Electric truck company says more than 7,000 have been pre-ordered

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Updated Jun 15, 2016

nikola_one_Red 1Still five months from the truck’s official debut, Nikola Motor Company Founder and CEO Trevor Milton said Monday more than 7,000 reservations – each accompanied with a refundable $1,500 deposit – have been received for the company’s Nikola One electric Class 8 truck.

“Our technology is 10-15 years ahead of any other OEM in fuel efficiencies, MPG and emissions,” Milton says. “To have over 7,000 reservations totaling more than $2.3 billion, with five months remaining until our unveiling ceremony, is unprecedented.”

The Nikola One truck leasing program costs upwards of $5000 per month, depending on which truck configuration and options the customer chooses. The company says it will provide the first million miles of compressed natural gas at no extra charge every truck spec’d with that configuration. The fuel is used to power an onboard turbine that is used to charge the truck’s batteries.

To put Nikola One’s order numbers in perspective, a total of just more than 14,000 Class 8 trucks were ordered last month from all other North American OEMs combined.

“We believe we will pass the current market leaders like Daimler, Paccar, Volvo and Navistar in sales orders within the next 12-24 months,” Milton adds. “Just imagine the orders that will come in once we begin taking dealer applications.”

Milton says dealerships have already begun to reach out with inquiries about adding the upstart brand to their lot.

“We have shown other OEMs and their shareholders why they should be nervous about Nikola Motor Company,” he says. “Some of the top class 8 dealerships in America have reached out and are willing to either add our brand or move away from their existing brands.”

Nikola Motor Company says it has already completed a seed round of funding and is working on funding a $300 million A round to be completed by the truck’s launch, which is targeted for early December in Salt Lake City.