That will not affect the Nikola deal or its ongoing relationship with IVECO, Milton told Trucks.com.But the European market remains essential. It is a privately held company that grew out of Milton’s experience with natural gas fuel storage systems and his desire to develop a zero-emissions truck.Worthington Industries, an Ohio-based international industrial metals company, was an initial investor and remains a significant stakeholder. Nikola will utilize its widespread sales network, particularly in Europe, Milton said. It also will market the vehicles at an “all-in” lease rate that includes fuel, service and maintenance with the truck.“Global climate change, geopolitical conflicts, future availability of fossil fuels and a self-aware circular economy all call for a fundamental change in how we operate,” said Gerrit Marx, head of commercial and specialty vehicles at CNH Industrial. It is exciting to see IVECO taking the lead in providing zero-emission solutions in Europe through its partnership with Nikola. It also will provide key electric truck components including e-axles, power inverters and hydrogen fuel storage systems. The Nikola Tre cab-over design is intended for the European market.Including the value of CNH’s in-kind contribution in the funding round raises concern that other investors also will put up goods and services instead of cash, Lindström said.Milton founded Nikola in Utah in 2014 and relocated to Arizona in 2018. CNH Industrial's truck unit Iveco on Tuesday unveiled its first electric vehicle, the Nikola Tre, built in partnership with U.S. startup Nikola Motor Co.. The company makes trucks, buses and military vehicles under its name. The company has shown three Class 8 truck models. Nikola’s zero-emission heavy duty trucks, powered by it own hydrogen fuel cell and battery technology, will be the first-to-production, the partners say. […] Nikola hired Mark Russell as president earlier this year – shortly after he retired as Worthington’s president and chief operating officer.“Having FPT’s natural gas network to leverage for hydrogen production will be interesting as well,” Lindström said.CNH, originally CNH Global, formed in 1999 with the merger of the Case and New Holland construction and agricultural equipment companies. Other investors in the Series D round will be cash-only, he said, Italy’s Fiat Industrial controlled both companies.Nikola said the new round would boost its total valuation to $4 billion. This comes just a few days after the Iveco owner CNH Industrial became the main investor with a 250 million dollar investment. First is its high-volume, long-distance fuel-cell electric heavy-duty truck models. US startup Nikola, specialising in fuel cell and battery trucks, has announced that German companies Bosch and Hanwha have invested a total of 230 million dollars with at least 100 million dollars each. “It needs a huge upfront investment to get its hydrogen network up so it will have something to support the trucks it wants to market.”CNH and Nikola will set up a European joint venture. Nikola designed the Tre for that region. Deliveries of the electric version are expected to reach clients in 2021 and of the hydrogen cell model in 2023.CNH said in September it would spin off Iveco and list it separately at the beginning of 2021.He said on Tuesday that orders for the Nikola Tre were already exceeding current production capacity.All of the major vehicle manufacturers have electric or fuel cell models in their product line-ups, but investment in the technology, coupled with a global automotive sector downturn, has squeezed profits and led to staff and cost cuts.Ambitious greenhouse gas reduction targets set by governments around the world are driving the development of alternatively-powered vehicles, with some countries already committing to phasing out traditional combustion engines.CNH CEO Hubertus Muhlhauser on Tuesday declined to disclose the estimated financial impact of the partnership but added that prior to the signing the company had set a conservative 1% average annual growth target for the next five years for the truck business.“A partnership like the one between Nikola and CNH could be a game changer – possibly a real threat to current hegemonic manufacturers,” she said.“Just three months after we signed our partnership we have been able to deliver this prototype, just imagine what we’ll do in the next three years,” Nikola founder and Chief Executive Trevor Milton said late on Monday at a dinner in Turin, where Iveco is based.TURIN, Italy (Reuters) - CNH Industrial’s truck unit Iveco on Tuesday unveiled its first electric vehicle, the Nikola Tre, built in partnership with U.S. startup Nikola Motor Co..“We now believe we can easily meet that target, despite a volatile and difficult market,” he said.Zita Zigan, an analyst at research firm LMC Automotive, noted that in Europe manufacturers will be required to cut carbon dioxide emissions from new trucks on average by 15% from 2025 and by 30% from 2030, compared with 2019 levels.“We’ll be sold out for many years,” he said at the official presentation of the truck.

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