SALT LAKE CITY, Utah – Wabco has announced it has made a $10-million investment to acquire a 1% equity stake in Nikola Motor Company, in an agreement it says will “accelerate the development of industry-leading safety technologies specifically designed for electric trucks.”
“As vehicles become increasingly autonomous, electric and connected, Wabco continues to be at the forefront of breakthrough technology innovation,” said Jacques Esculier, Wabco chairman and chief executive officer. “We are excited to invest in Nikola Motor Company to help the industry realize our joint vision of electrified and autonomous trucks, buses, trailers and off-highway vehicles. Wabco’s technologies, notably industry-leading braking, traction and stability control systems, continue to advance the transportation industry.”
Nikola is building a zero-emissions truck, which it says will be tested with commercial fleets in late 2018, with production to begin in 2021.
“Wabco continues to stay at the vanguard of technology and innovation. Here at Nikola, we are driving a paradigm shift in the transportation industry by creating the most advanced semi-truck ever built. Wabco is a vital business partner to enable autonomous driving, electronic braking, and stability control for trucks and trailers,” said Trevor Milton, Nikola founder and chief executive officer. “Wabco is recognized as a global leader in safety and efficiency technologies for next-generation commercial vehicles. We have added a world-class supplier to the Nikola truck family and are looking forward to our collaboration to bring Nikola’s zero emission trucks to market.”