Nikola Motor Company

What Nikola Motor Company does

Nikola Motor Company (legal entity: Nikola Corporation) was a Phoenix, Arizona-based manufacturer of zero-emission heavy-duty commercial trucks, founded in 2014 (incorporated 2016) by Trevor Milton. Its core products were the Nikola Tre fuel cell electric vehicle (FCEV), a hydrogen Class-8 truck with a stated 500-mile range per fueling designed for long-haul and port drayage applications, and a battery-electric variant for shorter-range use cases. Underlying technology centered on proprietary hydrogen fuel cell drivetrains intended to address the range and refueling-time limitations of battery-electric alternatives for heavy-duty freight.

The business model was a hardware-sale-led approach combined with vertical integration into hydrogen refueling infrastructure via the HYLA sub-brand, developed in partnership with Voltera to build up to 50 stations along California freight corridors by 2028. Go-to-market was enterprise field sales targeting major logistics operators, anchored by a J.B. Hunt Transport Services deployment of 20 FCEV trucks for West Coast port operations. The company went public via SPAC merger in June 2020 at a $30 billion peak valuation, raised additional capital through multiple equity and grant rounds (notably $200M from Antara Capital in 2022 and $100M stock offerings in 2023), and obtained roughly $58.2M in California government grants for refueling infrastructure.

Operationally, Nikola was unprofitable throughout its life, producing only 117 trucks before founder Trevor Milton's 2022 securities and wire fraud conviction, a $125M SEC settlement, a 2023 mass vehicle recall, and leadership turnover eroded capital and credibility. The company filed for Chapter 11 bankruptcy on February 19, 2025, with approximately $47M cash on hand. Its Phoenix headquarters and manufacturing facility were acquired by Lucid Group, and 113 hydrogen trucks, IP, and software platforms were sold to Hyroad Energy in August 2025, ending Nikola as an independent going concern.

Name

Nikola Motor Company

Legal name

Nikola Corporation

Website

https://nikolamotor.com

Company type

Public

Founded year

2016

Operating status

Closed

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Heavy-Duty Electric Trucks

NAICS

Heavy Duty Truck Manufacturing (336120), Motor Vehicle Manufacturing (3361), Other Engine Equipment Manufacturing (333618)

SIC

Engines & Turbines (3510)

akta.pro primary industry

Truck & Commercial Vehicle Electrification Manufacturing (eAxles/Battery Packs/Fuel Cells) (IMACABAK)

akta.pro secondary industries

Hydrogen Fuel Cell Electric Vehicle (FCEV) Manufacturing (IMACACAJ), Truck & Commercial Vehicle Powertrain Manufacturing (Diesel/CNG/Hydrogen/Hybrid) (IMACABAJ)

Keywords

• Hydrogen fuel cell trucks
• Heavy-duty electric vehicles
• Zero-emission trucking
• Hydrogen refueling infrastructure
• Commercial vehicle manufacturing

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Hydrogen Fuel Cell Truck Sales: Sale of zero-emission heavy-duty hydrogen fuel cell trucks to fleet operators
2. Hydrogen Infrastructure (HYLA Brand): Development and operation of hydrogen refueling stations under the HYLA brand to support hydrogen truck operations

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Nikola Motor Company designed, manufactured, and sold zero-emission Class 8 heavy-duty commercial trucks, led by the hydrogen fuel cell electric Nikola Tre FCEV with approximately 500-mile range and the battery-electric Nikola Tre BEV for shorter duty cycles. The company also developed the HYLA hydrogen refueling infrastructure brand in partnership with Voltera to support fleet customers operating its hydrogen trucks.

Product overview

Nikola Motor Company (Nikola Corporation) was a zero-emission truck manufacturer specializing in hydrogen fuel cell and battery electric heavy-duty trucks. The company's primary product lineup included the Nikola Tre hydrogen fuel cell electric truck (FCEV) designed for long-haul trucking with approximately 500-mile range, and the Nikola Tre battery electric truck (BEV) for shorter-range applications. Nikola also developed hydrogen refueling infrastructure under the HYLA brand in partnership with Voltera to support its hydrogen-powered trucks. The company filed for Chapter 11 bankruptcy protection in February 2025 and its assets, including approximately 113 hydrogen fuel cell trucks, intellectual property, and software platforms, were subsequently acquired by Hyroad Energy through a bankruptcy auction in August 2025.

Differentiator

Problem solved

Functional benefit

Brands

• HYLA: Nikola's hydrogen refueling brand for hydrogen fuel cell trucks, operated in partnership with Voltera. The HYLA brand stations are designed for heavy-duty trucks with 500-mile range per fueling capability.

Products and services

• Nikola Tre FCEV Class 8 hydrogen fuel cell electric heavy-duty truck with approximately 500-mile range per fueling, designed for long-haul trucking, port drayage, and freight operators needing to meet zero-emission regulations.
• Nikola Tre BEV Battery-electric heavy-duty truck variant of the Nikola Tre platform, targeted at shorter-range heavy-duty applications and fleet operators with duty cycles suited to battery-electric power.
• HYLA Hydrogen Refueling Infrastructure Hydrogen refueling stations operated under the HYLA brand in partnership with Voltera, designed for heavy-duty trucks with capacity to refuel 80-100 trucks daily per station, supporting zero-emission fleet operations in California.

Quantifiable outcome

• 500-mile range per fueling
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor and core.

• Hyroad EnergyminorOthers · 8 August 2025Hyroad Energy acquired 113 hydrogen fuel cell trucks and supporting assets from Nikola Corporation's bankruptcy auction, including intellectual property and software platforms. The acquisition includes 103 brand new Nikola Tre hydrogen fuel cell electric trucks, with deployment primarily in California.
• VolteracoreStrategic or Co-development Partner · 1 August 2023Nikola partnered with Voltera to develop and expand hydrogen refueling stations across North America under the HYLA brand. Voltera serves as a key infrastructure partner for Nikola's hydrogen ecosystem, supporting the build-out of stations along California freight corridors with a goal of 50 stations by 2028.
• California Transportation CommissioncoreStrategic or Co-development Partner · 6 July 2023Nikola received a $41.9 million grant from the California Transportation Commission to build six hydrogen refueling stations for heavy-duty trucks in Southern California. The funding supports Nikola's hydrogen infrastructure development and zero-emission vehicle strategy.

Scale indicators6 records

Recent moves2 records

Expansion highlights5 records

Direct peers

• Hyundai Motor Company (XCIENT Fuel Cell): Hyundai has deployed XCIENT hydrogen fuel cell heavy-duty trucks in commercial fleets in Switzerland, California, and other markets. It is the most directly comparable peer to Nikola, offering a production Class 8 FCEV truck competing for the same long-haul zero-emission freight opportunity.
• Daimler Truck (GenH2 / Mercedes-Benz Fuel Cell): Daimler Truck is developing the GenH2 hydrogen fuel cell truck and battery-electric solutions for long-haul applications through its Mercedes-Benz fuel cell program. As a major OEM with deep pockets, it competes for the same heavy-duty FCEV market Nikola targeted.
• Tesla (Semi): Tesla Semi is a battery-electric Class 8 truck targeting the same long-haul zero-emission freight opportunity as Nikola's BEV Tre. While Tesla focuses on BEV rather than FCEV, it competes directly for fleet customers like J.B. Hunt and PepsiCo that Nikola also courted.
• Hyzon Motors: Hyzon Motors is a hydrogen fuel cell commercial vehicle startup targeting Class 8 trucks and similar applications to Nikola, with a comparable go-to-market focus on North American freight corridors and fleet decarbonization.
• Ballard Power Systems: Ballard Power Systems is a leading hydrogen fuel cell stack supplier that provides PEM fuel cells for heavy-duty trucks, including partnerships with several truck OEMs pursuing the same zero-emission freight thesis as Nikola. It is a key enabler and competitor in the FCEV truck ecosystem.

Broad incumbents

• Volvo Trucks (FH16 Hydrogen): Volvo Trucks is developing hydrogen combustion and fuel cell trucks as part of a broader zero-emission portfolio including BEVs. As an established global heavy-duty OEM, it represents both a direct competitor and a potential acquirer/partner for the FCEV truck market.
• PACCAR (Kenworth / Peterbilt): PACCAR, parent of Kenworth and Peterbilt, has developed Class 8 hydrogen fuel cell truck demonstrators (T680 FCEV) targeting the same California freight corridor opportunity as Nikola. It is an established OEM incumbent in the Class 8 truck market.
• Cummins: Cummins is a major diesel engine and powertrain manufacturer that has developed hydrogen fuel cell powertrains and is partnering with OEMs on zero-emission Class 8 trucks, making it a competitor in the FCEV powertrain technology that Nikola developed in-house.
• Plug Power: Plug Power is a major hydrogen fuel cell and green hydrogen infrastructure company operating in adjacent verticals (forklifts, stationary power, and increasingly heavy-duty mobility). Its hydrogen infrastructure footprint overlaps with HYLA's planned station network.
• Toyota Motor Corporation: Toyota is the largest holder of hydrogen fuel cell patents and has commercialized the technology in Mirai passenger vehicles and heavy-duty applications including trucks and buses. As the dominant FCEV IP holder, it shapes the technology ecosystem in which Nikola operated.

Market position

Strengths3 records

Weaknesses3 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/nikolamotor
• Facebookfacebook.com/nikolamotorcompany
• LinkedInlinkedin.com/company/nikola-motor-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds11 records

Investors14 records

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M&A3 records

Investments1 record

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Frequently asked questions about Nikola Motor Company