NKLA) founder Trevor Milton has its way, garbage trucks emitting black smoke moving down the street will eventually be a thing of the past. “data-reagid =” 16 “> If Nicholas (NKLA) founder Trevor Milton has his way, garbage trucks emitting black smoke that travel will eventually be a thing of the past.
Milton and his team at Nicholas took a giant step in that mission Monday.
The manufacturer of electric and hydrogen-powered trucks precisely announced an agreement with the giant of the Republic of Waste Management for 2,500 trucks of electrical waste, zero emissions. A dollar amount for the contract was not disclosed. The deal is expandable up to 5000 trucks. Full production deliveries are expected to begin in 2023 – road testing is scheduled to begin in late 2021 and early 2022.
Every truck will have its own power software, limited to 1,000 horsepower.
“Nikola specializes in zero-emission heavy-duty trucks of class 8. The waste market is one of the most stable markets in the industry and provides value to long-term shareholders,” Milton said in a statement.
Milton told Yahoo Finance far exceeds 14,000 units worth $ 10 billion in potential revenue. “data-reagid =” 27 “> The Republic Services Agreement adds to the backlog of Nicholas semi-trucks, of which Milton has told Yahoo Finance exceeds 14,000 units worth $ 10 billion in potential revenue.
Nikola – which has not yet started production – plans to launch its first semi-electric truck in 2021 (probably ahead of Tesla’s Semi). Hydrogen power options are projected to follow in 2023. The company recently cleared the ground at its manufacturing facility in Arizona. Once the third phase is completed, the site is seen producing 35,000 units per year in two shifts.
Meanwhile, the company is ready to announce a manufacturing partner for its new Badger electric truck.
The stock nearly tripled to a high of $ 94 within two weeks of being public between the company’s new technologies and its potential to compete effectively with Tesla. It has since dropped to $ 36 or more as investors better understand the company’s production timeline and business model. “Data-reagid =” 41 “> To be sure, Nicholas shares have been very volatile since the company debuted in early June. The shares nearly tripled to $ 94 in less than two weeks of public presence in between the company’s new technologies and its potential to compete effectively with Tesla.Since then it has dropped to $ 36 or more as investors better capture the company’s production timeline and business model.
In her first earnings release as a public company on August 4, Nikola revealed that she had caused a net loss of $ 119 million during the first six months of 2020 – largely because she still has no income.
Brian Sozzi is a general editor and collaborator of First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and in LinkedIn.“data-reagid =” 43 “>Brian Sozzi is a general editor and collaborator of First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and in LinkedIn.
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