The commercial vehicles technology and services provider WABCO Holdings has invested $10 million into Nikola Motor Company, thereby acquiring a 1% stake in the company.
The new strategic investment in Nikola Motor Company was accompanied by the signing of an agreement to “accelerate the development of industry-leading safety technologies specifically designed for electric commercial vehicles, including electronic braking systems (EBS), as well as traction and stability control technologies,” according to a press release on the matter.
“As vehicles become increasingly autonomous, electric and connected, WABCO continues to be at the forefront of breakthrough technology innovation,” commented WABCO Chairman and CEO Jacques Esculier. “We are excited to invest in Nikola Motor Company to help the industry realize our joint vision of electrified and autonomous trucks, buses, trailers and off-highway vehicles. WABCO’s technologies, notably industry-leading braking, traction and stability control systems, continue to advance the transportation industry.”
The head of Salt Lake City–based Nikola Motor Company, Trevor Milton, commented as well: “WABCO continues to stay at the vanguard of technology and innovation. Here at Nikola, we are driving a paradigm shift in the transportation industry by creating the most advanced semi-truck ever built. WABCO is a vital business partner to enable autonomous driving, electronic braking, and stability control for trucks and trailers. WABCO is recognized as a global leader in safety and efficiency technologies for next-generation commercial vehicles. We have added a world-class supplier to the Nikola truck family and are looking forward to our collaboration to bring Nikola’s zero emission trucks to market.”
As a reminder here, Nikola Motor Company will reportedly be releasing a zero-emissions, hydrogen fuel cell semi truck in 2021. Commercial testing of the company’s semi trucks is expected to begin late next year.
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