Nikola refunding reservation deposits for hydrogen-electric tractor

The NIkola OneThe NIkola One

Nikola Motor Company, who’s deployed test units of its Class hydrogen-electric tractor, announced Wednesday it will be returning the $1,500 deposit the company initially required to hold a reservation slot. Nikola CEO and founder Trevor Milton made the announcement on Twitter on Wednesday, also announcing that future reservations for the Nikola One or Nikola Two will not require deposits.

“We have decided to refund every deposit on all Nikola trucks and UTVs,” he says. “You keep your place in line and get your money back.”

Refunds will be processed within the next 60 days, the company said.

Terms of the order agreements themselves, including the full-service, 72-month lease that includes unlimited nationwide hydrogen fueling, are unaffected by the return of deposit money, the company says.

Nikola has hinted for weeks that the company has secured a large tractor order that will aid the company in building out its network of hydrogen stations, including the installation of 28 stations along the fleet’s routes. The company expects to be able to make a formal announcement in the coming weeks.

Nikola expects to begin testing of production units with fleets in January.

The Business Manual for Owner-Operators
Overdrive editors and ATBS present the industry’s best manual for prospective and committed owner-operators. You’ll find exceptional depth on many issues in the Partners in Business book, updated annually.
Partners in Business Issue Cover