Iveco Group and Nikola Corporation have agreed to go their separate ways as the Italian truck builders buys out Nikola from the European joint venture company.
Just four years on since Iveco and Nikola formed a joint venture company based in Ulm, Germany to develop zero emission long haul commercial vehicles, Iveco Group has announced it will assume full ownership of the joint venture.
Under the terms of the new arrangement, Iveco will be licensed to access, and continue developing, vehicle control software for the jointly developed BEV and FCEV. Meanwhile, Nikola will be granted the Iveco S-Way technology license for North America and related component supply from Iveco Group, and will gain joint ownership of the intellectual property of Generation 1 eAxles, a technology developed together with Iveco’s FPT Industrial powertrain brand. In a statement on the deal, Iveco Group announced it will acquire the items mentioned above, partially in cash (USD $35 million) and partially in Nikola shares (20 million shares).
Iveco Group will focus on Europe for the further development and commercialisation of its own BEV and FCEV trucks, the company says. Nikola will focus on North America, offering BEV, FCEV, and hydrogen infrastructure via its HYLA brand.