Nikola Breaks Ground on Arizona Manufacturing Facility
Shifting its business into the next gear, Nikola (NASDAQ: NKLA) broke ground today on a $600 million manufacturing facility that will be responsible for production of Class 8 semi-trucks, Nikola Tre and Nikola Two, when it commences operations. The battery-electric and hydrogen-electric vehicle manufacturer expects to complete the first phase of construction in late 2021 and the second phase of construction 12 to 18 months thereafter. When operations are fully scaled up, the company estimates annual production of the facility to be 35,000 units.
Expressing his excitement at the company's progress, Trevor Milton, Nikola's founder and executive chairman, said, "This has been an incredible journey for Nikola Corporation. We started in our basement six years ago and now we are kicking off this 1 million-square-foot manufacturing facility."
Image source: Nikola.
Source Fool.com
