NIKOLA ANNOUNCES EXPANSION OF DEALER SALES AND SERVICE NETWORK INTO CANADA IN PARTNERSHIP WITH ITD INDUSTRIES

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Very Positive)

Tags

partnership

Rhea-AI Summary

Nikola expands dealer network into Canada with ITD Industries Inc., a leading commercial trailer manufacturer and technology business. Canada's supportive environment for zero-emission vehicles and ambitious carbon reduction goals make it a strategic market for Nikola's Class 8 trucks. ITD's commitment to sustainability and innovation aligns with Nikola's mission. Significant growth anticipated with eligibility for incentives up to $200,000 (CAD) for hydrogen fuel cell electric trucks and $150,000 (CAD) for battery-electric trucks.

Positive

Nikola expands into strategic Canadian market
ITD's commitment to sustainability and innovation aligns with Nikola's mission
Significant growth anticipated with eligibility for incentives

Negative

None.

09/15/2023 - 07:55 AM

PHOENIX, Sept. 15, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced today an expansion of its dealer network into Canada for its Class 8 truck sales and service coverage with the addition of ITD Industries Inc., an industry leading commercial trailer manufacturer and technology business headquartered in Toronto, ON.

ITD is a North American leader in transportation equipment manufacturing, boasting more than two decades of experience, more than 20,000 trailers built and a growing network of customers from across Canada and the U.S. ITD's diversified products set industry standards for quality, innovation and customer experience.

Canada is a premium market with its supportive population, industry and government as it relates to addressing the impacts of climate change and its ambitious plans to transition towards hydrogen and cleaner fuels.

"Bringing ITD on board as our first Canadian dealer is an exciting move for Nikola. Canada's zero-emission vehicle friendly environment for Class 8 trucks, fueled by attractive incentives and its ambitious carbon reduction goals, makes it a strategic market for the future of transportation," said Nikola President and CEO Steve Girsky. "What makes this partnership even more ideal is the shared dedication to our customers. ITD's commitment to product innovation and customer service aligns perfectly with our mission to empower fleets and drive success as they transition to a more sustainable future."

"At the heart of ITD is a commitment to sustainability and innovation. Our ability to now include Nikola's Class 8 zero-emission trucks in our growing product line-up is the perfect complement to our investments in electric trailer technology and a natural next step in our Company's ambition to bring promising clean transportation solutions to the Canadian marketplace," said ITD CEO Benny Di Franco.

ITD's Toronto-based premier Nikola showroom and service operations will be integrated into its manufacturing facility and features 55-foot ceilings and more than 78,000 square feet.

According to ITD's COO, Philip Turi, "Canadian fleet operators are in critical need of strategic partners to help accelerate their shift to a more sustainable future. We are extremely excited to be leveraging our brand, reputation and new partnership with Nikola to be that accelerant here in Canada."

Nikola is anticipating significant growth in Canada with eligibility received for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) Program. The iMHZEV program offers Canadian organizations (for profit and non-profit), in all provinces, territories and municipalities, up to $200,000 (CAD) in incentives towards the purchase or lease of the Nikola hydrogen fuel cell electric truck and up to $150,000 (CAD) in incentives towards the purchase or lease of the Nikola battery-electric truck.

Furthermore Nikola is eligible for the Clean BC Go Electric Rebates in the province of British Columbia with $150,000 (CAD) in incentives towards the purchase or lease of both the Nikola hydrogen fuel cell and battery-electric truck. This provincial incentive is stackable with the iMHZEV federal incentive.

ITD will be promoting Nikola's zero-emission trucks across its national sales channels and is a qualified dealer under the Federal government's iMHZEV program. ITD will be holding a launch event for industry and other interested stakeholders in the Fall of 2023 to share more about its partnership with Nikola.

ABOUT NIKOLA CORPORATION
Nikola Corporation's mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or Twitter @nikolamotor.

ABOUT ITD INDUSTRIES INC.
ITD is an industry leading commercial trailer manufacturer and technology business. Our Company's strength lies in our rich history of innovative product development, the diversity and passion of our talented team, and deep-rooted commitment to the success of our customers and the communities they serve. Our strategic investments in smart and electric trailer technology will help to power our customers shift to a cleaner more sustainable future.

Out of our 200,000 square foot facility in Toronto, Ontario Canada, ITD manufactures a diverse range of commercial vans, container chassis and specialty trailers. ITD's dealer and service network ranges from coast to coast. Experience our products and Company story at www.itdtrailers.com, or engage with us on social media via Facebook, Instagram, LinkedIn.

FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the "Company"), including statements relating to: the Company's beliefs regarding the potential benefits of adding ITD as a partner and dealer in the Canadian market; and the benefits of the Canadian market for ZEV trucks related to its incentives and carbon reduction goals. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties regarding the Company's business described in the "Risk Factors" section of the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2023 filed with the SEC, in addition to the Company's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company's actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.