Blog maker

Electric vehicle maker Nikola is ‘assessing’ making its own batteries, says CFO

Electric truck manufacturer Nikola is “assessing” the manufacture of its own batteries, says the chief financial officer (CFO).

Nikola currently sources batteries from LG, while the company signed a supply agreement with Proterra Inc in January.

It began production of the battery-powered version of its Tre electric semi-trailer in March, beating rival Tesla’s electric semi-trailer to market.

Electric heavy-duty truck start-up Nikola Corporation is “evaluating options” to manufacture its own batteries in 2024, Chief Financial Officer Kim Brady said Thursday.

“If an internalization opportunity presents itself to us, and if we decide to explore that, it will probably be in 2024,” Brady said at the Deutsche Bank Global Auto Industry Conference, adding to “eventually” increase the volume. and reduce costs that Nikola might need to explore this option.

Currently, Nikola sources batteries from LG Energy Solution, while the company signed a supply agreement with Proterra Inc in January.

The electric vehicle manufacturer Nikola

Brady reiterated the company’s goal of making 300 to 500 Tre battery-electric trucks this year, but said supply chain issues remained a concern.

He said Nikola aimed to locate its parts supply as much as possible in North America, saying most of its parts now come from Europe.

In March, Nikola began production of the battery-powered version of its Tre electric tractor-trailer at its factory in Coolidge, Arizona, beating rival Tesla’s electric tractor-trailer to market.

The battery-electric version of the Tre is aimed at shorter journeys, with an estimated range of around 350 miles. Nikola plans to deliver between 300 and 500 trucks this year before ramping up production to a higher level in 2023.

Also see: Buy and sell cars faster on Carmart NG