Iveco will take full ownership of its join venture with Nikola Corporation for the production and supply of battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) in Europe.
The partnership, which started in 2019, will also see Nikola focus on operations in North America, with an integrated approach to its customers, offering BEV, FCEV and hydrogen infrastructure through its HYLA brand.
Iveco Group will assume full ownership of the joint venture in Ulm, Germany and concentrate on Europe for the further development and commercialisation of its own BEV and FCEV trucks which includes rolling out its financing business model GATE.
According to a statement issued by Iveco, Iveco Group will be licensed to freely access and continue developing vehicle control software for the jointly developed BEV and FCEV while Nikola will be granted the IVECO S-Way technology license for North America and related component supply from Iveco Group. Joint ownership of the intellectual property of Generation 1 eAxles developed by FPT Industrial, will also now be shared.
Iveco Group will hand back 20m shares in Nikola as well as $35m in cash as part of the deal. However, Iveco Group will continue to retain an unspecified number of shares in Nikola, and despite the outlay, it does not change its cash flow forecast for the year.
Iveco will be exhibiting at this year’s Road Transport Expo, which takes place at Stoneleigh NAEC on June 28-30. It’s FREE to attend, and registrations are now open.