Nikola Stock Fell After Winning Significant Consumer Incentives in California for Their Tre Hydrogen Fuel Cell Electric Vehicle

Nikola Stock

Nikola Stock (NASDAQ:NKLA)

Nikola Corporation (NASDAQ:NKLA) announced that it has received approval from the California Air Resources Board for the Tre hydrogen fuel cell electric vehicle to be eligible for the CARB’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project program. This approval allows the Tre to be eligible for the CARB’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project.

Customers who purchase Nikola’s (NASDAQ:NKLA) Tre FCEV will soon be able to take advantage of a point-of-sale incentive that starts at $240K and goes up to $288K per truck, thanks to the permission. As a result of the Inflation Reduction Act being signed into law, consumers will be qualified to receive a tax credit of up to $40,000 from the federal government for purchasing environmentally friendly commercial vehicles.

Michael Lohscheller, President and Chief Executive Officer of Nikola (NASDAQ:NKLA), referred to the participation of the Nikola Tre FCEV in California’s HVIP program as a very exciting development. The company continues introducing zero-emission truck technology options in its priority sales market. It has been noted that the combined incentives made available to customer fleets through the HVIP program and the Inflation Reduction Act are critical for driving a total competitive cost of ownership and accelerating market adoption of the Tre FCEV. The Tre FCEV will be powered by the hydrogen fuel supply and infrastructure implemented through HYLA, Nikola’s recently launched hydrogen energy brand.

It is anticipated that the Nikola Tre FCEV, which has a range of up to 500 miles and realizes weight reductions compared to similar BEVs, will have one of the greatest ranges of any commercially available zero tailpipes pollution Class 8 tractors and will be among the longest ranges overall. In the following weeks and months, Nikola will work with prospective fleet customers in California to conduct commercial demonstrations of the Tre FCEV. During the middle of Tuesday’s trading session, the price of Nikola stock fell by 1.33%.

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