Iveco, the commercial vehicle manufacturer, has successfully finalised its acquisition of the Ulm-based joint venture with Nikola, which specializes in battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs).
The acquisition was announced in May and has now been completed, resulting in the renaming of the joint venture to EVCO (Electric Vehicles COmpany).
According to the Iveco Group, the definitive agreements with Nikola Corporation have been concluded in accordance with the terms outlined on May 9, 2023. Iveco now holds permanent and sole ownership of the German company, and as part of the acquisition, the Nikola name has been removed from the venture’s designation, which will now operate under the name EVCO.
The completion of this acquisition reaffirms Iveco’s commitment to playing a leading role in the development of zero-emission heavy-duty transport. In a concise statement announcing the deal’s completion, Iveco highlighted its dedication to the advancement of electric truck technology.
While the current announcement emphasises “full and sole ownership,” the language used in the initial May announcement suggested a different phase of the partnership. At that time, the companies stated that they were entering the “next phase of the partnership,” with Iveco strengthening its electric truck business and Nikola refocusing on heavy haulage.
As part of the purchase agreement, Iveco reportedly paid $35 million in May and acquired 20 million Nikola shares. With no changes made since the deal was closed under the previously announced terms, this remains the agreed-upon arrangement.