- Nikola Corp NKLA has signed a multi-year supply agreement with Proterra Inc PTRA to power its zero-emission semi-trucks with Proterra's battery technology. The financial terms were not disclosed.
- Nikola expects to incorporate the Proterra product in the Nikola Tre battery-electric vehicle (BEV) and Tre fuel cell electric vehicle (FCEV).
- The first Proterra Powered Nikola semi-trucks are expected to be produced in Q4 of 2022, with Proterra delivering prototype systems to Nikola starting in Q2 of 2022.
- "With the growing demand for the Nikola Tre BEV and FCEV, we have actively pursued battery supply through a dual-source strategy," said CEO Mark Russell.
- Price Action: NKLA shares are trading lower by 2.18% at $9.86, and PTRA is lower by 5.10% at $9.58 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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