Iveco Takes Over Control of its BEV and FCEV Truck Push
Italian truck maker, Iveco, has bought out troubled US start-up Nikola from a joint venture to concentrate on accelerating its battery and hydrogen fuel cell powertrain offering in Europe.
The deal, worth around $48M, will see the automaker pay Nikola $31M a buy 20M of its shares, Reuters reports. Its joint venture began in 2019 and was seen as a way for Iveco to catch up as a late-comer to the European alternative fuel heavy-duty truck market currently dominated by Volvo and Daimler.
Despite Nikola’s problems facing poor demand for its BEV products in the US, units developed by the JV based in Ulm, Germany, are already circulating in the US. while orders are being collected in Europe. Fuel cell hydrogen trucks are expected to hit the road next year. As part of the latest agreement, Iveco will focus on Europe for the further development and marketing of its own BEV and FCEV trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement.
— Paul Myles is a seasoned automotive journalist based in Europe. Follow him on Twitter @Paulmyles_
