IVECO, Nikola Inaugurate JV Facility For Electric Trucks

The partnership between IVECO, the commercial vehicles brand of CNH Industrial NV CNHI, and Nikola Corp NKLA inaugurated its manufacturing facility in Ulm, Germany.
The manufacturing facility dedicated to the Nikola Tre electric heavy-duty trucks was unveiled to the public, ready to start production by year-end.
The first Nikola Tre models produced at the facility will be delivered to select customers in the U.S. in 2022.
In addition to the battery-electric vehicle (BEV) production model, the next evolution of modular heavy-duty platform was displayed in the form of the fuel cell electric vehicle (FCEV) prototype Nikola Tre. This subsequent model will enter production in Ulm by 2023-end.
Spanning 50,000 square meters, the Ulm manufacturing facility features a final assembly process designed for "electric-born" vehicles.
The production line can manufacture ~1,000 units per shift per year and is expected to undergo progressive ramp-up in the following years.
Price Action: CNHI shares are trading higher by 0.50% at $16.24, and NKLA lower by 1.06% at $9.81 on the last check Wednesday.