Nikola And Tesla’s Electric Truck Rivalry Heats Up

The market for electric trucks is just starting to take shape, but there are moves being made to position themselves as key players in the market.

The CEO of the company, Mark Russell, will retire at the end of the year and be replaced by Michael Lohscheller. A veteran of the auto industry who was once the CEO of Vinfast joined the board. He started at the company in February and was in charge of the start of production of the batteries.

With financial and technical backing from Bosch and IVECO, Nikola was able to beat outTesla to market with its electric truck that went about 350 miles per charge. California offers generous incentives for non-polluting big rigs worth up to $120,000, and early customers include companies that haul cargo in and out of the Ports of Los Angeles and Long Beach.

Hydrogen fuel cell systems can be refueled faster and are lighter than multiton battery packs, making them a more compelling option for longer-range routes than batteries. Musk has used hydrogen to launch his rockets.

The big rig, which was supposed to arrive in 2019, is coming soon.

The billionaire said that the 500 mile range Semi Truck and Cybertruck would start shipping this year.

The company claims that it has received thousands of pre-orders for the model, but tight battery supplies have delayed its launch. With Musk's spotty track record when it comes to the timing and price of newTesla models, many initialTeslaSemi customers will likely be looking for more information about when they can expect delivery. The company didn't reply to the request for comment.

New legislation is expected to expand federal support for U.S. production of batteries, hydrogen and fueling infrastructure to help usan the transportation industry off of carbon-spewing fuels linked to climate change.

The founder and former CEO of the company was indicted by federal prosecutors for making fraudulent statements to investors and the share price plunged. The charges have been denied by the man. Next month is when his trial is scheduled to begin. A $125 million fine was agreed to by the Securities and Exchange Commission and the person who settled it.

The company was focused on designing and building battery- and hydrogen- powered trucks and setting up a network of hydrogen fuel stations under Russell. The electric pickup, ATV, watercraft, and offroad military vehicle were all cut by him. The company's new factory in Coolidge, Arizona, started building battery-powered trucks in April and hydrogen fuel cell models may start to ship in late 2020.

Russell announced this month that it was acquiring battery supplier Romeo Power in an all-stock deal worth more than $150 million and received approval from investors to offer up to 200 million new shares. He will stay on the board after he leaves.