GM and Nikola Are Now Delivering Electric Trucks. The EV Transition Is Getting Real.
General Motors and Nikola both started delivering new electric vehicles to customers. It’s another sign that many more new EV models are coming.
Courtesy of GMC
General Motors and Nikola both announced Friday they had started delivering new electric vehicles to customers. It’s another sign the U.S. EV invasion is almost here. Many more new EV models are just about to hit the U.S. market. And the auto sector will have a very interesting 2022.
GM (ticker: (GM) announced a new electric van as well as a new electric GMC Hummer to customers. Both vehicles were built on GM’s Ultium EV platform. Ultium is essentially GM’s standardized battery and electric-motor architectures.
“This is the first chapter for Ultium—and for GM’s transition to a zero-emissions future,” GM said in news release. “Both commercial and retail customers will benefit from the EV experience.”
GM stock, however, isn’t getting a bump from the news. Shares are down 4.7% in late trading Friday. The S&P 500 and Dow Jones Industrial Average are down 0.3% and 0.9%, respectively. News that the CEO of GM’s self-driving unit, Cruise Automation, had left the company surprised investors.
Nikola ( NKLA
) stock, on the other hand, is up 6.7% in late trading after opening Friday trading in the red.
On Friday, Nikola delivered the first Tre battery-electric vehicle (BEV) pilot trucks to Total Transportation Services, or TTSI, of Rancho Dominguez, Calif.
“Nikola committed to make its first Tre BEV deliveries in Q4 2021 and it is a big honor to celebrate this milestone,” said Nikola CEO Mark Russell in a news release. “TTSI has significant sustainability goals, and we are pleased to help them achieve their vision with our zero-emission trucks.” TTSI had signed a letter of intent with Nikola for 100 vehicles.
The Tre is a battery-powered truck best suited for local deliveries with a daily range of about 350 miles. Nikola still has plans to offer trucks powered by fuel cells that run on hydrogen. Those trucks will more range and hauling capacity, suitable for long-haul routes.
Both GM and Nikola managed to get new EVs to customers in 2021. But for the most part, it was the year of the EV announcement. GM, for instance, outlined plans for battery capacity, new EVs, new EV production capacity, and supply-chain partnerships. Looking ahead, 2022 is setting up to be the year of EV business execution.
GM and Nikola along with Ford Motor (F), Tesla (TSLA), Rivian Automotive (RIVN), BMW (BMW.Germany), Audi, and other auto makers should have new EV models in showrooms in the next few months.
That will give investors a chance to see how EVs will sell in many different segments of the transportation market from cars to pickup trucks to heavy-duty commercial vehicles.
Corrections & Amplifications
Nikola plans to offer trucks powered by fuel cells that run on hydrogen. An earlier version of this article said it would run on natural gas.
Write to Al Root at [email protected]
