- Fleets Eligible for $240,000 to $288,000 in California Incentives per Truck.
PHOENIX — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation and energy supply and infrastructure solutions, announced that it has received approval from the California Air Resources Board (“CARB”) for Nikola’s Tre hydrogen fuel cell electric vehicle (“FCEV”) to be eligible for CARB’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”) program.
This approval will now enable customers of Nikola’s Tre FCEV to access a point-of-sale incentive starting at $240,000 and ranging up to $288,000 per truck, in 2023. Customers will also be eligible for a $40,000 clean commercial vehicle tax credit from the federal government due to the passage of the Inflation Reduction Act.
California’s HVIP is an important incentive program intended to advance commercialization and to help reduce the total cost of ownership of hybrid and zero-emission commercial vehicles in the state of California. The program is unique in that it accelerates the adoption of zero tailpipe emission commercial vehicles on a first-come, first-served basis that does not require the retirement and scrappage of an existing diesel vehicle. With the market introduction of the Tre battery-electric vehicle (BEV), Tre FCEV, and infrastructure solutions, Nikola is providing innovative solutions to fleets seeking to combat pollution and climate change. It is estimated that Class 8 heavy-duty trucks may be eligible for approximately $457 million in funding through the HVIP program in 20231, with potentially an additional $45 million per year to be provided by each of the Ports of Los Angeles2 and Long Beach3, which may also be distributed through HVIP4.
According to Nikola President and CEO, Michael Lohscheller, “The inclusion of the Nikola Tre FCEV in California’s HVIP program is a very exciting development as we continue introducing innovative zero-emission truck technology options in our priority sales market and distinguish ourselves as the only OEM offering both battery-electric and FCEVs this year. The combined incentives available to customer fleets through the HVIP program and the Inflation Reduction Act are critical for driving a competitive total cost of ownership and accelerating market adoption of the Tre FCEV, which will be powered by the hydrogen fuel supply and infrastructure implemented through HYLA, Nikola’s recently launched hydrogen energy brand, and with service provided by our national dealer network. We look forward to delivering the Nikola Tre FCEVs to customers later this year.”
In the coming months, Nikola will be collaborating on commercial demonstrations of the Tre FCEV with potential fleet customers in California. Interested fleets are encouraged to visit with Nikola dealers nationwide to familiarize themselves with the Tre vehicle platform by experiencing the Tre BEV, which includes the advanced technology and driver-centric design that will be featured in the Tre FCEV. Nikola and its dealers are now taking orders and submitting HVIP voucher requests for the Tre FCEV.
With a range of up to 500 miles, the Nikola Tre FCEV is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 tractors while realizing weight savings relative to comparable BEVs. The Tre FCEV is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less than truckload to certain specialized hauling use cases.
With an estimated fueling time of approximately 20 minutes at planned HYLA fueling stations, based on expected technology advancements, and introduction of its mobile fueling options, Nikola is committed to making the market transition from diesel to zero-emissions technologies a seamless experience. It is anticipated this effort will further reduce the need for extensive electrical infrastructure planning and build-out as Nikola expands its public commercial hydrogen fueling infrastructure network.
Nikola’s Tre BEV, with a range of up to 330 miles, qualified for HVIP certification in California in January 2022. California purchasers of the Nikola Tre BEV may qualify for an incentive valued at $120,000 per truck, and $150,000 for drayage fleets, helping to reduce the total cost of ownership. The Tre BEV is also eligible for a variety of other incentives across the United States, including the $40,000 clean commercial vehicle tax credit from the federal government. The Tre BEV started serial production in March 2022 and is available for purchase and delivery now. For more information, please visit Nikola Electrify Your Fleet.
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ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
