Nikola Corporation, a commercial electric vehicle company, announced that it has signed an agreement to acquire Romeo Power Corporation, a developer of electric vehicle batteries. Nikola will integrate Romeo’s battery plant in southern California and begin in-house engineering to design its own electric vehicle batteries.
Nikola Corporation is a U.S.-based manufacturer of zero-emission vehicles that has grown over the years against all odds. Last March, Nikola began continuous production of its all-electric TRE trucks in Coolidge, Arizona, followed by the first delivery in April.
According to Q1 2022 earnings reports, the manufacturer delivered only 11 TRE trucks, with Q2 not yet disclosed. Despite the low initial production volume, Nikola has been successful in developing, producing and delivering commercial electric vehicles that qualify for significant incentives in California and, more recently, New York. To further cut costs and add to its repertoire of proprietary EV technology, Nikola will design its own battery pack with the help of Romeo Power.
