many shifts it would operate at each of its four Mexico plants, other than to say the restart would be gradual. Ford is the last of the Detroit Three to restart operations south of the border.
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