WABCO Holdings Inc., the parent company of Auderghem, Brussels-based WABCO Vehicle Control Systems, has purchased a 1 percent stake in Nikola Motor Co. The $10 million investment tabs the worth of the Salt Lake City-based developer of electric vehicles at $1 billion, according to industry analysts.
Nikola designs and manufactures hydrogen-electric vehicles, vehicle components, energy storage systems and electric vehicle drivetrains. The company is in the final stages of development of the Nikola One Class 8 electric truck, which was unveiled in December 2016. Nikola plans to begin testing the trucks with commercial vehicle fleets in late 2018 and launch full production in 2021. Nikola will offer Nikola One and Two, daycab and sleeper versions, respectively, that promise to generate 1,000 horsepower and 2,000 foot-pounds of torque. The vehicle features a hydrogen fuel cell and an electric motor hybrid setup that allows it to travel 800 to 1,200 miles on a single fill-up while operating free of emissions.
Nikola began selling its Nikola Zero 550-horsepower electric UTV to consumers in December. The company purchased electric personal watercraft manufacturer Free Form Factory Inc. of Sacramento, California, in October.
WABCO is a supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles. In addition to the investment, WABCO and Nikola signed an agreement to accelerate the development of industry-leading safety technologies specifically designed for electric commercial vehicles, including electronic braking systems as well as traction and stability control technologies.
“WABCO continues to stay at the vanguard of technology and innovation,” said Nikola founder and CEO Trevor Milton. “Here at Nikola, we are driving a paradigm shift in the transportation industry by creating the most advanced semi-truck ever built. WABCO is a vital business partner to enable autonomous driving, electronic braking, and stability control for trucks and trailers. WABCO is recognized as a global leader in safety and efficiency technologies for next-generation commercial vehicles. We have added a world-class supplier to the Nikola truck family and are looking forward to our collaboration to bring Nikola’s zero emission trucks to market.”
“We are excited to invest in Nikola Motor Co. to help the industry realize our joint vision of electrified and autonomous trucks, buses, trailers and off-highway vehicles,” said Jacques Esculier, WABCO chairman and CEO. “WABCO’s technologies — notably industry-leading braking, traction and stability control systems — continue to advance the transportation industry.”