Nikola, Ryder severing exclusive hydrogen electric truck partnership


Nikola Corporation and Ryder System announced Friday the termination of their more than three-year-long exclusive partnership on Nikola’s forthcoming hydrogen electric semis.

In late 2016, Ryder inked a deal to serve as the exclusive distribution and maintenance provider for Nikola Motor Company (NMC), which unlocked Ryder’s North American network of more than 800 service locations to lessors and owners of Nikola tractors.

“As the market evolves, each of us are now free to expand our operations to other partners,” said CEO Nikola Corporation CEO Trevor Milton, “something the previous agreement did not allow us to do. We look forward to finding ways to continue to work with Ryder in the future as a customer and have found them to be a great partner.”

Milton said his company will now be working with “major truck dealerships” to sell and service Nikola trucks.

Nikola this week expects to complete a merger with VectoIQ Acquisition Corp., a publicly-traded special purpose acquisition company, that once closed will see the hydrogen and battery electric truck maker listed on the NASDAQ stock exchange under the ticker NKLA. Milton will serve as Executive Chairman of the combined company.

Credit: Source link


Please enter your comment!
Please enter your name here